Pension Articles

Claim tax relief on pension contributions

Understanding pension contributions tax relief Private pension contributions can usually claim tax relief up to 100% of your annual earnings, within overriding limits. The highest rate of income tax you pay determines the tax relief on your pension contributions.   Tax relief rates If you’re a basic rate taxpayer, you receive 20% pension tax relief. As a higher rate taxpayer, you can claim...

Workplace pension responsibilities

Workplace pensions, through automatic enrolment, have become a significant aid for many employees planning for their retirement. Both employers and the government contribute to these pensions, resulting in a larger pension pot for the employees. The law mandates that employers must enrol workers automatically into a workplace pension if they are aged between 22 and State Pension Age and earn...

Tax on inherited private pensions

Private pensions facilitate efficient wealth transfer, but it's crucial to assess potential tax liabilities on an inherited private pension. The deceased usually nominates the heir for remaining pension funds with the provider. If the nominated person cannot be located or has passed away, the pension provider may make payments to an alternative recipient. In the instance the owner of a private...

Connected persons for tax purposes

The definition of a connected person for tax purposes varies. A statutory definition of “connected persons” for Capital Gains Tax...

Tax and employee share schemes

There are a number of government approved share schemes which offer various incentives to employees. The rules of the schemes...

Tax relief for training costs

If you are self-employed it is important to know if an expense is tax allowable. Any allowable costs can be...

Post cessation transactions

Tax relief may be available for post-cessation expenses of a trade. To be an allowable post-cessation expense the trade must...

Reclaiming pre-trading VAT

There are special rules that determine the recoverability of VAT incurred before a business registered for VAT. This type of...

Are we unpaid tax collectors?

Business owners often refer to VAT as if it were a cost to their business regardless of their VAT position;...

Child Benefit for 16 – 19 year olds

More than a million parents will receive reminders to extend Child Benefit for their teenagers if they are continuing their...

by Andrew Stanton

Mitigating Labour VAT on private school fees

Explore the potential Labour VAT threat on private school fees and prepayment strategy to swerve the VAT risk.

Multiple Dwellings Relief for SDLT

It was announced as part of the Spring Budget 2023 that Multiple Dwellings Relief (MDR) was being abolished. This change...
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