Not a vintage offering this, the last ever, Autumn Statement! Underwhelming for many, but there were some items on the vine that were worthy of harvesting regarding tax, savings, and pensions.
Here are some that might affect you:
– An increase in the tax-free personal allowance to £11,500 and the higher rate threshold to £45,000
– A taxation review of people who essentially do the same job but are taxed differently
– A reduction in the flexibility of salary sacrifice schemes
– The introduction of a new savings bond
– Money purchase pension contribution allowances are to be reduced
– Update to the ISA limit
– Employer and Employee NIC levels are to be aligned
For clients of Barry Fleming & Partners we have expanded on these bullet points in our December Newsletter which we send as part of our client service. We have included dates that changes come into effect, and some brief explanatory comments regarding each item.
We have set out above what is only a brief summary of some key points that involve quite complex considerations. Allowances, caps, levels and bases of, and reliefs from, taxation are subject to change and their value to you will depend upon your personal circumstances. Information and data may change after the date of their original promulgation in our Newsletter or this Focus article. Always seek relevant professional advice before taking, or refraining from taking, any action.
Barry Fleming & Partners has grown from a tax advisory background into a broader business that encompasses investment management. Both things matter for wealth management, retention and creation. That expertise makes the company strikingly different from others.
This capability allows Barry Fleming and Partners to use its strength in tax advice to take a 360-degree-view of a financial situation to give much broader, more comprehensive advice.
We bring together up to the minute tax, estate, investment and retirement planning advice to create individual, ‘joined up’ financial strategies. This allows our clients to understand and have confidence in how they can best control, retain, and build their assets and income to achieve their objectives with least risk.
A high level of service is key to our long-term client relationships. We work collaboratively. That means our clients can benefit at all times from having ready access to our team of financial planners.
Barry Fleming & Partners offer independent financial advice covering ISA’s, Pensions, Tax, Trusts, Estate Planning, Inheritance Tax Planning (IHT) and other Financial Planning areas. Please don’t hesitate to call on 01488 608 686 and ask to talk to one of our financial advisors. Alternatively use the contact form on our home page.