Category: Tax
The pensions lifetime allowance (LTA), the amount savers can place in their pension pot and still claim tax relief, is now down to £1m – down from £1.8m when it was set just five years ago in 2011-12. Any savings in excess of the LTA will potentially attract tax at 55%! So is it the… 
Information in the Autumn Statement indicates that by 2020 individual taxpayers may be expected to report and pay their liabilities every quarter via their new digital tax accounts. The Chancellor promised an injection of £1.3bn to deliver, “the most digitally advanced tax administration in the world” by 2020. Requirements of Digital Tax Accounts The new…
The 5th April might seem a little way off yet, but the end of the tax year always seems to arrive faster than we think. For financial planning, the end of the tax year is important for a variety of reasons and so, before we hit the deadline, put some thought into the following five…