My Latest Blogs
17th May 2021
2019/20 NHS Pension Scheme Pay Election – what are the next steps?
It is widely known in the healthcare industry that NHS England announced last year they would make good any annual allowance excess charge arising for staff in 2019/20 only. This came off the back of the announcement that the thresholds for tapering to the annual allowance would be increased from 2020/21, with no intention to…
7th October 2020
The new face of Entrepreneurs’ Relief
The Budget in March 2020 was largely dominated by the coronavirus pandemic. However, there were some other significant changes that, at the time, may not have drawn as much media attention as they would normally. Entrepreneurs’ Relief or should I say, ‘Business Assets Disposals Relief’ (BADR), being one of the more significant changes.…
25th September 2020
2019/20 Pension Savings Statement – Request yours today!
If you have made contributions to a registered pension scheme of more than £40,000 in the tax year, your scheme administrator should automatically send you a pension savings statement by 6 October 2020. This will detail your total pension input for the 2019/20 tax year as well as your pension input for the 3…
15th April 2020
Update: Budget changes to the Annual Allowance calculations for 2020/21
Back in February, I wrote a blog detailing the effect the annual allowance tapering legislation was having on senior NHS clinicians and many others with a defined benefit pension scheme, which can be found here. I explain that, although NHS England has stepped in to help some NHS staff affected by the charges for…
24th February 2020
An update for NHS staff on the annual allowance charge for 2019/20
Current Issues The introduction of the tapered pension annual allowance from 6 April 2016 has been a contentious issue for many, in particular senior NHS staff members. The legislation change means that, for high income individuals, the annual pension allowance may be reduced from £40,000 to a minimum of £10,000. Pension inputs in excess of…
14th February 2020
5th April: Pre Year End Tax Planning
As we approach the end of another personal tax year (5 April 2020), there are a number of tax planning opportunities for individuals to consider to ensure best use is made of currently available allowances, exemptions and favourable tax rates: Tax year end planning Brief Guide_Feb 2020 With the 2020 Budget also just…
24th October 2019
I’ve got 99 Problems but my Tax Return isn’t 1!
There are now only 99 days before the tax return filing deadline of 31 January 2020. Do not delay – file it today! Not sure if you need to file a tax return? HMRC have a questionnaire that only takes a few minutes and will check whether any of your income or gains will require…
2nd October 2019
Class 2 National Insurance – HMRC’s ongoing issues
July 2015 saw the end of direct debit collection for Class 2 National Insurance. Contributions are now collected through self-assessment and, despite there being 4 years since the change in the way payments are made, HMRC are still having teething problems. The issues arise as HMRC are running two computer systems side by side: national…
4th September 2019
Don’t forget to register for self-assessment by 5 October!
The deadline to register for self-assessment, to enable you to complete a 2018/19 tax return, is 5 October 2019. You may be required to complete a tax return for a number of reasons, some examples are outlined below: You have a sole trade and earn more than £1,000 You are a partner in a business…
19th July 2019
Changes to Entrepreneurs Relief from 6 April 2019
Entrepreneurs’ relief allows a reduced rate of capital gains tax on disposals of all or part of your business assets. The reduced tax rate is 10% on up to £10 million of lifetime gains. There have been a number of significant changes to entrepreneurs’ relief in the last year, tightening the rules on qualifying conditions…