Latest Private Client Tax

With an increasing pressure on the government to provide financial support to UK taxpayers during the COVID-19 pandemic, amongst other proposals, the government announced the option for taxpayers to defer the payment of their second payment on account for 2019/20. Provided the required payment is made before 31 January 2021, no interest charges will be…

Has your income dropped as a result of the COVID-19 crisis?  If it has, and you have children under the age of 16 and don’t ordinarily claim Child Benefit, you should evaluate whether you are now eligible to claim this benefit.   If you expect both you and your partner will each earn less than…

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…

As a consequence of the Covid-19 lock down, most employees who are able to work from home, and who have not been furloughed, are now working from their private study, spare bedroom, dining room table, etc. So what home expenses can these employees reclaim, tax free, from their employer:   Supply of a mobile phone…

The marriage allowance allows you to transfer £1,250 of your unused personal allowance to your husband, wife or civil partner in a given tax year.   In order to qualify the one receiving the transfer must not be a higher rate tax payer and the lower earner must have income below their personal tax free…

As the Covid-19 outbreak begins to tangibly affect personal finances, there may be some good news, as a short HMRC form could potentially result in you receiving a £1,150 cheque.   The Marriage Allowance was introduced in 2015, but recent figures reveal that only a small percentage of eligible couples have claimed. With only weeks…

    Here are the full details of the Budget.   https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/871799/Budget_2020_Web_Accessible_Complete.pdf

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…

  If you reached state pension age after 6 April 2016 and deferred taking your pension, you will receive a higher weekly amount when you start receiving it. However, if you reached state pension age before 6 April 2016 there is a second option, which is to receive a state pension lump sum rather than…

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…