Chartered Accountants of Poynton, Cheshire |
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Pension PaymentsThere have been considerable changes to the pension contribution rules over the last couple of years. In summary, these are as follows: • Any individual can make payments of £3600 per annum gross of tax, whether they have an income or not. • If an employer makes a contribution on behalf of an employee, this will be tax deductible in that employer's accounts as long as the payment is made 'wholly and exclusively1 for the purposes of the trade. • The maximum any individual can pay in any pension payment period (which is usually the same as the tax year) is normally £21,5000 and any contributions over this will be subject to income tax of 40%. There are some exceptions to this rule. • There is no longer a provision which allows excessive personal pension contributions to be carried back to the prior year. Some special rules remain in place for retirement annuity contributions. Keep your income below the age allowance limitThere are many ways to save tax - all of them perfectly legal. For example, if you are over 65, keep your income below the £18,900 limit - at that limit the higher allowances are scaled back. Call us at Appletons Accountants and we'll tell you more! Pay less tax - Create a tax shelter investmentThere are many ways to save tax - all of them perfectly legal. Did you know that.... Tax can be effectively deferred by investment in Enterprise Investment Scheme shares, Venture Capital Trust shares (both subject to limits), or in film finance partnerships? Call us at Appletons Accountants and we'll tell you more! |
Your Estate and WillInheritance tax is a concern for more and more families. Effective estate planning is vital to ensure that your assets will go to your chosen beneficiaries. When making your estate plan consider the following factors: Who do you want to benefit from your wealth? Should assets be placed into a trust restricting access to income and/or capital? How will the business be passed on? Making the most of giftIt could be said that the art of inheritance tax planning is to give away as much as possible during your lifetime, while still ensuring that you have enough left for a comfortable lifestyle in retirement. We can help you create a tax-efficient gifts strategy to achieve your personal goals and meet your capital or income requirements. Appletons can help you to keep an estate plan tax-efficient and up-to-date. Why not give us a call. |
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