Beat the Budget

2nd February 2017

Wed-8-Mar-17: Consider Advance Pension Contributions?

Another budget looms, on 8th March. Tax planning would be much easier if we all had the benefit of a crystal ball, but we don’t.

 

We expect that there will be some announcements in the Budget surrounding Making Tax Digital and the promised review of the R&D regime, but otherwise it’s anyone’s guess what changes the Chancellor will announce.  There has been much rumour previously about the possibility of tax relief on pension contributions being restricted.  Mr Hammond may leave this alone now that relief is already restricted for those with high levels of income but our advice is that if you are contemplating an additional contribution in this tax year, it would be prudent to make payment before Budget Day, whilst we know that relief is available at higher rates of tax.

 

The annual allowance for most is £40k, but you may have unused available from earlier years. The current tax regime for pension contributions remains extremely attractive, so contact our private client tax department if you would like to lock into this whilst you still can.  You can’t carry forward your unused relief for ever and every approaching  Budget creates uncertainty about the ongoing availability of current reliefs.  

 

Blog entry from: Barbara Nicholas.



 
Other items in Blogs
 
Jodie Pheby
22nd July 2021 Accounts Basis Period Reform – Consultation

Under current rules, businesses draw up annual accounts to the same date each year. The profit/loss for the tax year is usually the profit/loss for the year to the accounting date – called the basis period.  Tax is paid on profits earned in the basis period ending in the tax year in question.   However,…

Read More »

Nick Edgley
15th July 2021 31st July: Can your tax payment be reduced?

Many taxpayers who are required to file a self-assessment tax return to HM Revenue & Customs should now be preparing for their next tax payment which is due by 31 July. The amount payable is the second payment-on-account for the 2020/21 tax year and is automatically calculated as half of the total tax liability for…

Read More »

Ian Piper
6th July 2021 30-Sep-21: End of most COVID support measures for SME’s

When COVID directly impacted upon the UK in Spring 2020, the Government introduced a range of measures specifically targeted to help businesses survive the expected period of financial strain. Such businesses, that are still here, should now be planning ahead for when this support is gradually unwound: 21-Jun-21 Deadline for arranging with HMRC when to…

Read More »

Megan Turner
5th July 2021 Charity annual returns

The charity annual return service is now available for 2021 and can be found on the link below. https://apps.charitycommission.gov.uk/   Charities need to submit their annual return within 10 months of the financial year end.   Dependant on the level of income, the annual return has different requirements; Income under £10,000 It is only the…

Read More »

Bethan Hassey
1st July 2021 Changes to the reduced rate of VAT for hospitality, holiday accommodation and attractions

  In July 2020 the government announced that VAT registered business who operate in the hospitality and tourism industry could use a temporary 5% reduced rate of VAT on certain supplies compared to the standard 20%. The objective of this legislation was to support businesses in this sector during the Coronavirus pandemic and assist with…

Read More »

Thomas Nicholls
15th June 2021 Tax on Cryptocurrency does not have to be cryptic

Within the last 10 years the cryptocurrency scene has exploded from the first decentralised cryptocurrency, Bitcoin, being created back in 2009 to now more than 4,000 different cryptocurrencies being in existence with a total market cap value of over £1trillion.   This has led to the creation of the Cryptoassets Taskforce which was announced back…

Read More »