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
 
Kim Clayden
13th April 2018 Making Tax Digital Seminar Two – St Ives

       Our second MTD seminar was in St Ives at the Slepe Hall Hotel on Thursday 12th April. Which was a much more convivial venue. A smaller group meant more personal conversations with our clients and we were able to give a number of clients the time they needed to fully understand the next steps for…

Read More »

Daniel Coleman
11th April 2018 Making Tax Digital ‘Roadshow’ – Huntingdon

We have begun the first of eight seminars discussing the preparation needed for making tax digital. Our first seminar kicked off in Huntingdon at the Marriott hotel and was a great success. With around 30 people attending we explained to clients what making tax digital was, how it was going to effect them and more…

Read More »

Paul Jefferson
5th April 2018 Reclaiming VAT: Checking the validity of your supplier invoices.

  VAT registered businesses will be aware that they can only reclaim VAT on business purchases if they have a valid VAT invoice.   For supplies over £250, this invoice should disclose: Supplier: sales invoice unique sequential invoice number, name, address and VAT number. Date and tax point, if different Your name and address Description…

Read More »

Scott Butcher
5th April 2018 Deadline Approaching for ATED forms

  If you have a residential property which is worth more than £500,000 and is held in a company then you will be required to complete an Annual Tax on Residential Dwellings (ATED) form. The deadline is fast approaching with all ATED forms for 2018 to 2019 tax year being due for filing by 30th…

Read More »

Vanessa Pearson
5th April 2018 HMRC loses IR35 case

  A contractor in the construction industry, Mark Daniels, has won his appeal against HMRC. In MDCM Ltd v Revenue & Customs, HMRC were defending their decision that a contract between Mr Daniels’ personal service company MDMC Ltd and recruitment agency Solutions, which provided his services to Structure Tone Ltd,  should have been caught by…

Read More »

Richard Alecock
5th April 2018 Top mistakes tax payers make when completing their tax returns.

  Making mistakes on self assessment tax returns however innocent can lead to enquiries, investigations and additional tax, interest and penalties. Below are some of the top mistakes many people make: Forgetting to include income from a previous employment that ended part way through a tax year. Forgetting to include benefits from a previous employment…

Read More »