News

State Pension history

Posted on by tfp in Pensions Post Retirement

Recent history of State Pension amounts are below; • The new Single Tier Pension (STP) for those individuals who reach State Pension Age on or after 6/4/2016 (to receive the full single tier pension you will need 35 qualifying years), and • The previous Basic State Pension (BSP) for those individuals who reach State Pension […]

Continue Reading

Auto Enrolment limits history

Posted on by tfp in Pensions Pre Retirement

History of Auto Enrolment limits are below; TAX YEAR EARNINGS TRIGGER LOWER QUALIFYING EARNINGS UPPER QUALIFYING EARNINGS 2019/20 £10,000 £6,136 £50,000 2018/19 £10,000 £6,032 £46,350 2017/18 £10,000 £5,876 £45,000 2016/17 £10,000 £5,824 £43,000 2015/16 £10,000 £5,824 £42,385 2014/15 £10,000 £5,772 £41,865 2013/14 £9,440 £5,668 £41,450 2012/13 £8,105 £5,564 £42,475

Continue Reading

Annual Allowance History

Posted on by tfp in Pensions Post Retirement, Pensions Pre Retirement

Annual Allowance history since 2006/07 and Money Purchase Annual Allowance is below; TAX YEAR AA MPAA 2019/20 £40,000* £4,000 2018/19 £40,000* £4,000 2017/18 £40,000* £4,000 2016/17 £40,000* £10,000 2015/16 £40,000 £10,000 2014/15 £40,000 2013/14 £50,000 2012/13 £50,000 2011/12 £50,000 2010/11 £255,000 2009/10 £245,000 2008/09 £235,000 2007/08 £225,000 2006/07 £215,000 *Tapered for individuals with Threshold income above […]

Continue Reading

Application for Pension Fund Protection

Posted on by tfp in Pensions Post Retirement, Pensions Pre Retirement

An application for pension fund protection needs to be completed on-line. To do this the individual needs a Government Gateway account. Government Gateway Account  To set up a Government Gateway Account, is relatively straight forward, please click here.   The individual should complete the information as requested (they will need their National Insurance Number and Passport). Once completed, they will […]

Continue Reading

End of Tax Year Checklist

Posted on by tfp in Planning

With the tax year end approaching fast, it is a good time for individuals to consider any last minute planning and to maximise any unused allowances that they may have. Even if the planning has been left too late for this tax year, by still taking action now will ensure it is in place ready for next tax year. Click […]

Continue Reading

Applying for Pension Fund protection

Posted on by tfp in Pensions Post Retirement, Pensions Pre Retirement

As previously announced by HMRC, it is now possible to apply on-line for pension fund protection (Fixed Protection 2016, Individual Protection 2014 and 2016). Please click link below; https://www.gov.uk/guidance/pension-schemes-protect-your-lifetime-allowance The client will need an account for HM Revenue and Customs (HMRC) online services (if they don’t have an account they can create one). And of course, the Individual Protection […]

Continue Reading

Dividends 2016/17

Posted on by tfp in Planning, Taxation

HMRC has issued a Dividend Allowance Factsheet. This confirms that this ‘simpler’ system will mean that only those with significant dividend income will pay more tax i.e. most small business’. However, investors with modest income from shares, you’ll see either a tax cut or no change in the amount of tax they owe. So a higher […]

Continue Reading

Pensions Tapered Annual Allowance

Posted on by tfp in Pensions Pre Retirement, Planning

Legislation in Summer Finance Bill 2015 introduces a tapered reduction in the annual allowance from 6 April 2016, for those with an ‘adjusted income’ of over £150,000. The ‘adjusted income’ definition adds-back any pension contributions, to prevent individuals from avoiding the restriction by exchanging salary for employer contributions. To provide certainty for individuals with lower […]

Continue Reading