Home Information Online Services About Us Contact Us Blog The Pension Annual Allowance Trap Posted by siteadmin on Wednesday 24th of November 2021 Latest HMRC figures show that the annual allowance continues to help fill its depleted coffers. Source: HMRC. The annual allowance is an important number in the pension world. It sets the maximum tax-efficient amount of total contributions in a tax year – from any source – that can be made to pension schemes for your benefit. If the allowance is exceeded, ... Read full post » Placing a cost on retirement Posted by siteadmin on Monday 15th of November 2021 How much income do you need for a comfortable retirement? New research has put a post-pandemic price on the answer. One traditional way to answer the question of how much income you will need in retirement is to fix the amount as a percentage of pay. For example, when final salary pension schemes were more common, their target was often around two thirds of earnings. While this approach produces an easy to calculate number, it is arbitrary. For low e ... Read full post » Are your young adults missing out on their Child Trust Fund? Posted by siteadmin on Tuesday 2nd of November 2021 HMRC says many teenagers are missing out on Child Trust Fund cash. The first Child Trust Funds (CTFs) matured just over a year ago, at the start of September 2020. CTFs will continue to mature until January 2029 as their owners reach the magic age of 18. At present, about 55,000 CTFs mature every month. HMRC has been looking at the CTFs that have already matured. Its interest is more than academic because over the life of the scheme, HMRC set up one million CT ... Read full post » The not-quite post-pandemic Budget Posted by siteadmin on Thursday 28th of October 2021 The central theme of Chancellor Rishi Sunak’s Autumn Budget was greater investment in UK PLC as part of the government’s long term economic plans and priorities. This included £11.5 billion investment in 180,000 new affordable homes, and a Levelling Up Fund that will mean £1.7 billion invested in local areas across the UK. While some of the announcements may have seemed rather long term, Mr Sunak did provide some more immediate relief for households and businesses still fragile ... Read full post » The September Mini-Budget Posted by siteadmin on Friday 22nd of October 2021 Double-digit tax increases to fund the latest social care reforms will have a ripple effect on taxpayers. When the Chancellor announces tax rises that are measured in double-digit billions, normally you can assume he is presenting a Budget. That was not the case in September, when Rishi Sunak set out measures that will bring a net £12 billion a year into the Treasury’s coffers from next April. That sum is about the same amount as would be raised by increasing basic rat ... Read full post » So, farewell then 6 April? Posted by siteadmin on Thursday 30th of September 2021 The UK’s unusual tax year end date is coming under scrutiny in tandem with potential changes to the tax year basis for the self-employed. The start of the tax year in the UK is 6 April. It is a date steeped in history – think quarter days and the introduction of the Gregorian calendar in 1752. In the age of HMRC’s Making Tax Digital programme, that 6 April legacy date looks rather bizarre. So, why not make the tax year begin on a more sensible date? The ... Read full post » Managing the next stages of recovery Posted by siteadmin on Wednesday 29th of September 2021 As we move into autumn with schools reopened and increasing numbers returning to workplaces, we could be forgiven for thinking we’re virtually back to normal. Infections are still rife, however, and the government is taking measures to plan for how we weather the pandemic over the next few months. With the announcements of early September on a new health and social care levy of 1.25 per cent on national insurance contributions from 2022/23, coupled with a matching hike for dividend ... Read full post » A hint of rising interest rates? Posted by siteadmin on Monday 20th of September 2021 The Bank of England has suggested that interest rates may rise sooner than expected. After its August meeting, the Bank of England (BoE) was never expected to announce any change in base rate from the 0.1 per cent set in response to the pandemic. The BoE, like its counterparts in the US, Eurozone and Japan, wants to be convinced of the strength of the econ ... Read full post » Detailed proposals to tackle social care funding launched Posted by siteadmin on Tuesday 14th of September 2021 Highlights Government reforms to social care will impact those entering care in England from October 2023. The cap for full self-funding will rise to £100,000 from £23,250. The lower end means test capital limit will rise to £20,000 from £14,250. A total lifetime fee cap will initially be set at £86,000. A new ‘Health and Social Care Levy’ (HSCL) of 1.25% will be added to national insurance contributions for 2022/23. From 2023/ ... Read full post » Social Care Rises Up The Agenda Posted by siteadmin on Monday 6th of September 2021 A proposal to address social care funding is apparently imminent. “My job is to protect you or your parents or grandparents from the fear of having to sell your home to pay for the costs of care. And so I am announcing now – on the steps of Downing Street – that we will fix the crisis in social care once and for all, and with a clear plan we have prepared to give every older person the dignity and security they deserve.” So s ... Read full post » Subscribe to RSS Feed « Newer Posts Older Posts » 12 Archive November The Pension Annual Allowance Trap Placing a cost on retirement October The not-quite post-pandemic Budget September So, farewell then 6 April? Managing the next stages of recovery A hint of rising interest rates? August The £9 billion Child Trust Funds backwater July What is an adequate retirement income? May A recent survey of people who have or plan to retire in 2021 provides interesting insights, whatever your intended retirement year April Were you born after 5 April 1971? March A quiet turning of the tax screw The mid-pandemic Budget February Diminishing savings’ returns from negative interest rates January Tax year end planning and the effect of the pandemic Unique Financial Planning Ltd is Registered in England & Wales: Company Number 08996066. 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