Mr E.C. Asks: I have received some annuity quotes from my Pension provider and whilst I would ideally like the income to increase each year to help protect it against inflation the initial income they are quoting is a lot lower. What would you suggest? Peter Sharratt Answers: Logically it makes sense to opt for…
Mr K.L. Asks: I have started a new job and unlike my previous company they do not provide any staff benefits at present. The one I am concerned about is Life Assurance as I am married and have two young children. What type of policies are available and would you have a specific recommendation. Peter…
From 1st February 2012, the maximum week’s pay that can be used to calculate statutory redundancy payments increased from £400 to £430. This in turn increased the maximum statutory redundancy entitlement to £12,900. The actual statutory redundancy payment a person can receive still depends on their length of employment, their age and their weekly pay…
Mr I.C. Asks: As a higher rate tax payer I would be interested to know what I can do legally to reduce the amount of tax that I pay. Are there any suggestions you could make? Peter Sharratt Answers: The obvious starting point is Pensions as they benefit from Tax Relief. Basic Rate Relief at…
Mr M.R. Asks: Property prices in this area at least seem to have stabilised and I am considering buying a rental property. I would need to take out a Buy To Let mortgage but I am unsure if they are still around or what I need to consider. Peter Sharratt Answers: Buy To Let (BTL)…
Mr K.L. Asks: I have been hearing adverts on the radio regarding Self Assessment Tax Forms and the fact that they are due by the end of this month. I have not been sent one by the Inland Revenue but I am higher rate tax payer and have savings interest, a rental property and also…
Ms K.M. Asks: My employer provides a Group Personal Pension Scheme of which I am a member. I am a higher rate tax payer and aware that my payments qualify for tax relief but how does this work in practice as I do not seem to be getting it at present? Peter Sharratt Answers: Assuming…
Mr L.B. Asks: I have a Life Assurance Policy which ends when I am 60 and currently costs £87pm. I have my own Limited Company which I could get to pay the premiums for me but is this possible and is there any tax implication? Peter Sharratt Answers: The payments can be paid by your…
Mrs H.L. Asks: I understand the maximum Income that can be taken from a Drawdown Pension has reduced significantly. Does this mean that they are no longer worth considering at retirement and that Annuities are the better option? Peter Sharratt Answers: The Maximum Withdrawals from a Drawdown Pension (Unsecured Pension) are indeed lower than they…
If you are planning a Christmas party this year, and possibly giving gifts to staff or customers, it is worth reminding yourself of the tax and benefit implications. As you would expect, the rules regarding what is and isn’t taxable are very specific but actually can be open to misinterpretation. Here are the highlights of what…
Earlier this year, the Thames Valley Society Of Chartered Accountants met to honour some of the brightest newly qualified accountants. One of whom was Kirk Rice’s Laura Hughes who came first in her Business Reporting exam across the whole of the Thames Valley region. Laura was also in the top 10 newly qualified accountants across…
