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Tax Planning

When SIPPs can bite!

Small to medium businesses owners who need premises are often advised to use their pension money to buy the premises. Then their business pays rent on commercial terms for the premises to their pension scheme, which in turn pays off the commercial mortgage. Given average luck, the business owner should live happily ever after, as at retirement, they can sell…

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Use it or lose it – getting near to the tax year end

This time of year it is worth looking seriously at using up allowances or bracing yourself for losing the unused allowances. Uncertainty around the next budget makes this a more urgent proposition, but as far as I am aware, much of what is in the press is speculation, pure and simple, with little substance or perhaps a little mischief making….

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Investment is a Risk Business

The press has been busy over the weekend with articles about professional footballers and their more unusual investment and losses. Some of these accusations have spilled into the specialist financial media, as there have been comments over the commissions or fees taken on some of these transactions. From the mainstream press, here are some examples: http://bit.ly/1RI6EnU http://ind.pn/1MjrwhD http://dailym.ai/1PK72TN From the…

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The Value of Financial Advice, (according to Unbiased)

Recent research by Unbiased suggests that the value of advice can be many times the cost. In terms of the working population, this titbit may come as a bit of a surprise as the level of take up for financial advice is still very small. Unbiased used a figure for advice on a pension of £580, which is in line…

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Why Do I Need Pensions Advice?

A recent survey undertaken by money.co.uk found that 59% of people over 55 felt they did not need financial advice for retirement, with 28% believing it was a waste of money. (The original press release is at http://www.money.co.uk/press/half-of-those-making-pension-freedom-withdrawals-will-not-pay-for-advice.htm). As a financial adviser this depresses me as it suggests that we are not getting a clear message over to the public. As…

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A UK Tax Primer (101); Income Tax, slightly beyond the basics

Although the concept of UK income tax is simple enough, the execution can get a bit involved, especially if you do not fit one of the easy categories or you have “complex” tax affairs. In the last 101 article on Income Tax, I emphasised that you need to be sure that the tax code assigned to you was correct.  For…

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A UK Tax Primer (101) – Inheritance Tax; Stuff you should know

It has been said that the only things that are certain in life are birth, death and taxes. Inheritance Tax brings death and taxes together, as your assets on death are recorded, assessed and taxed according to the rules at the time. For most people in the population, Inheritance Tax, (IHT), is ‘voluntary’ as a bit of planning before death…

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A UK Tax Primer (101) – Capital Gains Tax; stuff you should know

Income Tax is paid on money you receive on a regular basis from employment, a contract or a trade or profession you are engaged in. Just because a receipt is a one-off does not mean it is exempt from taxation. Money received from the sale of an asset you have previously received or purchased is taxable under the Capital Gains tax…

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A UK tax primer (101) – stuff you should know! Income Tax

There are a number of things that I believe should be taught in schools and most of these are around personal taxation, simply because I get asked these a lot by prospective clients. Generally, if you do not know how something works, you will struggle to make the best of it. Let us start with Income Tax; this is charged…

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Should I get nervous about the Greek problems?

Almost all of the national press money pages had some comment on the Greek crisis and its likely impact on UK citizens. One article in the Telegraph explored the likelihood that the mortgage rate could change as a consequence. Summarising the article, it could send mortgage rates up or down, depending on the scale of the Greek default, whether it…

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