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Blog: Pensions

Taxpayers given more time for voluntary national insurance contributions

The government has extended the voluntary national insurance deadline to give taxpayers more time to fill gaps in their contributions and boost their state pensions. This comes after members of the public voiced concern over the previous deadline of 5 April 2023. The deadline extension was announced via a Written Ministerial Statement earlier (7 March 2023)

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HMRC issues guidance on abolition of pensions lifetime allowance

HMRC recently issued preliminary guidance in regard to the abolition of the pensions lifetime allowance. This measures ensures that no-one will face a Lifetime Allowance charge from April 2023. It increases the Annual Allowance, Money Purchase Annual Allowance, Tapered Annual Allowance, and the adjusted income for the Tapered Annual Allowance. This measure applies to all

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URGENT PENSION TAX ISSUES FOR DOCTORS TO ADDRESS

By Richard Humphreys, director at RMT Healthcare, the specialist medical division of RMT Accountants & Business Advisors If you asked most doctors which of the ancient Greeks they’re most familiar with, the answer is likely to be the ‘father of medicine’ Hippocrates, after whom the oath that they traditionally took before beginning their practice was

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Automatic enrolment: new rules to protect savers from unfair fees

New rules will eliminate charges on small workplace pension pots from next year, the Government has announced. The Department for Work and Pensions (DWP) said the move will benefit hundreds of thousands of savers. According to the report, new regulations will introduce a threshold – known as de minimis – at which automatic enrolment pension

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Beware of Exceeding Your Pension Pot Allowance

Thousands of people who put money into their pension each year are inadvertently failing to declare pension tax charges, according to HM Revenue & Customs (HMRC). This can lead to an unexpected and costly tax bill. Your annual allowance is the maximum you can save in your pension pots in a tax year (6 April

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Time to take advantage of tax relief while it is still available for Ltd Companies?

Pensions are one of the most tax-efficient ways to invest, and tax relief continues to be a considerable advantage to the millions building a fund for retirement. As a Ltd Company, Corporation tax relief is currently granted on pension contributions as an allowable expense for business purposes. This rate of relief for most companies will

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