Make the most of your tax breaks before the tax year end February 27, 2018 ISA allowance ISAs are often the first port of call for investors looking to save tax. They are simple, flexible and tax-efficient. By using your full ISA allowance each year (£20,000 in the current 2017/18 tax year) it’s possible to build up a large pot of money sheltered from capital gains tax or income tax. [...]
Five reasons to consider a Self Invested Personal Pension (SIPP) February 23, 2018 Almost everyone includes a comfortable retirement as one of their financial goals, and building up pension benefits is often a highly attractive means of achieving this. One pension option offering great flexibility is a SIPP (Self Invested Personal Pension). 1. Add to your savings pot with tax relief Investing through a pension scheme can be [...]
Beat the shrinking dividend allowance February 23, 2018 Changes to the way dividends are taxed stand to leave investors exposed to an unwelcome tax charge from April. Investors can mitigate this risk by making the most of all their available tax-free allowances. The government has been tweaking the rules surrounding dividend income for a while now. In 2015, it was announced that the [...]
How to plan a comfortable retirement February 22, 2018 Saving for retirement is essential if you want to fully enjoy your later years, but how do you assess how much income you will need? Plus how much do you need to save to reach your goals? For many people retirement seems a long way off and saving into a pension isn’t always seen as [...]
When the scheme is a scam: Top tips to protect your money against con artists February 7, 2018 As we see a rise in people investing online, fraudsters are changing the way they con people out of money. Worryingly, £87,000 is being lost to investment scams every single day, according to figures published by the UK’s financial watchdog last week. The Financial Conduct Authority (FCA) urged people to be vigilant when signing up [...]
Bitcoin investors warned they could unknowingly owe tax ahead of self-assessment deadline January 30, 2018 Bitcoin investors who made huge gains when the cryptocurrency’s value rocketed last year have been warned that they could unknowingly owe tax to HM Revenue and Customs (HMRC). However, there is some confusion around the issue, as Ed Molyneux, the boss and co-founder of cloud accounting software provider FreeAgent, explains: “HMRC sees bitcoin profits being [...]
John McDonnell is wrong – we need tax simplification, not a Hippocratic Oath for accountants January 30, 2018 In a world where public finances are under intense pressure, it is often tempting for politicians to shy away from the hard choices when it comes to making policy. So it was interesting to read shadow chancellor John McDonnell’s speech at the World Economic Forum in Davos, especially the part where he proposed new initiatives [...]
Government admits the UK could rejoin the EU’s customs union after Brexit January 9, 2018 A government minister has admitted the UK could rejoin the EU’s customs union after Brexit. Speaking last night, as part of the debate over the Cross Border Trade Bill, financial secretary to the Treasury Mel Stride told MPs they would be able to vote on entering a customs union after leaving the EU, but insisted [...]
Taxman “rubbing its hands with glee” over bitcoin December 13, 2017 Interest in bitcoin has continued to boom despite concerns that the bubble could burst at any moment, and regulators are struggling to keep up. Today, news emerged that South Korea was considering taxing capital gains from cryptocurrency trading, prompting questions of how bitcoin could be taxed in the UK. “Any moves to introduce CGT [capital [...]
The DIY pension: Tips for selecting your Sipp December 6, 2017 Freedom has been the buzzword in the pensions world for years now, after the government decided to shake up the industry back in 2015. For many savers wanting to embrace their newfound freedom, a self-invested personal pension – or Sipp – is the perfect answer. Rather than relying on an insurance company to make investment [...]