January is not the start of the year in the planning world - it's the beginning of the last quarter of the tax year. A time when those who have not already done so, are looking for and making the most of the tax planning opportunities available in the system, many of them based around making pension contributions.
If you were to ask your clients to describe their perfect investment the answer inevitably would be "one that doesn't go down"!
In the run up to tax year end, Nick Hunt summarises some important findings from a major study published by Pensions Policy Institute (PPI). It highlights that 51% of individuals retiring now are likely to fall short of 2/3rds of their pre-retirement income.
One of the great things about being an adviser is that there is a regulatory requirement to know your clients. This knowledge can be built up over time as well as during an initial meeting.
The end of the tax year is approaching fast - 5th April is not too far away (or 31st March for companies). Some planning is not urgent but some people will have to act by then or lose the opportunity forever.
Graeme Robb considers planning opportunities to put advisers on the front foot as the tax year end deadline fast approaches.
IHT charges on can apply to trustees at ten-yearly intervals or when assets are transferred out of the trust to beneficiaries. Read more.
The purpose of a General Anti-avoidance Rule (GAAR) is "to counteract tax advantages arising from abusive arrangements". Read more.
This consultation brings forward proposals for introducing a voluntary simplified cash basis for income tax purposes. Read more.
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