What does Labour election victory mean for your financial plans? There may be potential changes to tax and allowances but a good financial plan will be well-placed to adapt.
The prevalence of errors in NHS pension records is a pressing issue, with reports of nearly 20% of records containing mistakes. These errors can lead to significant financial consequences, from incorrect annual allowance tax charges to discrepancies in accrued pension benefits.
Armstrong Watson has further strengthened its aim to be the ‘go to’ accountancy firm for family and owner-managed businesses across the North of England following the acquisition of successful, long-standing West Cumbrian practice Gibbons Accountants, Business and Financial Advisers.
If either you or your partner has an income of more than £60,000 a year before tax then you’ll have to pay back some (or all) of your Child Benefit in the form of extra Income Tax.
Funds held in a pension are not included in valuing your estate. If IHT applies to your estate, your pension funds aren’t included and therefore won’t be subject to a 40% tax.However, as with many aspects of financial planning, it isn’t always this straightforward.
From a financial planning perspective this was a budget low on headlines. Having got through the pre-election banter it required a dive into the detail to understand how this might impact our clients.
With the Spring Budget 2024 just around the corner, there is much speculation about the tax changes and announcements that may be on the horizon. A general election is looming, and the Chancellor’s speech on Wednesday, March 6, is likely to be the last fiscal event before voters head to the polls.
Ryan Anderson explains what retirement could look like at three different levels – Minimum, Moderate and Comfortable and what goods and services would cost for each level.