In each edition of 'Your Money Matters' we aim to provide you with one or two financial strategies we follow when advising clients.   

Pensions - How much can you contribute?

There is no financial limit on the amount that may be contributed to a registered pension scheme.  The maximum amount of which an individual can claim tax relief in any tax year is the greater of the individual's UK relevant earnings or £3,600.  However, if your total pension pot exceeds the annual allowance of £50,000 there may be a tax charge on the excess.

Here's a worked example, looking at this in a little bit more detail.

Don't leave it too late.  Contact your Independent Financial Advisor here at Firth & Scott if you feel you're not maximizing and utilizing the tax advantages of pension provision.

Article written by Steve Hopkins FCII

Since 6th April 2013, there have been significant changes in the way payroll information is reported to HMRC with the introduction of Real Time Information (RTI). 

Now PAYE and National Insurance information regarding wages have to be submitted electronically each time an employer runs their payroll. 

The new system aims to ensure that HMRC's records are as up to date as possible with regard to employees' earnings and tax positions, which should result in fewer incorrect tax codes being issued. 

RTI will also support the introduction of the Universal Credit planned from October 2013.

Business owners can read more about "RTI : What You Will Need To Do", including the likely impact the new regime will have on businesses in this guest article written by Andy Hopkins, of Newtons Accountants.

If you have any queries on the above you should contact your payroll advisors or Newtons Accountants on Nottingham 0115 9609955 who kindly helped in the provision of this information.

Chancellor George Osborne delivered his fourth budget on Wednesday 20 March 2013.  

So, how will this budget affect you and your financial planning decisions going forward?   

• The Personal Allowance is being increased to £10,000 
• A Single Tier State Pension  
• Reductions to Lifetime Allowances - Individual Pensions
• Residential Property in SIPP's and SSAS's
• Child Trust Funds/Junior ISA's

So quite a few financial changes to think about and should you require clarification in respect of any of the points coming from the Chancellor's 2013 Budget, please don't hesitate in contacting us here at Firth & Scott.

Article written by Steve Hopkins FCII

At a recent seminar hosted by Newtons Accountants, Chris Newton emphasized that the £2,000 National Insurance rebate, which is planned for April 2014, is available for existing employees as well as new employees.  

Chris stated that the Government will introduce an allowance of £2,000 per year for all businesses and charities to be offset against their Employer Task 1 Secondary NIC bill from April 2014.  The allowance will be claimed as part of the normal payroll process through RTI.  The Government will engage with stakeholders on the implementation of the measure after Budget 2013 and is seeking to introduce legislation later in the year.

This is good news for all employers and will help encourage businesses to take on new staff, which of course is the Government's intention.

We will of course keep you informed on developments as and when known, as to how this system will work.

Article written by Steve Hopkins FCII

Thinking about moving house or nearing the end of your current mortgage deal?  

Annuities 

Pensions & Retirement Planning  

Life Assurance

Critical Illness

 Income Protection

 Investments

 Annuities

Deposit Accounts

 Mortgage Advice  

 Tax Planning 

 School & University Fees Planning

 Private Medical Insurance

 Equity Release