If you are saving for the future, it's nice to get a little help from the taxman. The Government offers some really great tax breaks when saving via pensions, but this is often misunderstood, so let’s have a closer look.

There are three stages at which the taxman gets involved in pensions. The first is before the money is invested – in other words, when it is earned. The second is while the money is within the plan, and the third is when the funds are withdrawn from it.

Accountancy firm Armstrong Watson is delighted to announce the appointment of Joanna Gray as Business Services Director, investing in, and strengthening, their services to clients in the region.

Partnership Consultation

HMRC has now published its long awaited consultation document on the taxation of partnerships and LLPs. It covers two aspects. Firstly there is the whole basis of taxation of LLP members whose terms resemble those of employees. Secondly there is the question of profit allocation where the partnership includes at least one corporate partner as well as individuals. The intention is to legislate on changes to take effect from April 2014.

Most people use their Income Tax allowance every year without even thinking about it. Most of the money coming into households every year is, after all, subject to Income Tax.

The same most certainly cannot be said for the annual Capital Gains Tax allowance, however. Very few people use it in full every year and many people have never used any of it in any year at all. The current allowance is £10,900 and so there is a large amount of tax relief going wasted each year.