Recent economic events have shaken many people’s belief in the state’s ability to provide benefits. Many now want more control of their own destiny. It has probably never been more important to squeeze every last drop of income out of your pensions and savings to boost your retirement income.
Today, I aim to give some helpful but simple tips that could help to increase your retirement income.
Armstrong Watson is pleased to announce the appointment of Amit Champaneri as Campaign Manager within our Leeds office to support the growing business development team and opportunities which are opening up with the wider scope of services we are now delivering. Amit was most recently the marketing and business development manager at the influential Yorkshire business network ABDN.
1 April 2012 represents an important date for business owners, with significant changes in respect of capital allowances (tax relief for capital expenditure).
Currently claims for capital allowances on fixtures within buildings can be made retrospectively for purchases of second hand commercial property purchased at any point if still owned by the claimant. Although the allowances can only be claimed for the previous two years it does not matter how long ago the property was acquired.
Generating retirement income has now become even more flexible.
From 6 April 2011 new rules, which were introduced to replace the previous pension drawdown arrangements, have now provided individuals with greater flexibility and control over their pension options when they retire.
As we wave goodbye to 2011 – a year that seems to have had more than its fair share of political, natural and financial upheavals – attention turns to the future. Will equities have a better year and can gilts reproduce the gains they enjoyed in 2011? To view returns purely in terms of capital gains, however, is to overlook one of the most potent elements of investment - income.
There's a common myth that children don't pay tax - that's simply not true. In fact, they're taxed in exactly the same way as adults; which means that in the tax year 2012/12 each child can earn up to £7,475 tax free from earnings, savings or investments. The difference is, unlike most adults, the majority of children don't use up their Personal Allowance, so their savings interest remains tax free.
A reminder that HMRC will not look favourably on any scheme that aims to minimise VAT liabilities by splitting businesses up in order that the annual turnover of each remains below the registration threshold.
HMRC is required to consider the extent to which businesses are 'closely bound to one another by financial, economic and organisational links' when determining if there has been an artificial separation of businesses for the purpose of VAT avoidance. HMRC will consider the following factors in making their decision.
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Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales, number 7208672. The registered office is 15 Victoria Place, Carlisle, CA1 1EW. Armstrong Watson Financial Planning & Wealth Management is a trading style of Armstrong Watson Financial Planning Limited.
Armstrong Watson Trustees Limited is a limited company registered in England and Wales, number 84495656. The registered office is 15 Victoria Place, Carlisle, CA1 1EW.