Tony Bullock gives his thoughts following the recent Manufcaturing and Engineering 2018 show at the Metro Radio Arena in Newcastle. Innovation and collaboration were amongst the top things to take away from this years show.
The number of self employed workers in the UK is rapidly growing. According to statistics from the Office of National Statistics*(ONS), the number of self employed increased from 3.3 million people in 2001 to 4.8 million in 2007. Worryingly, the pension gap for these people is also on the rise.
There’s a limit set by the Government over how much can be paid into a pension arrangement each year and upon which you can receive tax relief. This is called the Annual Allowance and is currently set at £40,000. Not everyone fully utilises their Annual Allowance, but if you can, why wouldn’t you?
If you pay in more than the Annual Allowance in a tax year you won’t receive any tax relief on the excess and a tax charge will become due, so it’s important to bear this in mind.
We have covered Making tax Digital (MTD) in previous editions of Agrimatters, but with major changes less than a year away we make no apology for returning to it again.
HMRC has announced that they are concentrating their resources on changes which will arise from Brexit. As a result, other policy changes including parts of MTD reforms will be put on hold until at least 2020. Crucially, the changes to the way VAT returns are submitted will go ahead as planned.
Richard Askew from Armstrong Watson and Sarah Glass from the Primary Business Partnership played hosts at the 'Dreaming Big' event at All Saints Primary School bringing careers and job titles to life. This school’s Careers and Aspirations day and it was a roaring success, helping light ambition in young minds while also underlining the hard work needed to achieve success in any field.
In 2015, the pension freedoms were introduced, affecting those with defined contribution (money purchase) pension schemes. At the same time, the rules around what happens to a person’s pension on death also changed.
Legislation now means that anyone can benefit from your pension when you die, but not all pension schemes actually allow this rule to be administered.
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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.
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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.