There are a number of things to consider when it comes to starting your own business and near the top of the list will be choosing the most suitable trading option.
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.
The expected level of income needed in retirement has risen sharply with new research revealing increases for all retirement lifestyles. But how much will you need to save for retirement?
If your pension savings are less than £1,073,000, and you wish to take a lump sum, then you will still get 25% of the pot tax-free, up to a maximum of £268,250. However, if you have more than £1,073,000 in your pension, the tax-free element will be less than 25%.