The Atticus Papers

Bringing clarity to finance

Friday 26th August, 2022

Should I keep funding my pension, if the contributions will exceed my pension annual allowance?

The importance of pensions as a tax efficient vehicle for funding retirement cannot be understated. However, more and more people are being caught by provisions brought in by the government that limit the amount individuals can save into their pensions each year. In the past, this may have been dismissed as a problem for the wealthy, that does not affect the average person in the street. While this may have been the case, when these restrictions were first brought in, new changes to how the annual allowance works, means that even people on modest incomes can end up triggering an annual allowance charge. More and more often I am approached by clients of all income levels who have inadvertently creates a tax liability by exceeding their adjusted annual allowance. In the article below I will briefly look at the annual allowance and how it works. I will also cover the main restrictions and their implications, before moving on to look at whether it is worth continuing to fund your pension, despite triggering the annual allowance charge.

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Monday 15th August, 2022

Relevant Life cover -How to tax efficiently provide your life insurance cover through your company

Many small business owners sink blood, sweat and tears into their business. All their dreams and future goals for themselves and their loved ones are often inextricably linked to the success of their business venture. Often they are the main bread-winner, with their partner staying home and looking after the family. When they succeed, it is the culmination of years of effort and stress, but the rewards are so sweet. However, what happens if the unforeseen happens? What happens to your family and all the resources and effort that have been sunk into the business if the adventurous business owner dies? Do all their dreams and ambitions for their loved ones die with them? In this article, I will discuss how to protect against such an event, using your business to provide the protection your family needs. Furthermore, I will show how this can be in a manner that can be far more cost effective and tax efficient than if you were to pay for the life insurance your self.

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