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Latest News

June 2017

Glen Callow

26 Jun 2017

The trick to beat pension withdrawal tax

Thousands of people who have withdrawn cash from their pension funds since the rules changed in 2014 have paid too much tax, says the Telegraph. The reason is the HMRC system, which regards the first withdrawal from a pension fund as the first of twelve monthly instalments. The result is that they charge tax at 20 per cent or 40 per cent on withdrawals where the tax actually due will be much less. You can get the overpaid tax back by lodging a claim, though it takes time. But, says the Telegraph, there's a way to avoid the whole problem: just make your first withdrawal from your pension fund a low sum like £100 or so.  HMRC will adjust your tax code taking this into account, so future withdrawals won't be overtaxed.
Glen Callow

23 Jun 2017

Millions miss out on 'free money' from pensions

Over 3 million people are missing out on as much as an annual £2 billion of 'free money' on offer from their employers through their pension schemes, says the Telegraph. Many employers offer £1-for-£1 matching for employees' contributions (above a low threshold level) to the pension scheme, so if the employee puts in an extra £100 per month, the employer matches that with an equal contribution. This is effectively free money, and can add thousands to your retirement income, yet take-up of these offers is very low except when companies make them the default option - Nationwide found that when it did so 80 per cent of its employees raised their contributions to get the pension boost.
Glen Callow

22 Jun 2017

It's time to fix

Last week the Bank of England's Monetary Policy Committee got closer to raising interest rates that at any time since the financial crisis ten years ago: the vote in favour of keeping rates unchanged was 5-3. The sharp rise in the rate of inflation is one major factor influencing policymakers. The result, says the Times, is that in regard to a rise in interest rates, it's not a question of If? but When?
Glen Callow

21 Jun 2017

Business back 'soft BREXIT'

The Mail cites recent research showing UK businesses overwhelmingly (by 86 per cent) back a soft BREXIT as evidence mounts of recruitment problems. Job applications from the EU are down 43 per cent while applications for UK nurses' jobs from the EU have tumbled by 96 per cent. Firms in the construction industry say plans to build UK infrastructure are at risk because of the potential loss of skilled workers.
Glen Callow

20 Jun 2017

Millennials beat dads at business

International research in 11 countries shows that entrepreneurs in their twenties are doing better in business than the 50+ generation, says the Financial Times. Average revenues and profits of their firms are significantly higher, and experts ascribe this partly to the fact that the younger generation on average spend two and a half hours per week more on strategy and people management than their elders.

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