Changes to Pension Annual Allowance charges 2020/21

11 Mar 2020 | Budget, Income Tax

Tapered annual allowance for pensions – The pensions annual allowance is the maximum amount of tax-relieved pension savings that can be accrued in a year. For those on the highest incomes, the annual allowance tapers down from £40,000. HM Treasury has reviewed the...

Self-assessment: sources of taxable income

22 Jul 2019 | Income Tax

It may seem like a long time until January with the summer holidays in full swing, but our thoughts are already turning towards self-assessment. The next batch of tax returns relate to the 2018/19 tax year, which ended on 5 April 2019, and are due for submission by...

The impact on landlords of mortgage interest relief

22 Oct 2018 | Income Tax

Residential landlords make up a large portion of our clients here at Thomas Barrie, and the impact of changes to mortgage interest relief made by those in UK Government is not lost on us. For years, our buy-to-let clients were able to offset their entire mortgage...

The tapered annual allowance explained

17 Aug 2018 | Income Tax

Most high net-worth individuals saw their annual allowance towards their pension pots restricted by tapering rules, which came into effect from 6 April 2016.The annual amount you can save towards your pension in 2018/19 is £40,000, although this allowance is tapered...