Some tax-planning tips are relevant to almost everyone. Making use of your annual ISA allowance, for example, which is currently £20,000. Or checking your pension savings are on track.
However, for higher earners there are a number of other important considerations. Our guide focuses purely on these ‘higher earner’ issues – many of which are related to the ever-changing rules surrounding pensions. Download now for simple explanations and practical tips covering:
- the personal allowance tax trap for people earning over £100,000 a year
- child benefit withdrawal for people earning over £50,000 a year
- the pensions annual allowance and how it’s tapered for anyone with annual income of £150,000+
- the money purchase annual allowance (MPAA) – a reduced annual allowance that applies once you’ve started to access your defined contribution (DC) pensions
- your options under the pension freedoms
- passing your pension to the next generation
- the pensions lifetime allowance and ‘crystallisation’ events
- salary exchange – for potential National Insurance Contribution (NIC) savings on payments to a workplace pension scheme
- pensions ‘carry forward’ – the option to maximise pension contributions by using any remaining annual allowance from the three previous tax years
Remember, neither this article nor the guide is intended as financial advice or a personal recommendation for you to take any action. The guide is designed to summarise the key issues you might need to consider and, where appropriate, discuss with your adviser.
If you’d like to speak with an expert about your financial planning, please get in touch. We’re here to help.