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You searched for the term tax year end Your search returned the following 40 results...
 
  • Submitting single contributions before the end of tax year - Royal London for advisers

    Making single contributions before the end of tax year 25 March 2020 Share Share We've reviewed the way your clients can make single contributions before the end of tax year. Previously, clients could make single contributions by cheque or bank transfer. However, with the current situation around...

  • End of tax year - new business checklist and submission deadlines - Royal London for advisers

    End of tax year - new business checklist and submission deadlines 20 January 2020 Share Share Here's a reminder of our submission deadlines and the information we need if your client wants to make a single contribution before the tax year ends. Your checklist Where and when to send it Application...

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    Blog

  • End of tax year - IR servicing checklist and submission date - Royal London for advisers

    End of tax year - IR servicing checklist and submission date 20 February 2020 Share Share Here's a reminder of our submission deadlines and the information we need if your client wants to take a taxable income payment before the tax year ends. Your checklist Where and when to send it Application...

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    Blog

  • Planning and the relevance of contribution dates - Royal London for advisers

    Planning and the relevance of contribution dates Moira Warner 25 March 2019 Share Share Moira Warner explains the importance of contribution dates when it comes to tax. The likelihood that clients will leave tax year end retirement planning to the last minute makes it important for advisers...

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    Blog

  • A coronavirus special podcast - Royal London for advisers

    ...if you're not sure. [ Katie ] Yeah definitely. We've got tax year end as well as a budget statement coming up so people will be wanting to make sure they've made the best use of their various reliefs and allowances, should they carry on as normal? [ Kirsty ] Well actually most of that will be people...

  • Safeguarding our strength for you and your clients podcast - Royal London for advisers

    ...planning for a while and was a clear gap in our proposition. However, I'm delighted to say that we fast tracked these changes to our process. This has been really well received by advisers and clients especially in the run up to tax year end. [Clare] Thanks Barry. Shaun, advisers are interested to know...

  • Pension product information - Royal London for advisers

    COVID-19 08 Jun 2020 07 Jul 2020 16 Jun 2020 08 Jun 2020 New to Royal London? Why Royal London? Online service We're reaffirming our adviser commitments Our terms of business Technical central COVID-19 and the money purchase annual allowance (MPAA) End of tax year - new business checklist and submission deadlines Helping solicitors with inheritance tax and pensions...

  • Contracting-Out Of The State Second Pension - Royal London for advisers

    , 1.6% for the employee and 1.4% for the employer. An age-related rebate is paid after the end of the tax year by HM Revenue & Customs' National Insurance Contributions Office (NICO) directly to the pension scheme. The top up mentioned above for final-salary schemes also applies to money-purchase...

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    Information and guidance

  • Pension input periods and pension input amounts - Pre 2015 Rules - Royal London for advisers

    ...with pension input periods ending in that tax year. For example, if the end of the pension input period was 1 December 2013 it would be tested against the 2013/14 limit of £50,000. If the end of the pension input period was 1 December 2014 it would be tested against the 2014/15 limit of £40,000. The tax charge...

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    Information and guidance

  • Scheme pays - Royal London for advisers

    ...not possible for the member to tell the scheme before the end of the tax year in which the charge relates to. For example, if an individual has an AA tax charge for 2018/19 and meets the conditions for scheme pays, they should ensure their request is with the scheme before 31 July 2020. This deadline...

  • Pension input periods and pension input amounts 2015 - Royal London for advisers

    ...input amounts for all of a member's plans with pension input periods ending in that tax year. For example, if the end of the pension input period was 5 April 2021 it would be tested against the 2020/21 limit of £40,000. The tax charge is at the member's marginal rate of tax and will be dealt...

  • What is IR35? - Royal London for advisers

    ...that it is flexible enough to cope with future changes in their employment status. There will also be many advisers about to start end of year tax planning with their customers.  This often involves decisions on how much to put into a pension. But maybe this year there should be a greater emphasis...

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    Business

  • What is IR35? - Royal London for advisers

    ...with future changes in their employment status. There’ll also be many advisers about to start end of year tax planning with their customers.  This often involves decisions on how much to put into a pension. But maybe this year there should be a greater emphasis on their protection needs than would...

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    Business

  • Emergency tax and lump sum withdrawals - Royal London for advisers

    ...options: They can wait until the end of the tax year. A tax refund will be created as a result of the information submitted in their tax return OR They can reclaim the overpaid tax from HMRC during the tax year using the appropriate claim form. For an individual where the overpayment is substantial...

  • UFPLS FAD case study - Royal London for advisers

    UFPLS, drawdown, scheme specific TFC and the strange case of the permissive statutory override - case study Jim and Andy were co-owners of a company which they have just sold at the very end of the tax year. They have a fully insured SSAS. Jim is 65 years old and has a £1,200,000 fund with a scheme...

  • Pension Credit - Royal London for advisers

    Pension Credit The DWP have produced a detailed guide to Pension Credit for advisers which you may find useful. Guarantee Credit (Tax Year 2020/21)   Single Pensioner Married Couple Guarantee Credit £173.75 p.w. £265.20 p.w. Capital Limit £10,000 - Any amount over this limit is converted...

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    Rates and factors

  • National Insurance rates and earnings limits from 6 April 2016 - Royal London for advisers

    National Insurance rates and earnings limits from 6 April 2016 The following NICs rates and earnings limits are those that apply from 6 April 2016.  Earnings limits (tax year 2020/21)   Lower earnings limit Primary threshold Secondary threshold Upper earnings limit Upper secondary threshold...

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    Rates and factors

  • 2009 Budget - Limiting Tax Relief For High Income Individuals - Royal London for advisers

    2009 Budget - Limiting Tax Relief For High Income Individuals The 2009 Budget restricts tax relief on pension contributions for those earning £150,000 or more a year. Relief will be tapered away until those earning over £180,000 will receive relief at 20%, the same as for a basic rate taxpayer...

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    Information and guidance

  • Inheritance tax exemptions for gifts - Royal London for advisers

    ...a value, such as money, property, possessions a loss in value when something’s transferred, for example if a house is sold to a child for less than it’s worth, the difference in value counts as a gift. Type of gift Amount per tax year Annual exemption1  £3,000  Wedding or civil ceremony gifts (child...

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    Rates and factors

  • 2009 Budget - Anti-forestalling - Royal London for advisers

    ...relief. However, it increases the complexity of tax relief for those affected by the anti-forestalling measures. If you advise clients with incomes of £150,000 or more in this tax year or either of the last two tax years, you should consider how these rules affect them. What the Budget says From 22...

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    Information and guidance

  • Annual allowance - Royal London for advisers

    ...period to the September before the start of the tax year in which the annual allowance is being calculated. This is then compared with the value at the end of the period. The rights to be valued will include partial benefits taken during the period, any rights transferred out to another registered...

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    Information and guidance

  • one-off taxable income payment request - Royal London for advisers

    One-off taxable income payment request Tax information We'll tax your client's income payment using the tax code provided to us by HMRC. If your client takes a large lump sum from their pension savings at the start of the tax year or HMRC don't have the right tax code for them, they could end up...

  • Child Benefit - avoiding the tax charge - Royal London for advisers

    Gov.uk - Child benefit Gov.uk - Child benefit tax charge An income tax charge applies to people who get Child Benefit and whose income (or partner's income) is more than £50,000 in a tax year. If income is between £50,000 and £60,000, the charge is a proportion of the Child Benefit received. If it's...

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    Information and guidance

  • Contributions and Annual Allowance - frequently asked questions - Royal London for advisers

    ...by the increase in CPI over the 12 month period to the September before the start of the tax year in which the annual allowance is being calculated. This is then compared with the value at the end of the period. The rights to be valued will include partial benefits taken during the period, any rights...

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    Frequently asked questions

  • 2011 Budget Summary - Royal London for advisers

    ...been announced. These include: The restriction of tax relief through reduced annual allowance Removing the need to buy an annuity by age 75 'Disguised Remuneration' restrictions which effectively end the tax attractions of Employer Financed Retirement Benefit Schemes The reduction of the lifetime...

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    Information and guidance

  • Taper trap - Royal London for advisers

    Taper trap Individuals with adjusted income over £240,000 in the tax year could have their annual allowance reduced. In some cases, the calculation can be particularly challenging... Key facts The annual allowance will be reduced for people who have ‘adjusted income’ over £240,000 a year...

  • OTS simplification of inheritance tax - Royal London for advisers

    OTS simplification of inheritance tax In July of this year, following its first report in November 2018, the Office of Tax Simplification (OTS) published its second report on the simplification of inheritance tax (IHT). This report sets out a number of recommendations for 'a more coherent...

  • Transitional rules for DB schemes - Royal London for advisers

    PIPs are aligned with the tax year i.e. they run from 6 April to 5 April each year. It was possible that existing plans could have two or three PIPs ending in the tax year 2015/16. Individuals had a pre-alignment tax year annual allowance of £80,000. Case studies PTM058000: Annual allowance...

  • What is a gift inter vivos policy and when should it be used? - Royal London for advisers

    ...will decrease by £20,000 each year as the next policy in the Multi-plan reaches its full term.  So after the end of year 3, you have 4 covers left, giving £80,000 cover. At the end of year 4 there are 3 policies left giving £60,000, and so on. This reducing cover will match the reducing inheritance tax...

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    Personal

  • 2018 Autumn Budget Summary - Royal London for advisers

    2018 Autumn Budget Summary Philip Hammond delivered his second Autumn Budget on Monday 29 October 2018. Our view The Chancellor’s windfall from better-than-expected borrowing forecasts meant that he did not have to cut back pension tax relief in this Budget.   Here’s our summary of the proposed...

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    Information and guidance

  • Death benefits pre 6 April 2015 overview - Royal London for advisers

    ...been selected between these limits but this had to be reassessed every 3 years (then every year from age 75). A dependant could request a review at the end of each pension year. The scheme administrator could grant or refuse this request at their discretion. Our article on Income drawdown...

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    Information and guidance

  • 2009 Budget - Treasury amendment - Royal London for advisers

    ...profits are known at the end of the financial year. Infrequent money purchase contributions The amendment allows payments which have been made within one tax year less frequently than quarterly to count as infrequent money purchase contribution amounts. Where the amount of the infrequent money purchase...

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    Information and guidance

  • Backwards and Forwards - Royal London for advisers

    Backwards and Forwards Ross Jackson 28 November 2016 You might be forgiven for beginning to think you can breathe a sigh of relief as the end of 2016 looms into view. It certainly seems to have been a rollercoaster of a year with some real highs and it feels like more than its fair share of lows...

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    Blog

  • Why you need to focus on mortgage protection in the New Year - Royal London for advisers

    Why you need to focus on mortgage protection in the New Year Matt Doherty 5 December 2019 As Brexit drags its heels and political uncertainty continues to cast a shadow over the economy, what can you do to keep your business strong in 2020? Putting protection on the agenda could create new...

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    Personal

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  • Carry forward top 5 FAQs - Royal London for advisers

    . Contributions above that amount would attract an annual allowance charge. Carry forward’s still available for any defined benefit scheme funding. How do you calculate any unused annual allowance (AA) for tax year 2015/16? Tax year 2015/16 is split into two periods. The pre alignment period runs from 6...

  • Transitional rules for DC schemes - Royal London for advisers

    ...in the 2015/16 tax year). She paid £30,000 up to 6 April 2015 and then ended the PIP on 15 April 2015, after paying a further pension contribution of £10,000 on 14 April. Under the old rules, the PIP starting on 16 April 2015 would end in the 2016/17 tax year. Under the transitional rules, as Anne paid...

  • Residence nil-rate band part 1 - Royal London for advisers

    , £500,000 each, will not be a reality until April 2020, see below table. The RNRB increase each tax year Tax year RNRB Increase  Total IHT allowance 2017/18 £100,000 £425,000 2018/19 £125,000 £450,000 2019/20 £150,000 £475,000 2020/21 £175,000 £500,000 Source: gov.uk Manoeuvering money The amount...

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    Personal

  • Autumn Statement 2012 - Royal London for advisers

    - pages 7-9 As was expected the annual allowance for tax relief on pension contributions is reducing from the current limit of £50,000 to £40,000. This won't take effect until 6 April 2014 but will apply to pension input periods ending in the 2014/15 tax year, so for existing pension plans that started...

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    Information and guidance

  • The effect on the workforce - Royal London for advisers

    ...they earn: eligible jobholders non-eligible jobholders, and entitled workers. The table below helps to identify each type of worker. 1These figures are for the 2020/21 tax year. Exclusions and exceptions from the employer duties People who are treated as workers People who are not treated as workers...

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    Auto enrolment

    Workplace pensions

  • Retirement Outcomes Review phase 2 – changes to drawdown key features illustrations - Royal London for advisers

    ...policy statement PS19/1 at the end of January 2019, looking at how they plan to tackle some of the issues they’ve identified in the retirement market. Phase 1 of this Retirement Outcomes Review was introduced on 1 November 2019, with phase 2 following on 6 April 2020 and phase 3 on 1 August 2020. Here...

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The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.