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Pension Freedoms – Beware of Possible Tax Implications!

Pension Freedoms – Great but Be Careful !

You will probably be aware that Pension Freedoms were introduced in April 2015 to give investors greater freedom over how they access their retirement funds.

However, in some cases, the new legislation seems to have given investors the impression that they can just go ahead on their own and fully en-cash their plans without considering the tax consequences.

We would always advocate taking professional advice BEFORE doing anything with your pension funds especially as the tax implications can be onerous.

However one of the main questions that people ask about Pension Freedoms is …Can I cash in my entire pension in one go?

As a major part of the April 2015 pension rule changes, it became possible to take your entire pension fund in one go as cash for you to spend as you wish.

You can do this from the age of 55.

However, there are considerable tax implications to consider before going for this option.

To do this, you can close you pension pot and take your fund as cash. The first 25% will be tax-free and the rest will be taxed at your highest tax rate (by adding it to the rest of your income).

There may be charges for cashing in your whole fund, and not all pension schemes, particular workplace pensions, or providers will offer this option.

Similarly, some pension companies will require that you take financial advice before cashing in, which means you’ll need to pay the adviser a fee.

As always, the devil is in the detail, and Here’s a Great Article Which Provides More Info

So please CONTACT US HERE and we will introduce you to Mantle Financial Planning – a firm of Chartered Financial Planners with expertise in this area of  retirement planning.

Alternatively why not give us a call on 020 8686 7756

oandk

Making Tax Digital or MTD – It Hasn’t Gone Away !

Making Tax Digital – Less Than Nine Months to Go

From April 2019 all but the smallest of unincorporated businesses will be required by
law to make their VAT returns digitally. As part of HMRC’s Making Tax Digital (MTD)
businesse will need to keep their underlying records digitally too. For clients on an
annual VAT scheme this is already a requirement.
HMRC’s publicity on this has been sparse, so we’d thought we’d reminder you, and answer the most common questions.
We want you to understand how MTD can benefit you and your business, without causing you too much hassle, providing you get prepared.

Read more

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Our Summer 2018 e-Newsletter

Summer is truly here

At O&K our team are always looking at ways to help our personal and business clients. Our summer e-newsletter has some more ways we can help you and your business thrive.

This edition includes info about our unique FREE Business MOT, Online Accounting advice, plus a reminder about this years tax changes.

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Our Winter 2017 Newsletter

Let’s Have a Year of Prosperity and Growth

At O&K we want to help your business grow, by not just providing the standard compliance type services but by going a little further. We can help you grow your business and we have a  Free Gift to help you do just that

We are always striving to live up to our strap line as ‘Accountants with a difference’.

Our approach is to help our clients, and business friends, grow their businesses, control the cash, and save as much tax as legitimately possible.

So for this Free Gift just read on…..

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