News Archives - Page 3 of 7 - Moore Stephens Financial Services

Tax Evasion & Tax Avoidance; What is the difference?

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In simple terms, tax evasion is illegal whilst tax avoidance is legitimate. Tax and evading or avoiding it has been very much in the news of late, but there seems to be a great deal of confusion about the difference between evasion and avoidance with many people incorrectly assuming that they are one and the same thing. If you are resident in the UK, deliberately trying to evade a tax…

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The Cameron Files

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Without wishing to become political, the Cameron inquisition does raise important points for future financial planning. Without entering the debate over offshore funds, the issue over the gift from his Mother is of relevance to many people. Mr Cameron is the Prime Minister of the United Kingdom and like many, not all, but many before him, he has emanated from a fortunate background. It seems incredulous then that the outrage…

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What is the Lifetime Allowance value trap?

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The Lifetime Allowance is the total value of pension savings which you are able to accrue throughout your lifetime before incurring a tax charge. From 6th April 2016, the Lifetime Allowance will reduce to £1 million. Over the past 10 years, the Lifetime Allowance has fallen from a high of £1.8 million to the present level. Consecutive Governments have chipped away at the Lifetime Allowance as a way of taxing…

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The March 2016 Budget was one of the most hotly anticipated in recent times, but did it warrant the hype?

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The main concerns for us surrounded the future of pensions tax relief and the 25% tax free lump sum available when you draw benefits from pensions. After much speculation, the Chancellor has left pensions tax relief alone, which means another opportunity for higher rate taxpayers to benefit from higher rate tax relief next year. We would sound a warning on this, as we feel the clock is ticking and the…

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Workplace pensions – 2016 outlook and 2015 fines  

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According to The Pensions Regulator, around half a million small and micro cap firms will reach their workplace pensions staging date in 2016. Recent estimates indicate a total financial adviser population of around 22,500 in the UK. However, many of those advisers are not willing or able to advise clients on the auto-enrolment process and have made it clear they do not wish to be involved in assisting employers with…

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Pension Freedoms – Why taking advice has never been more important  

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  A significant but perhaps poorly understood consequence of the Pension Freedoms announced in 2015 is that the future relationship between investors and their advisers will need to be very different to how it has been operating in the past. Previously, individuals retiring with final salary pensions or annuities have needed advice at the point of retirement, but once they have made their generally irrevocable choices, there has obviously been…

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workplace pensions

Workplace Pensions

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Workplace pensions – in the long run, a quality pension scheme outweighs the costs If we hear one concern more than any with regard to workplace pensions, it is that it is just another expense on the business that the employer could do without. The cost might relate to the pension scheme itself or the adviser seeking to recommend a suitable scheme. There is a wide variance in pension schemes…

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Budget 2016 – the potential good news

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In recent weeks we have commented on the potential downsides of the forthcoming March 16th 2016 Budget, but perhaps we should also comment on a couple of possible moves that may offset some of the pain for higher rate taxpayers should higher rate tax relief on pensions be abolished. Firstly, it is likely that a new flat rate of tax relief shall be introduced for all pension contributions. This would…

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Japan – why negative interest rates can be good for investors

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The Bank of Japan announced negative interest rates on Friday 29th January 2016 thus causing a rally in Japanese equities and a comparative fall in Japanese bonds. Inflation is not rising sufficiently to keep pace with the target figure of 2% and rather than allow confidence in the Japanese stock market to further falter, the Bank of Japan announced additional measures to stimulate the economy. The immediate aftermath of that…

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