Life Financial Solutions’ Post

Five pension considerations for directors and executives The more you earn, the more you stand to gain by taking full advantage of the tax reliefs and allowances available to you. Seeking expert financial advice can help you make sure your money is working as hard for you as possible. 2023 saw the removal the lifetime allowance penal tax charges, but from April 2024 the lifetime allowance is being abolished and replaced by allowances that restrict only tax-free lump sums paid. 2023 also saw the increase in the pension annual allowance, to £60,000, which may offer additional savings options. #smallbusinessownsers #entrepreneur #financialplanning #retirementplanning https://lnkd.in/ekSWgWCk

Don’t waste your 2023/24 annual pension allowance of £60,000 Tax relief on pension contributions that you pay is at your marginal rate of income tax; either 20%; 40%; 45%; or 60% (if your income is between £100,000 and £125,140). Pension tax relief may change if there is a change of government this year. The pension annual allowance is the maximum amount of total gross contributions that can be paid into your pension schemes in the year by you and your employer. For most people the annual allowance is £60,000 for the tax year 2023/24, although this can be reduced down to £10,000 if you have a high level of income. Unused pension allowances from the previous three tax years can also be used as well. If you are wanting to make pension contributions, it is sensible to do so before 05 April 2024. Use your pension annual allowance or lose it! If you would like tax advice in this area, contact me at mark@metistax.co.uk

Five pension considerations for directors and executives - The more you earn, the more you stand to gain by taking full advantage of the tax reliefs and allowances available to you. Seeking expert financial advice can help you make sure your money is working as hard for you as possible. - 2023 saw the removal of the lifetime allowance penal tax charges, but from April 2024 the lifetime allowance is being abolished and replaced by allowances that restrict only tax-free lump sums paid. - 2023 also saw the increase in the pension annual allowance, to £60,000 which may offer additional saving options. #sjpinsights #financialplanning #financialwellbeing #mercianwealthmanagement #MWM #retirementplanning

5 pension considerations for Directors & Executives 1 - Pension Allowances 2 - The pension annual allowance and tapered annual allowance 3 - If you're not just paid in cash... 4 - Do not forget ISA's 5 - Accessing your funds in retirement #sjpinsights #financialplanning #financialwellbeing #mercianwealthmanagement #MWM #retirementplanning

Five pension considerations for directors and executives > The more you earn, the more you stand to gain by taking full advantage of the tax reliefs and allowances available to you. > Seeking expert financial advice can help you make sure your money is working as hard for you as possible. > 2023 saw the removal the lifetime allowance penal tax charges, but from April 2024 the lifetime allowance is being abolished and replaced by allowances that restrict only tax-free lump sums paid. > 2023 also saw the increase in the pension annual allowance, to £60,000, which may offer additional savings options.

Five pension considerations for directors and executives > The more you earn, the more you stand to gain by taking full advantage of the tax reliefs and allowances available to you. Seeking expert financial advice can help you make sure your money is working as hard for you as possible. > 2023 saw the removal the lifetime allowance penal tax charges, but from April 2024 the lifetime allowance is being abolished and replaced by allowances that restrict only tax-free lump sums paid. > 2023 also saw the increase in the pension annual allowance, to £60,000, which may offer additional savings options.

It's important to make the most of the tax relief available for pension contributions. In this article, we've explained the latest changes https://lnkd.in/gHiksWBw

Do you know how the planned abolition of the pension Lifetime Allowance (LTA) could affect you? During the 2023 Spring Budget, Jeremy Hunt announced that the government would be scrapping the LTA, which has two important consequences: 💫 The increase to the annual allowance means you can pay more into your fund each year. 💫 There is no limit to the amount you can tax-efficiently accrue in your pension fund. The upcoming 2024 election could put this at risk, however, as Labour have vowed to reinstate the LTA if they are elected. If you want to learn how these changes could affect your financial plan, please get in touch with us or read our blog, linked below, to discover more.

Do you know how the planned abolition of the pension Lifetime Allowance (LTA) could affect you? During the 2023 Spring Budget, Jeremy Hunt announced that the government would be scrapping the LTA, which has two important consequences: 💫 The increase to the annual allowance means you can pay more into your fund each year. 💫 There is no limit to the amount you can tax-efficiently accrue in your pension fund. The upcoming 2024 election could put this at risk, however, as Labour have vowed to reinstate the LTA if they are elected. If you want to learn how these changes could affect your financial plan, please get in touch with us or read our blog, linked below, to discover more.

Do you know how the planned abolition of the pension Lifetime Allowance (LTA) could affect you? During the 2023 Spring Budget, Jeremy Hunt announced that the government would be scrapping the LTA, which has two important consequences: 💫 The increase to the annual allowance means you can pay more into your fund each year. 💫 There is no limit to the amount you can tax-efficiently accrue in your pension fund. The upcoming 2024 election could put this at risk, however, as Labour have vowed to reinstate the LTA if they are elected. If you want to learn how these changes could affect your financial plan, please get in touch with us or read our blog, linked below, to discover more.