Spring is the season of change and it seems that is exactly what is happening at the start of 2018. You may notice that our newsletter has had a facelift – we hope you like the new look.
In the legislative arena, the Spring Budget has been replaced by a streamlined Spring Statement, bedding in a new timetable for changes to taxes. We are also starting to see the effects of changes announced in previous years, with the State Pension Age, auto-enrolment pension contributions and the lifetime allowance all rising – meaning now could be the right time for you to review your retirement planning. A review could also be due if you are investing in property rentals, as the way tax reliefs work is changing.
Of course, with year end just around the corner, you may well have a lot on your plate. With so much to do the chance that something important gets overlooked is always there, which is why our feature article is Making plans: The new tax year begins. We’ll summarise the core allowances and tax planning opportunities you can take advantage of, giving you one less thing to worry about at this this busy time of year.
Our other stories include:
- Tax relief reductions affecting landlords: Changes announced in 2015 are now starting to take effect. These phased reductions mean landlords should check how their costs will change now.
- The lifetime allowance increases at last: The lifetime allowance has increased for the first time in years, so does this give you a new opportunity for your pension savings?
- State Pension Age continues to rise: By the end of 2018 men and women will receive their state pension at the same age. With the age set to rise after that, have you planned for the delay before you start to get yours?
- The potential savings from relevant life policies: What if you could be saving money by using tax-efficient life cover through an employer?
We hope these articles are useful, and we look forward to bringing you our next update in the summer. Please do get in touch if you think you may be affected by any of the topics in this edition.
If you have any questions about how the Spring Statement affects you and speak to one of our independent financial advisers, please do not hesitate to contact us on 01273 208813 or email us at [email protected]