2023 - Mearns & Company

ISAs regain their investment appeal

Individual Savings Accounts (ISAs) are attracting greater attention from investors. Next April ISAs will reach their 25th anniversary. Over the years their appeal has waxed and waned due to a variety of factors, most significantly the changing tax environment and potential investment returns.

Caught in the higher-rate taxpayers rise?

Are you part of new HMRC statistics showing an increase in higher-rate taxpayers? The latest set of HMRC statistics on income tax gives an insight into how the freezes on the personal allowance and higher rate tax threshold are affecting taxpayers.

The dividend or bonus decision

If you are a company owner director, the choice between dividend and bonus has changed. ‘Tax laws and rates can change’. Those words, or something similar, appear in many financial advertisements, but if you are a company director, you may feel that ‘tax laws and rates always change’ is more appropriate.

NICs and unclaimed child benefit

New legislation should ensure stay-at-home parents don’t miss out on pension entitlements.

Deposit protection under review

The Bank of England is reviewing the deposit guarantee scheme, with a view to boosting protection for the nation’s savers.

Your self-employment checklist – top four planning points

If you are self-employed, you are the head of your own HR department and need to plan accordingly.

Capital gains rules relaxed for separations

Divorce or dissolution can be a painful process, but new rules should ease some of the tax complications couples face when dividing assets, including the family home.

The income choice in retirement

If you are in control of how you take your pension in retirement, have you thought about how you intend to convert your pension pot into income when you retire? The last 18 months of high inflation mean you may need to review how you draw income if you are approaching retirement.

Rising inheritance tax take – time to review your estate planning

New data from HMRC show that in 2022/23 inheritance tax (IHT) payments hit a new high. Are you going to contribute more?

Managing the new pension allowance landscape

Your retirement planning options could need review after the Budget changes to the lifetime allowance and the annual allowance.

A word of advice …

The saying ‘A goal without a plan is just a wish’ could have been written about taking financial advice, as new research shows the benefits stretching beyond simply number-crunching.

Do you have a national insurance gap?

An important pension deadline has been extended to 5th April 2025. In 2013, as part of the launch of the new state pension, the government announced that until 5 April 2023 people could fill in gaps in their national insurance contribution (NIC) record between April 2006 and April 2016.

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