We are getting in touch to let you know about a legislation change that will impact our clients as well as the wider community The government is increasing the minimum pension age from 55 to 57. This change will be taking place on the 6th April 2028. What is minimum pension age (MPA)? The minimum pension age (MPA) refers to the earliest age at which an individual can access their pension funds without incurring substantial tax penalties. Traditionally set at 55, the MPA acts as a threshold for individuals to commence drawing benefits from their pension schemes, providing them...

The current standard fine of £100 will be changed to a points based system. HMRC has confirmed that the penalty system will be reformed in a bid to curb abuse of the self assessment system and support taxpayers who make occasional mistakes. The planned penalty reforms for paying tax late will be based on the length of time the tax is outstanding but will only affect the 5% of non-compliant taxpayers. An HMRC spokesperson said: ‘We are reforming penalties so taxpayers who occasionally miss the filing deadline will not face financial penalties. Instead we will focus on those who persistently...

Why it is important, what is it, how can you get one? And more.. You may wonder what is a Power of Attorney? That would be a good starting point. A Power of Attorney is a written authorization to act on the behalf of another’s matters. This could be legal matters, financial matters or private affairs to name a few examples. Arranging a power of attorney in the UK involves the following steps: Choose an attorney:Decide on the person or people you want to appoint as your attorney. They should be someone you trust and who understands your wishes and values. Decide on the type...

The proposed change to abolish the lifetime allowance affects everyone that is not retired. The focus in the press is that this will benefit higher paid and wealthy individuals. However, whist it does help considerably, it also impacts younger people entering the pension saving area for the first time. Even with the basic auto enrolment contribution, they would be affected. Where say 21 years starts contributing even on 8% the fact of incremental earnings and the power of compound interest they would crash into the Life time Allowance. Currently the wise individuals saving for latter...