Newsletter November 2019
HMRC reveals surge in the number of pension allowance breaches
Substantially more pensioners were taxed for exceeding the pensions annual allowance in 2017/18 than the previous year.
New statistics from HMRC reveal that 26,550 people had pension contributions that exceeded the £40,000 annual allowance last year – up from 18,500 in 2016/17.
Speak to us at Herts & Essex Financial Services about the pensions allowance. http://www.handefs.co.uk/our-services/pensions
Parents save billions in childcare costs through grandparents’ help
Grandparents in the UK are estimated to collectively save families billions of pounds a year in childcare costs, according to a report.
Research from SunLife claimed four in five grandparents spend an average of eight hours a week providing some form of childcare to their grandchildren.
We provide financial planning advice.http://www.handefs.co.uk/our-services/pensions
Number of estates having death duties deducted hits record high
A record amount of estates paid inheritance tax in 2016/17, according to government figures.
More than 28,100 estates were liable for death duties in 2016/17 – a new high for the number of estates charged.
Get in touch with Herts & Essex Financial Services Ltd for estate planning advice. http://www.handefs.co.uk/our-services/estate-planning
Minority of retirement savers face £80,000 pension pot shortfall
Most retirement savers, especially those who receive expert financial advice over a long period of time, are sitting on a healthy pension pot.
But some savers could end up facing an £80,000 shortfall in retirement due to underestimating how long they will live.
Talk to us about retirement planning.
source: PracticeWeb November 2019