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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