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“UK Tax system is unfair,” say small businesses

The British Chamber of Commerce (BCC) conducted a tax survey throughout January and February of 2019 that produced some interesting findings. The survey covered more than 1,000 businesses across the UK, 96 per cent of which were SMEs with fewer than 250 employees; 68 per cent of the businesses were in the service sector and

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Defined Contribution vs Defined Benefit

As defined contribution pension plans overtake defined benefit (in terms of money paid into schemes) for the first time ever, more and more people are taking an interest in how the two differ and the relationship between them. The Office of National Statistics (ONS) has reported that in 2018, employee contributions for defined contribution pension

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Auto-Enrolment changes put pressure on SMBs

April 2019 saw the increase of minimum contributions to auto-enrolment pensions from 5 per cent of wages to 8 per cent. With employers now required to contribute 3 per cent, rather than their previous 1 per cent, the Federation for Small Businesses (FSB) has warned that this could put “substantial” pressure on small businesses. The

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House of Lords urges Government to scrap triple lock

The triple lock guarantee currently secures the rise of state pension payments at the beginning of each tax year. However, after an investigation by the Select Committee on Intergenerational Fairness and Provision, a case has been made for the removal of the guarantee. In its report, Tackling Intergenerational Unfairness, the committee outlined that the maintenance

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6 bad habits to avoid during retirement

retirement
Planning for retirement can be complicated, as anyone approaching the end of their working life will tell you. However, navigating the myriad of choices, both financially and socially, doesn’t have to be such an enigma. Here are a few tips to help you avoid common bad habits that retirees often fall into: 1. Spending your

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April markets in brief

market
April was, on the whole, a positive month for global stock markets. All major stock markets gained over the month, with the notable exception of China. The thawing of Chinese-American trade relations and the expectation of a recovery of growth in China has meant that global markets saw a largely buoyant month overall. UK Despite

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The UK is struggling to save; what are the implications?

A study found in 2018 that one in four adults have no savings. Many residents in the UK wish that they had cash to save, however high monthly outgoings and debt clearance seem to take priority. Saving for the little curveballs that life throws your way is a good way to maintain a sound mind, but poor

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Equity release is popular but is this a good move?

Equity release is no longer the niche lending area it once was. More and more homeowners over 55 are choosing to release cash tied up in their homes and there are few signs of this trend subsiding. Lending in 2018 increased by 27% compared to the previous year and is now nearly double what it

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DB pension protection following the British Steel debacle?

The treasury has made a promise that since the mismanagement of private pension transfers from the British Steel Pension Scheme (BSPS), the FCA will make an effort to “stamp out bad practice.” So what exactly happened, and what comes next? Members of the (Defined Benefit) BSPS were given the choice to transfer to a new

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Alleviating your inheritance tax bill

Inheritance tax (IHT) can be an incredibly punitive tax on your estate. However, by making the right choices, you can vastly reduce the amount of your estate liable for IHT. While other tax free allowances, such as the ISA allowance, have risen in recent years, the IHT threshold has remained stagnant. Since April 2009, the

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