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Pension Changes Ahead

Newsletter issue - November 2010.

The Government wants to restrict the amount of tax relief claimed for making pension contributions. This will now be achieved by restricting the annual allowance for everyone to a nominal £50,000 per tax year from 6 April 2011, subject to adjustments described below.

You will get full tax relief on all your pension contributions made up to the annual allowance cap. If you have made pension contributions of less than £50,000 in any of the last three tax years, you will be able to carry forward the difference between £50,000 and your actual contribution level into 2011/12 to add to your annual allowance for that year. This carry forward of unused annual allowance will apply on a rolling three-year basis for future tax years.

The only condition for the carry forward to apply is that you were a member of a registered pension scheme for the earlier tax year concerned. If you were a member and made no pension contributions in that tax year, you can carry forward the full £50,000 of unused annual allowance. Both your own and your employer's contributions to your pension fund are deducted from the available annual allowance.

 

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Dakins Property Services

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Choice Events Limited

All at Beauchamp Charles are very helpful, approachable and easy to talk to. They keep me informed with key dates; I can feel totally confident that I won't ever miss any deadlines! Whoever I deal with, always deal with matters professionally and efficiently and if they are unavailable they get back to me promptly.

FT leisure Ltd

I have worked with Beauchamp Charles as our management accountants for over 20 years and have never received anything less than exceptional service. Their approach is both professional and personal. Finances and particularly tax strategies are a minefield for small businesses; Beauchamp Charles have in-depth knowledge of these area, which is comforting. They pay very close attention to our business activities and have provided financial strategies that have helped our company develop.

Fredrick Thomas Electrical and Maintenance

We have used Beauchamp Charles since company formation back in 1998. Beauchamp Charles offers us a one to one service as they are small enough to offer this dedicated service and large enough to do the work and offer best advice. They get to know us as individuals and a business, always giving sound advice. Frederick Thomas Electrical are in a stronger place thanks to the service we get from them.

Barnes Walker Landscapes Limited

We are a small business and had employed the same accountancy firm for many years. Two years ago we took the decision to switch to Beauchamp Charles after several othe local businesses recommended them very highly to us. We have not been disappointed with the service they have provided to us over these last two years.