As one of the leading firm we FinSol Tax Advisors offer Accountants in Finchly and offer correct advice in all tax and accounting matters including business tax, personal Tax, individual taxes, self Assessment tax returns.
This information is based on our understanding of the Chancellor’s 16th March 2016 Budget proposals.
It must be remembered that the Chancellor’s proposals could change during the passage of the Finance Bill. Every care has been taken to ensure that this information is correct and in accordance with our understanding of the law and HM Revenue & Customs practice, which may change.
However, independent confirmation should be obtained before acting or refraining from acting in reliance upon the information given.
TAX CHARGES ON PAYMENTS FROM REGISTERED PENSION SCHEMES:
|Lifetime allowance charge||55% – if the amount over the lifetime allowance is paid as a lump sum|
|25% – if the amount over the lifetime allowance is taken as income|
|Annual allowance charge||Up to 45%|
|Unauthorised payments charge||40%|
|Unauthorised payments surcharge||15%|
|Short service refund lump sum charge||20% on first £20,000, 50% on any amount over £20,000|
|Special lump sum death benefits charge||No tax charge where member dies prior to age 75|
|Beneficiary’s marginal rate where death occurs after age 75|
|Scheme sanction charge||15% – 40%|
Our regular contact with you ensures that we understand your business and support you throughout the year. To find out more about our services you can contact us anytime!