Our lead article looks at the question of tax, pensions, and high-earners – something that has had considerable press coverage this year. Stories of top NHS staff turning down shifts because of tax bills based on their pension contributions have made headline news. But the pension issues experienced by NHS personnel can also impact those outside the health profession. Essentially, they relate to the annual allowance and tapering of that annual allowance for high earners. If the allowance is exceeded, an individual can face a tax liability (often unexpected).
Investing in your pension is one of the most important financial decisions you can make, and it is always important to be aware of how the tax rules may affect your planning. Reviewing your affairs regularly will also help maximise the potential of the reliefs available.
We also report on the continuing need for vigilance to protect bank accounts and personal financial details from criminals.
Elsewhere, we look at significant forthcoming change to the capital gains tax (CGT) rules on residential property disposals. We also report on the new deadline for filing returns and paying any tax due. You may wish to review your affairs before these changes take effect in April 2020.
In other articles, we consider:
- change to the off-payroll rules in April 2020
- deferral of the VAT domestic reverse charge for Construction Services
- important pointers for the Making Tax Digital for VAT regime
- Brexit: some implications for employers
- how to deal with tips in the hospitality sector.
We are sure you will find the newsletter an interesting read. Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven't covered. Your views are always important to us and we welcome your feedback.