how-brexit-affects-your-financesBrexit has been very much the topic of conversation for the past three months and whether you voted for the UK to Leave or Remain in the EU, is now water under the bridge. We are all now part of a waiting game to see how things unravel in the coming weeks, months and maybe even years.

budget-2016Today's Budget announcement did not bring too many surprises, or big changes, relevant to contractors and freelancers. Much of the speculation around pensions did not come to light this time around, and the bill is still underway regarding Elective Resolutions, and winding up limited companies tax-effectively.

possible-changes-to-pension-tax-relief

Pension tax relief is one of the most valuable tax breaks available and every individual who is a UK resident, under age 75, can benefit. The government encourages this saving as a means to support retirement planning in a country with a growing older population, and subsequently pays part of your contributions in the form of tax relief.

contractors-freelancers-face-pension-choices Pensions are a particular area of tax planning that is ever-changing. In 2015, a couple of key announcements were made that will affect pension planning for contractors and freelancers in 2016, including a decrease in the Lifetime Allowance, and, a tapering of the annual pension allowance for high earners.