9th November 2010

Scottish Widows - Tax year support material

To support you in planning for the end of tax and trading year deadlines we have produced some material you may find useful for your business and your clients.

• Company year-end pension contributions - why postponing a pension contribution by just a few days could delay the reduction in the company's tax bill by up to 12 months.
• Company year-end directors' remuneration planning - using directors' remuneration planning to save on national insurance contributions and maximise net income, avoid the current anti-forestalling provisions, and meet individual directors' specific financial needs.
• Corporation tax and pension contributions - using a pension contribution to create or increase a trading loss which can be set against profits in the current year, carried back one year, or carried forward indefinitely.
• How to keep your personal allowance - for clients whose income is more than £100,000, making a pension contribution can help to maintain their personal allowance and obtain effective tax relief of up to 65%.
• Twelve tax year and trading year-end pension opportunities - a summary of a number of ideas including using a pension contribution to reduce the tax payable when encashing an onshore investment bond and how making a pension contribution in the same year as receiving a UK dividend can save up to 52.5% tax.
• Last chance to contribute £50, 000? The importance of input periods and how having an input period that ends in the 2010/11 tax year can give an opportunity to contribute up to £255,000 for 2010/11 and possibly a further £50,000 for 2011/12 a few days later.
• How Retirement Account can help with year-end opportunities - as clients approach the end of their trading year they have several opportunities to make a pension contribution. See how Retirement Account can help.

For more information contact your Scottish Widows Account Manager

Pensions