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Running a business
Apart from the figures that need preparing and interpreting there are all the other responsibilities to be discharged; legal duties... more >

Inheritance tax
There is a concern in many families as family-homes are increasing in value... more >

Personal taxes including Capital Gains Tax
Direct taxation on individuals includes capital gains tax and national insurance and the latter can increase... more >

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Business is taxed either as individuals (sole traders and partnerships) or as companies by Corporation Tax... more >

Useful resources
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Pension limits

    

2008-09

2007-08
Maximum fund value    

 £1,650,000
£1,600,000
Annual maximum contribution

 £235,000
£225,000
Maximum lump sum free-of-tax

 25%
25%
Benefits may be drawn from age?  

 50
50
No tax relief after age    

 74
74
         
Contributions are tax deductible and exempt from employer's NICs

Previously there was a completely different set of rules:

 

 

 

 

 

2005-06

        
         

Personal pension premium limits

 

Retirement Annuity premium limits

         
Age
%
  
Age
%
         
Up to 35
17.5
  
up to 50
17.5
36 to 45
20
  
51 to 55
20
46 to 50
25
  
56 to 60
22.5
51 to 55
30
  
61 and over
27.5
56 to 60
35
  


61 and over
40
  


     


Earnings cap
£105,600
  


         
Personal Pension and Stakeholder contribution limit (unless earning give higher figure)
£3,600
         
         
         

Additional Voluntary Contributions' limit

15% of current -year remuneration
         

Small self-administered schemes

   
         
Members:   <12    
Loans to company 25% of assets for first two years, then 50%. Commercial interest
Purchase of property Market value price. Commercial rent
Shares   <30% of capital and <25% of fund for first 2 years, then 50%
Borrowing   <3x annual contributions and <45% of assets
Tax on withdrawal of approval 40%