Bambridge in the Times: How to boost your pension?

Take a read of our latest contributions to The Times, where we answer the dreaded question of how you go about increasing your pension income. 


The article features Martin Allen, a veteran Royal Navy Submariner. As a business owner, mortgage and investments, Martins tax case is not the simplest. 

View our answers at: https://www.thetimes.co.uk/article/i-want-to-boost-my-pension-income-now-nd3kxs6ms

Contact us for expert tax advice on how to increase your pension income that is relevant to you.

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5 things to do with your tax refund

If you're due a tax refund, the temptation to flitter the extra cash away on short-term luxuries can be hard to resist. Whilst temporary pleasures are all well and good, the sensible thing to do is use the money for something that will further enhance your financial situation. 

Inheritance tax: what's new for 2018?

Inheritance tax (IHT) has been declared the most disliked tax in a poll by the general public and it's no surprise as to why. Like it or not, it's here to stay but there have been a few recent changes that might benefit you if you're thinking about planning for the future. 
Changes to Sugar Tax April 2018

As of April 2018, a sugar tax was enforced on all sugary drinks in the UK in an attempt to curb the ever-growing concern of the Nation's obesity epidemic. 

How will it work?

There are 2 taxation categories: one that effects drinks containing more than 5g of sugar per 100ml, and a higher tax for sugary drinks with 8g or more per 100ml. The Office for Budgetary Responsibility stated the drinks will be levied at 18p and 24p per litre. The money raised is intended to be spent on increasing funding for sport in primary schools - an estimated £520 million.
Are you saving enough for retirement?

Retirement planning doesn't have to be complicated but can often be neglected because we like to prioritise our current spending. Failing to pay into a pension or disregarding retirement saving might make your bank account a little fuller in the short-term, but when you reach an age where generating an income isn't as easy as it once was, you'll find yourself high and dry if you don't plan ahead. According to a study by Which? the average household needs £18,000 a year to cover household essentials and this doesn't include costs of any bucket-list items you might have been saving for your wonder years - keep reading to find out if you're doing enough to save for your retirement.

UK Music Industry Growth in 2017
Tax Advice for Freelancers: 5 money mistakes freelancers make

Not having an emergency fund

Sometimes life throws you a financial curveball so it's important you set aside money to deal with it should it happen. Not only that, but with the freedom of freelancing comes the possibility that there may be periods where your workload slows down. Putting a small amount of money from your monthly paycheque (we recommend 5%) will help you pay for any unforeseen outgoings without disrupting your actual account balance. Allocating a separate account for this that isn't accessible by cash card can help curb impromptu spending.
Museum and Galleries Tax Relief

The Museum and Galleries tax relief was introduced in November 2017 as an opportunity to claim back money on the production of Exhibitions. 

The premise of the tax relief is to allow museums and galleries which are charities to claim back some of the cost they incurred to put on their exhibitions, which the government hopes will make promoting the work of creative industries more sustainable. 
2018/19 tax year: Tax and Personal Allowance Changes

With a new tax year comes tax changes that affect all of us. This article will go into some of the tax changes you should be aware of and how they may affect you.
How to set up a limited company

It is possible to set up a limited company independently, however it is advised that a specialist formation agent is used in order to avoid unnecessary mistakes and obstacles
About UK Tax Codes

Your tax code is a combination of letters and numbers that is used by your employer and pension providers to work out how much Income Tax should be taken from your pay or pension.