Posts by: Ben Nolan

26th April 2024 - Ben Nolan

3 valuable ways business owners could extract profits

As a business owner, deciding how to extract profits from your firm could be a crucial decision. It may affect your tax liability and that of your company. Read on to understand three essential ways you could take money from your business and potential tax implications you might want to weigh up before deciding which is the right route for…

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15th February 2024 - Ben Nolan

How to move into the decumulation phase of retirement planning

Transitioning into retirement can present new challenges, not least, understanding how to sustainably use your assets to create an income. As you move into the decumulation phase, you might worry about balancing your immediate needs with your long-term financial security. This is where a considered approach to financial planning can help. Managing the decumulation of assets…

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19th January 2024 - Ben Nolan

The pension Annual Allowance increased in 2023/24. Have you reviewed your contributions?

The pension Annual Allowance increased significantly in the 2023/24 tax year. If you haven’t already reviewed whether the changes could mean you can tax-efficiently add more to your pension, doing so before the current tax year ends on 5 April 2024 might be beneficial.  The Annual Allowance is up to £60,000 in 2023/24 The…

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14th December 2023 - Ben Nolan

The number of pension savers risking a charge by exceeding the Annual Allowance soars 20%

Some pension savers may have unwittingly exceeded a tax allowance and could now face a higher bill, figures suggest. According to HMRC data, the number of people exceeding the Annual Allowance increased by almost 20% in 2021/22 when compared to just a year earlier. The HMRC figures show more than 53,000 people contributed more to their…

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16th November 2023 - Ben Nolan

5 practical steps you could take this year if you want to retire in 2024

Every year thousands of people retire. It’s a milestone that you might be looking forward to in 2024 with excitement. It’s also a life event that you may feel nervous about. Spending some time preparing for the next chapter could mean you feel more confident about stepping away from work. If you’re hoping to retire next…

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20th October 2023 - Ben Nolan

Here’s why pension reforms mean you might want to reconsider your retirement plan 

Government changes to the taxation of pensions may mean you could save far more tax-efficiently for retirement. If a potential tax bill influenced your current retirement date, it might be worth reviewing your plan. Previously, the Lifetime Allowance (LTA) affected the total pension benefits you could build up before facing a possible tax charge. In 2022/23, the LTA was £1,073,100.

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11th August 2023 - Ben Nolan

5 powerful reasons to learn more about your pension today

For many people, their pension is a crucial part of their retirement plan. With Pension Awareness 2023 starting on 11 September, it’s the perfect time to learn more about your pension savings.  Despite pensions often being essential for reaching retirement goals, a survey suggests many savers lack pension knowledge and don’t plan to seek support. …

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21st July 2023 - Ben Nolan

Retirees, don’t overlook the surprising risk of underspending in retirement

Spending too much money in retirement is a common fear. Yet, some retirees struggle with the opposite challenge – they spend too little. Read on to find out why and what you can do if you’re too frugal in retirement. Underspending once you give up work may be more common than you think. It’s easy to…

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15th June 2023 - Ben Nolan

Want to retire early? Financial planning could make it a reality

Retiring early is an aspiration for many workers looking forward to greater freedom. If early retirement is something you’re dreaming about, a survey suggests financial planning could help you turn it into a reality and enjoy the next chapter of your life more.  A Standard Life study found, on…

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9th May 2023 - Ben Nolan

4 red flags that could be signs of a scam and what you need to know about them

Each year in June, Citizens Advice runs a two-week scam awareness campaign, aptly named “Scam Awareness Fortnight”. The organisation hopes its movement will raise your awareness of common scam tactics, and mean you’re confident that you know what to do if you spot one.   This fantastic campaign…

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