Update on the GP Pay Declaration for those Earning >£156k and our alternative calculation explained. We comment on the latest news on this issue and explain how we can help our clients with an alternative calculation that excludes the flaws and discriminatory terms in the NHS guidance. To see an example of the report click …
GP Pay Transparency Guidance – March 2023
GP Pay Declaration for those Earning >£156k – Wrong Timing, Wrong Policy and Wrong Guidance. We comment on the Policy, provide a critical analysis on the GP’s guidance to declare their earnings, and offer some suggestions to manage the obligation.
Changes in Annual Allowance and Lifetime Allowance
Following the budget March 15, 2023, The Chancellor has made the following changes to the pension charge: · Increase the annual allowance exemption from £40,000 to £60,000; · Increase the minimum annual allowance exemption limit from £4,000 to £10,000; · Increase the income level for the tapered annual allowance to apply from £240,000 to £260,000; · Ensure that nobody will face a lifetime allowance charge from April …
Tax and Finance Update – July 2022
In this update, Laurence Slavin, discusses the July 2022 Review Body award, and why a 4.5% pay award without extra funding is NOT recommended! Also, Treasury response to request for help with 22/23 Annual Allowance charges, new residence online checker, and more! My name is Lauren Slavin. I’m a partner at Ramsey Brown LLP Chartered …
June 2022 Tax and Finance Update
In this broadcast, Laurence Slavin reviews the annual allowance problem, PCN Incorporations, Basis Period Reform and our Pension Info Report. My name is Lawrence Slavin. I’m a partner of Ramsay Brown Chartered Accountants and this is one of a series of broadcasts that we make to keep our clients and other people interested in what …
Lifetime and Annual Allowance for Pensions
This broadcast explains how the Lifetime and Annual Allowance Charges are paid and how they impact on your final pension and lump sum. For access to the earlier Total Rewards Broadcast click here. For access to details of the Compensation Scheme for Annual Allowance charges in 2019/20 click here.
An Overview of Pension and Annual Allowance
Pension has become one of the favourite topics in the world of taxation, and below is an overview of important points which GPs should be aware of. Every taxpayer has an annual allowance of £40,000. If the pension growth exceeds the maximum limit of £40,000, then tax is payable on the excess pension growth. However, …
