Pensions remain one of the last remaining significant tax breaks available to contractors, freelancers and business owners. And with the sweeping changes to the flexibility surrounding how you access your pension, there has never been a better time to invest. There are a variety of pensions for directors of limited company and contractors available.
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pensions
Getting tax right requires careful planning. Whether you are a sole trader, a business owner with staff, or a higher rate taxpayer, you need to be talking to your advisors and keeping your eye on the ball.
With little room to manoeuvre given the country’s ongoing economic problems, the Chancellor managed to provide some good news to company owners in today’s Autumn Statement, with a ten-fold increase in the Annual Investment Allowance, and the scrapping of the unpopular ‘controlling persons’ proposals. On the flip side, pension tax relief has been reduced for higher rate taxpayers, and income tax thresholds will not rise in line with inflation.
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