We often talk about developments within our business and our involvement in community projects and we are looking forward to supporting many of those again this year, so watch this space to hear about those in future posts.

This post focusses on our core activities which is helping clients make better financial decisions. February and March are typically busy months of the year for Lyndhurst as we look to help clients identify planning opportunities in the lead up to the tax year end on the 5^th of April 2024.

We have A Guide To Year-End Tax Planning on our website that helps to identify some of the key financial planning and tax planning areas to consider in the lead up to the tax year end.

For people who are fortunate enough to have accumulated large pension pots and are over 55 there are some key considerations regarding the recent changes to the lifetime allowance. The industry as a whole including our advisers and technical team are busy understanding the impact of the changes and we have a number of training sessions organised to ensure we can fully communicate the options available to those affected. If you feel you might be affected, then please get in touch.

In other areas, our team have been investigating the use of pensions to help those who have young children and earnings in excess of the limits for free childcare. The rules around free childcare are set to change and for people with children under the age of 4 there are some key dates and earning thresholds to be aware of. We have looked at some case studies of people earning over £100,000 who would normally lose out on additional childcare allowances making pension contributions before the Tax-Year End, to regain access to the additional free childcare. If you fall into this category and wish for our team to crunch some numbers and explore your options please get in touch.

It is also important to consider if you are a higher rate taxpayer and have made personal pension contributions in the tax year, possibly through a work scheme, depending on how the contributions have been made, you may be able to claim a portion of the tax back with a simple letter to HMRC if you don’t currently submit a tax return.

The above is just a flavour of some of the challenges faced and some planning opportunities to understand. Please recognise this doesn’t constitute advice as individual circumstances are different in every case we look at, so seeking the right advice for you is what is important. Our friendly advisers are happy to help or point you in the right direction.

Lyndhurst Financial Management is authorised and regulated by the Financial Conduct Authority.

The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation which are subject to change. You should seek advice to understand your options at retirement. The Financial Conduct Authority does not regulate tax planning.

Adam Cook

Director

https://lyndhurstfm.co.uk/

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