Did you know that you could be breaking HMRC annual allowance rules, which are rules that came into force in the 2016/2017 tax year. These allowance rules cover how much you’re able to earn but still pay into a pension, but should you exceed this limit and you may face a tax charge on your contributions.
Should you not comply, you could end up facing a rather large HMRC tax bill, even if you’re paying into a company pension scheme, or your company are contributing to a personal pension or a SIPP on your behalf. You can read more on this reading this HMRC document, however the actual process can be complex and calculations should be discussed with a regulated independent financial adviser who is authorised with the Financial Conduct Authority. Fernleigh Wearden & Co have been in business for over 30 years advising clients in Preston and Lancashire. Our two advisers have over 50 years experience working in the financial services industry. If you are unsure of the annual allowance rules and want clarification of your current situation, please don’t hesitate to contact us by clicking here, alternatively you can give us a call on 01772 864314, or email: fernleigh.wearden@gmail.com
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