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Accessing you Pension – So, what are your options?

If you are 55 or over and have a defined contribution (money purchase) pension plan, you can:

Leave your pension pot investedBuy a guaranteed income for life Take a flexible income from your pension potTake a cash lump sum from your pension potCombine one or more of the options above. You can take cash and/or income at different times to suit your needs.
You may be able to access your pot earlier than age 55 if you're unable to continue working because of ill health. It's important to remember that with some options, once you've chosen them, you can't change your mind later.

Shopping around Allen Tomas & Co can obtain illustrations on the most suitable annuity plan to suit your circumstances, we will always take into account your health in order to potentially enhance the annuity rate. It's always worth checking what's available in the wider market as you may get a better deal than the one offered by your existing pension provider.

Transferring to another pr…
Recent posts

Capital gains tax changes in the 2020/2021 tax year

New rules from HMRC will mean that buy-to-let landlords and second homeowners will have to make capital gains tax payments sooner than they might have expected, says the Association of Taxation Technicians (ATT). If you are planning to sell a property that you have let or a second home, it would normally need to be reported to HMRC using a self-assessment tax return or using the online “real time” tool for reporting. This means that the tax due needs to be paid by January 31 of the following tax year, which gives sellers between 10 and 22 months after the sale of their property before they need to pay.
What’s changing? HMRC has concerns about how long it could take before capital gains tax is paid, so they have decided to change the rules from April 2020. From the 2020/21 tax year, individuals and trustees disposing of a residential property will be required to make a payment on account, much like the rule for self-assessment income tax. This payment will need to be made within 30 day…

Main Exemptions & Reliefs Available on Death

Nil rate band Under current rules, any part of the estate that falls within the available nil rate band (NRB), currently £325,000 until at least 5 April 2021, is taxed at zero. Anything in excess of this amount is taxed at 40%. On death any part of the estate that passes to the surviving spouse* is an exempt transfer and will not use the NRB. Also, since the 9 October 2007 any unused NRB can be transferred to a surviving spouse. For example, if a husband dies and leaves his estate to his widow, she can take his unused NRB and add it to her own. This means that when she dies, her estate will only incur IHT if it’s worth more than £650,000 currently. [* Note: Within the article spouse also means civil partner.]

The unused NRB available to transfer to a spouse is expressed as a percentage rather than a monetary amount and so increases with any future increases to the NRB. Therefore if an individual does not use any of their NRB, their spouse can claim 100%. If the NRB on the death of th…

Welcome Carrie-Anne Marshall

I am pleased to say we have a new employee in Carrie-Anne Marshall who will be based at our new Fakenham Office and joins us as a Financial Administrator.

Carrie joins us from the recently relocated CITB (Construction Industry Training Board) and has worked in hospitality and customer services over the last 13 years, gaining NVQs and Diplomas in these areas.

For further information on Carrie, and our other staff, please visit our website at www.allentomasfinancial.co.uk

Five Year Anniversary Celebrations

Allen Tomas & Co started in 2013, however we incorporated December 2014 so on the 29th November 2019 we celebrated 5 years of incorporation at the Dersingham Village Centre. This venue has recently undergone a fantastic state of the art build and renovation and only recently received a visit from Her Majesty the Queen.

Special thanks to all our speakers which included David Collingham, Chairman of the Dersingham Village Centre, Bob Woods MBE, Founder and Senior Adviser of Mattioli Woods Plc and Colonel Rich Cantrill OBE MC, of the Royal Marines and the Ministry of Defence. Their support and empathy was overwhelming and their speeches were very well received by the audience.

We would also like to thank the fabulous Florentina Catering for the food and Kayleigh from The Artisan Branding Co for the photography.

Pension Legislation and Brexit

One of the key Brexit casualties is the Pensions Bill, the Department for Work and Pensions was hoping to introduce this year. The Pensions Bill was meant to introduce a number of changes, however they can still push ahead with many of their regulatory changes despite Brexit:

November 2019 sees the introduction of new ‘wake-up’ packs. From then providers will send a one-page summary together with a page of retirement risk warnings to clients at age 50, with more detailed packs, alongside the one-pager, following every five years thereafter until the pension pot is fully crystallised.The thorny subject of defined benefit transfers continues to attract attention from regulators and politicians. A joint FCA/TPR template to encourage schemes to provide transfer information on a consistent basis is due imminently. While this is helpful, it won’t be compulsory so it is likely good schemes will adopt it while laggards are much less likely to do so. Any improvement will be incremental, but it …

New Office at Fakenham

We are extremely excited to announce the opening of our new office at 2 Oak Street, Fakenham, from the 31st October 2019.

Ben Allen, Managing Director quotes "Our Head Office will remain in Dersingham, however we felt it was now the time to grow the Business and expand to this part of Norfolk. We would like to assure all our clients that our priorities such as high standards of professional service, maintaining our CII Chartered status and providing the most useful technology such as our online portals remain paramount to any growth. We look forward to welcoming new clients to the firm and working closely with local professional connections in Fakenham."

As this article is being written, the internal office has been painted, carpets have been laid and now we are just awaiting delivery of furniture, completion of the signage and the painting of the outside of the building.

We would love you to attend the opening on the 31st October and as such we will be there to welcome you …