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LEGAL


Planning for retirement made easier by policy


Leading firm of financial advisers, Newby Castleman (Financial Services), is encouraging those planning for retirement to take advantage of new legislation designed to make financial advice more accessible.


As of 6 April, the Pension Advice Allowance (PAA) came into effect. Under the new rules, members of recognised pension schemes will be able to take up to £500 from their savings, without penalty, to pay for financial planning advice. The allowance can be


redeemed against the cost of regulated financial advice, whether it is taken face-to-face or remotely. The move was announced


following an eight week consultation which found that financial advice ‘can have a significant impact on retirement incomes if received early’, and should be incentivised. An allowance of £500 can be


used up to three times in total, but only once per tax year,


John Freeman


‘It is crucial that those preparing for retirement feel confident in their financial situation’


enabling individuals to take fresh advice when their life circumstances change. Research


indicates that 78% of those approaching retirement are not sure of precisely how much money they have in their pension fund.


John Freeman, Financial


Adviser at Newby Castleman (Financial Services), said: “This change in policy is a step in the right direction, giving those saving for their retirement the option of using a portion of that money to make informed decisions about their plans. “It is crucial that those


preparing for retirement feel confident in, and in control of, their financial situation. It is equally important that sound advice is accessible to people of a younger age, to ensure they are thoroughly prepared for their futures.”


Keep up to speed with van taxation


Businesses with company vans must ensure their driving record keeping is up to speed, after the rules were tightened around their private use. Matthew Vice, of Leicester-based


chartered accountants Mark J Rees, said: “HMRC always wanted employers to be able to show there was no significant use of company vans for private use in theory – now the taxman wants that to be demonstrated in practice too. “Employers may want to rethink


their record keeping as HMRC continues to crackdown on companies with vans in their accounts but no corresponding P11D reporting. “For a van not to be a benefit in


kind, the vehicle must not be used for private purposes except to an insignificant extent. Companies should stress in


writing to employees that vans are for business purposes only and not private use. That takes care of ‘in theory’. “The ‘in practice’ element will be


satisfied by driving records from a GPS logging system or manually entered logs detailing the dates, start and finish locations, mileage and reasons for all trips.”


business network May 2017


53


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