How Can I Reduce My Tax Bill?

Q. As a high earning dentist, I pay large amounts of income tax. I get it that this goes with the territory, but I want to explore schemes which can help reduce my tax bill. What advice would you give? A. You are of course not alone in wanting to minimise the amount of tax you pay. […]

Pensions Tapered Annual Allowance – How Does It Work?

Q. For the last 3 years I have exceeded the pensions annual allowance of £50,000 / £40,000 due to being a member of the NHS Pension scheme, resulting in additional tax to pay. I’m concerned about the new Tapered Annual Allowance which will be effective from the 2016/17 tax year. Can you explain how it works?  A. […]

Should I Use My Pension to Repay My Mortgage? – Hot Topics Q & A

Q. I have had an interest only mortgage now for many years and the lower cost rather than a repayment loan meant it helped send my son to a private school. Of course now age 56, I am looking at how I pay this off if I don’t downsize. I have a few investments and these are mostly in personal […]

What Will My Spouse Receive From My NHS Pension If I Die?

Q. I’m a Principal dentist aged 54 and have recently reduced my NHS Pensionable income from £100,000 pa to £30,000. A colleague has told me that the lump sum paid on death is 2 x pensionable income, so I’m a little concerned that my wife would only receive £60,000, instead of £200,000. Can you provide me with any guidance? […]

Should I Downsize To Help Fund My Retirement? – Hot Topics Q & A

Q. I plan to retire in the next few years and have often wondered how many people take the view that as the value of property has massively increased, they can simply downsize when needed to generate more than enough money to fund their needs? I have had an adviser off and on for many years and he’s always suggesting I […]

Financial Services Compensation Scheme Changes, What Are They? – Hot Topics Q & A

Q. I’ve heard that The Financial Services Compensation Scheme (FSCS) has just announced two important changes to the protection it gives you on cash savings that you hold in any bank or building society accounts covered by the scheme. What are the details please? A. Yes, you’re spot on! From 1 January 2016, the FSCS will compensate you for […]

Maximise Your State Pension – Hot Topics Q & A

Q. On my State Pension statement it states that I have 28 years NI contributions at age 55. I will be working to age 60 as a Consultant, and then retire. So I will have 33 years, when I understand that you will need 35 years credit to achieve the maximum pension, which is also going to change? […]

Budget 2015 – Good News For Savers? – Hot Topics Q & A

Q. The Budget sounded good for savers, can you summarise the main points please? A. Yes, there were many positives, including: Savers will be able to withdraw money from their cash ISA and replace it in the same tax year without it counting towards their annual ISA subscription limit for that year. The change will be introduced from autumn […]

Dentists’ Provident Society Income Protection – Is It Worth It? – Hot Topics Q & A

Q. I am a dentist in my early 50s, still working very hard with commitments until age 60. I have just received my Dentists’ Provident Society (DPS) income protection renewal notice showing a much increased premium, and this has prompted me to question whether I should keep this policy on, especially as I have never claimed. What is your […]