Michelle is an award-winning chartered financial planner who holds the designation 'Fellow of the PFS' demonstrating her commitment to maintaining the highest standards of knowledge, ethical conduct, and professional practice. Michelle is also an accredited member of the Society of Later Life advisers. Michelle offers a fully personalised service tailored to each clients individual needs and goals, using an approach that was recognised and honoured by the Women in Financial Advice awards in 2021. Clients working with Michelle can expect a high level of professionalism, integrity and a lasting relationship built on trust and open communication
Pension contributions can reduce your tax liability, but restrictions on contributions exist, especially for high-income earners.
The government rewards people for contributing to their pension – and their future finances – by granting tax relief on pension contributions. Some tax you would normally owe HMRC will be redirected to your pension.
You’ll receive 20%, 40% or 45% tax relief depending on your taxpayer status. For example, adding £100 to your pension will only cost a basic rate taxpayer (20%) £80 and the government will top up the remaining £20 (the rules are different in Scotland).
We offer a complimentary introduction meeting to understand your existing plans and your financial objectives so that we can offer you the right advice and service that meets your objectives and your preferences.
The amount contributed to your pension can benefit from tax relief, providing it doesn’t exceed an annual allowance. If you stay within the annual allowance within a tax year, you can receive tax relief on 100% of earnings or £3,600, whichever is greater.
The pension annual allowance is an amount of money you can contribute to your defined contributions pension – and the amount of benefits you can build within the scheme for tax relief. The current annual allowance is set at £60,000* and includes both you and your employer’s contributions across all of your pensions except your State Pension.
There is a reduced annual allowance for high-income earners. We explain this further below.
If you exceed the £60,000* annual allowance, you will be subject to a tax charge called an annual allowance charge. There are strategies to mitigate this charge using unused portions of annual allowance from previous tax years.
The Tapered Annual Allowance (TAA) is a reduced annual allowance for high-income individuals. These individuals’ allowance will be reduced by £1 for every £2 that their adjusted income exceeds £260,000, to a minimum tapered allowance of £10,000.
*Tax year 2024/2025
When we tell you about a fee, you will always receive a clear explanation of: The total fee, the advice service it relates to, how it's been calculated, when you need to pay it and your payment options.
TAXATION ADVICE IS NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
ESTATE PLANNING IS NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
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