AWM Quiz Night

In this strange time, community is very important. To help us stay in touch with our colleagues and share some much needed ‘face time’ with the people we usually spend 9 hours a day with we decided to host our very first AWM Quiz night. We can assure you that it won’t be the last. 

If you want to host your very own quiz night hit the link below to download your set of questions. 

Ascot Wealth Management Limited is authorised and regulated by the Financial Conduct Authority reference 551744. Our registered office: Scotch Corner, London Road, Sunningdale, Ascot, Berkshire, SL5 0ER. Registered in England No. 7428363. Unless otherwise stated, the information in this document was valid on 3rd February 2017. Not all the services and investments described are regulated by the Financial Conduct Authority (FCA). Tax, trust and company administration services are not authorised and regulated by the Financial Conduct Authority. The services described may not be suitable for all and you should seek appropriate advice. This document is not intended as an offer or solicitation for the purpose or sale of any financial instrument by Ascot Wealth Management Limited. The information and opinions expressed herein are considered valid at publication, but are subject to change without notice and their accuracy and completeness cannot be guaranteed. No part of this document may be reproduced in any manner without prior permission. © 2017 Ascot Wealth Management Ltd. Please note: This website uses cookies. To continue to use this website, you are giving consent to cookies being used. 

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Tapered pension annual allowance: what changed after the 2020 Budget?

Tapered pension annual allowance: what changed after the 2020 Budget?

Firstly: What is tapered annual allowance?

Let’s begin by understanding the annual allowance. This is the maximum you can save in your pension schemes each year. For the 2020/21 tax year the annual allowance is £40,000, but if you have a high income your annual allowance may be lower than £40,000. This is called a tapered annual allowance. 

Tapered annual allowance rules are applied when your level of income within the tax year exceeds the Threshold income limit and the Adjusted income limit

What is ‘threshold income’?

Threshold income is all of your earnings (not just your salary) and includes gains on investments. Foreign earnings do not count towards threshold income as they are not taxed in the UK.

What is ‘adjusted income’?

Adjusted income is all of your earnings which are subject to UK Income Tax, including all pension contributions paid by you and by your employer. The difference between ‘threshold income’ and ‘adjusted income’ is that the former excludes pension contributions but the latter includes all pension contributions.

So, what are the recent changes?

The Government has announced a significant increase to the threshold income and adjusted income limits that are used to work out the tapered annual allowance.

From 6 April 2020, you will have a reduced (‘tapered’) annual allowance if:

  • your threshold income is over £200,000 (this was previously £110,000)   and
  • your adjusted income is over £240,000 (this was previously £150,000)

How does the tapered annual allowance affect my pension savings?

If you are subject to the tapered annual allowance, for every £2 your adjusted income goes over £240,000, your annual allowance for that year reduces by £1. From 6 April 2020 this reduces all the way to a £4,000 annual allowance (which has recently been lowered from £10,000).

What’s the Next Step?

If you have concerns about your pension annual allowances or would like to speak to someone about your pensions or other investments, we’re here to help you. You can either phone us directly or click below to book a meeting with one of our professional advisers.

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Government doubles Junior ISA limit to £9k

Government doubles Junior ISA limit to £9k

These current circumstances will have many families focused upon the immediate future, the next few months, how to adjust to homeschooling and spending significantly more time together. However, life must go on and although our futures may be different, saving for our children’s futures are still a high priority. Junior ISAs provide an excellent way to invest in their future, and the doubling of the tax-free annual allowance allows those who can to contribute more than ever before.

What is a Junior ISA?

It is a tax-free savings account which is only available for children below the age of 18.

There are two types:

  • Cash Junior ISA: deposit based account available in banks and building societies.
  • Stocks and shares Junior ISA: invest your child’s savings in a stock market investment.

Each eligible child can only have one cash and one stocks and shares Junior ISA.

What are the recent changes?

Before the recent changes, £4,368 could be paid into a Junior ISA in the 2019 to 2020 tax year. However, following the 2020 Budget, the allowance has more than doubled.

In the 2020 to 2021 tax year, up to £9,000 can be paid into a Junior ISA.

How much can you save?

Up to the maximum Junior ISA allowance, which is £9,000 in the 2020/21 tax year.

The allowance resets every tax year and you can add a new allowance to your Junior ISA each tax year until your child turns 18.

If you open a cash Junior ISA and a stocks and shares Junior ISA you have to make sure you do not collectively exceed the Junior ISA allowance each tax year, as the allowance is shared over both types.

Who Can Open a Junior ISA?

This depends on the age of your child:

  • If they are under 16 years old: a parent or guardian needs to open the Junior ISA on their behalf.
  • If they are 16 or 17 years old: they can open a cash Junior ISA themselves, but not a stocks and shares Junior ISA.

If you open a cash Junior ISA on behalf of your child it will automatically switch into their name when they turn 16, but they will not be able to access the money until they turn 18.

What’s the next step?

If you wish to top up or open up a Junior ISA or would like to speak to someone about your other investments, we’re here to help you. You can either phone us directly or click below to book a meeting with one of our professional advisers.

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Kickstart your 20/21Tax Savings​

Kickstart your 20/21Tax Savings​

Given the current state of affairs, most of us have a lot more time on our hands. There are so many little chores which we have in the back of our minds but we seem to never have the time to get these done. Being it tidying up your home office, fixing up those unattended spreadsheets or attending to your tax allowances to maximise your tax savings. Now is the time GET THINGS DONE. This is a reminder to maximise your allowances as early as possible in the new upcoming tax year starting 6th April 2020.

ISA Allowance

The maximum you can contribute to an ISA for next tax year is £20,000. This is a very tax-efficient investment vehicle set up a goal for Monthly Contributions to reach the maximum you can afford.

Pension Contributions

Another way to reduce tax and at the same time boost your retirement pot is to make sure you use up your entire annual pension allowance, which is £40,000 for 20/21. Additional rate taxpayers enjoy tax relief of 45%. If your total pension savings exceed the lifetime allowance of £1.073 million in 2019/20, you may be liable to tax when you draw benefits. Once you earn more than £200,000, your annual allowance starts to fall, known as the ‘tapered annual allowance’. The tapered allowance applies if your ‘adjusted income’ is more than £200,000


Everyone is able to gift £3,000 to someone and it will be immediately outside of your estate for inheritance tax. You can top this up to £6,000 if you didn’t use the allowance in the previous tax year too.

Kickstart your 20/21Tax Savings

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Government Support For Individuals and Businesses

Government Support For Individuals and Businesses

Government-backed loans to businesses

Information about the Business Interruption Loan Scheme

Business Rates reliefs

Business Rates Relief has been updated removing exclusions for this relief so that retail, leisure, and hospitality properties that have been forced to close  will now be eligible for the relief

Direct business grants

Guidance for businesses including information on Small Business Grant Scheme and the Retail and Hospitality Grant Scheme

Supporting the self-employed

Measures to support self-employed people are now available. Further information on the Self-employment Income Support Scheme has been published along with a frequently asked questions page.

VAT Deferral

Further guidance on the deferral of VAT payments due to coronavirus has been published.

Tax - Improved Time To Pay arrangements

An  HMRC helpline has been launched to help businesses concerned about paying their tax due to coronavirus (COVID-19). The helpline allows any business or self-employed individual who is concerned about paying their tax due to coronavirus to get practical help and advice. The new number is 0800 024 1222

International Business Operations

Updates to the Guidance for UK businesses trading internationally, including a business support helpline

General Guidance for employees/employers and Businesses

Guidance for employees, employers and businesses including information on healthcare advice for employers and support for businesses

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AWM Educational Videos Are Getting Attention

AWM Educational Videos Are Getting Attention

It is with great pleasure that we are now able to announce that Ascot Wealth Management has been nominated in the Money Marketing Awards 2020, sponsored by City Asset Management, for the Best Financial Education Initiative (Advice Firm). The award focuses on AWM’s short educational videos that are posted on a variety of different social media platforms. These are posted in the hope of educating, not just our clients, but the wider population age range. These short videos focus on economic updates, tax planning strategies and any other relevant updates. 
We have received very positive feedback from individuals who have viewed our educational videos and we implore you to follow our social media pages.