Tax year end: last minute pension planning tips

  • Investors are urged not to forget the ‘forgotten’ allowances
  • Falling annual allowance emphasises the importance of making hay while the sun shines
  • 50% tax relief is only available until 5th April
  • Bed and Sipp
Use your earnings related pension contribution allowance. For the past three years, we have seen a steady erosion in pension contribution allowances, with both the annual and lifetime allowances being cut. Both the Liberal Democrats and Labour have threatened to go further and limit the rates of tax relief available on pension contributions. If you have spare capital which you are looking to invest for your retirement, then it makes sense to get on and do it before 6 April.
Tom McPhail, Head of Pensions Research “Pensions are sometimes the forgotten allowance at this time of year when attention tends to be focused on ISAs, but with retirement saving tax breaks coming under increasing pressure from the Chancellor, wise investors will make hay while the sun shines. If you don’t use the allowances now, you may not get the chance next year.”
Non-earner’s pensions
It makes sense to share household retirement savings to take full advantage of the tax free personal allowance in retirement. Non-earners can contribute up to £3,600 a year to a pension and enjoy tax relief on their contributions. With personal allowances set to rise to £9,440 in 2013/14, a couple in retirement could enjoy a household income of nearly £19,000 a year without having to pay any tax – but only if they have shared their pension saving equally between them.
It is also possible to make pension contributions for your children – an effective way to give them a head start on their own retirement saving, as well as reducing a potential inheritance tax bill.
Bed and Sipp
Use existing investments to make a pension contribution. Even if you don’t have cash available to invest in a pension, you can potentially use other investments.
For example: Peter has some shares which he bought 10 years ago for £10,000. Today they are worth £15,000. He sells the shares, realising a gain of £5,000, which falls within his Capital Gains Tax allowance of £10,600. He invests the proceeds in his pension and immediately repurchases the share portfolio within his Sipp. As well as having now sheltered his investment within a pension for tax purposes, he also benefits from immediate tax relief of £3,750 which is added to his pension. If he is a higher rate taxpayer Peter can claim a further £3,750 after the end of the tax year.
Take advantage of the 50% tax rate.
For the (un)lucky few who pay 50% income tax, it makes sense to invest in a pension before the end of the tax year. Any contributions made from 6 April onwards will only be eligible for relief at 45%. If using carry forward as well, this could mean up to an additional £10,000 in tax relief.
Carry forward unused relief to boost contributions. If you have the capital to spare, then provided you also have the earnings to justify the contribution, it is possible to carry forward unused pension tax relief from up to 3 years ago. This means it is possible to make a pension contribution of up to £200,000, which for a 50% tax payer could then result in up to £100,000 of tax relief.
Plan ahead for flexible drawdown.
You’re not allowed to make any pension contributions in the same tax year in which you start flexible drawdown. So anyone planning on using flexible drawdown may want to top up their pension with any final contributions before 6th April – any contributions after that date could mean having to wait up to another 12 months before getting full access to their pension funds.

Professor Green Performs at Barclaycard Contactless Gig with Fiancee Millie Mackintosh

 Professor Green makes 2013 live debut at
Barclaycard Contactless Gig
One of Frost’s favourite couples were at the Barclaycard gig. Professor Green to perform, and Millie to support. The couple got engaged yesterday so congratulations are in order. Check out the cute outfit Millie is wearing.
 Millie Mackintosh
Hundreds of Professor Green fans flocked last night to see the London-born rapper make his 2013 live debut with a storming set list which included favourites such as Remedy and Read All About it.

Last night hundreds of Professor Green fans flocked to see the London born rapper make his 2013 live debut to celebrate Barclaycard Contactless being available on TFL buses across London.

Professor Green said: “Being a London lad born and bred, I have been using public transport all my life so I was happy to headline the Barclaycard Contactless Gig which celebrates this new form of payment on London buses.
 

 

No knocking please, we’re British!

 

Social Media Mistake

Is it time to be more friendly?

Millions of Brits don’t know their neighbours – and are too busy or too nervous to introduce themselves, a study has revealed.

Research carried out among 3,000 adults by The Big Lunch – a Lottery funded initiative encouraging neighbours to share a few hours of food, friendship and fun on Sunday 2 June 2013 – found that more than half of those surveyed don’t know their neighbours, with one in four having no idea what their names are.

The key reasons holding people back from knocking next door include a lack of time, shyness, or worries about getting on with their neighbours.

However, the study also found that three quarters of people would like there to be more community spirit in their area, with 52 per cent of those saying it would make their neighbourhood feel safer while 53 per cent simply want to make new friends.

Sir Tim Smit, Co-Founder of The Big Lunch, said:  “There was a time when everyone was very friendly with the people living next door.

“But as time has gone on, this seems to be becoming rarer, and it’s a shame to see that there are many people who haven’t got the time or are too nervous to get to know their neighbours. We’re keen to change this and were delighted when 8.5 million people took part in successful Big Lunches in their communities last June.

“If you get to know your neighbours, not only does it create a happier, safer environment to live in, but you will probably find they are happy to help you out with your pets or water your plants when you go on holiday. You never know, you might even end up with a new best friend, simply from knocking on your neighbour’s door to say hello.”

The study found one in five has never knocked on their neighbours’ doors, and when they have knocked, the main reason has been to collect a parcel.

It emerged that 36 per cent of Brits don’t think they would have anything in common with their neighbours. Almost a quarter said they are too busy while 18 per cent said they never see their neighbours to even say hello. More than one in ten even admitted they are too shy or scared to start up a conversation.

However, over half of us who have knocked on a neighbour’s door have had something surprising happen to us as a result, such as making a new friend, being helped when in trouble or even starting a new hobby.

Behavioural Expert Judi James, said: “It’s staggering that over half of us don’t know our neighbours, especially when we live in an era of crowded isolation, where we are often communicating with people via e-mail and text, at the same time as suffering feelings of loneliness.

“This research shows that the benefits of making bonds with our neighbours are practical, in terms of heightened security, and emotional.  When we know our neighbours we can feel safer and happier. Our boundaries expand and our sense of loneliness and isolation shrinks.

“There’s no need to feel you’re taking a huge plunge when you start to get to know your neighbours. It’s the ice-breaker effect that is needed to convert strangers into possible friends or acquaintances. We need a good reason for knocking on the door and The Big Lunch is just that, the perfect ice-breaker that gets everyone involved in a positive experience.”

Sir Tim continues: ‘’With 8.5 million people taking part in The Big Lunch last year, there is clearly an appetite for getting together and having fun. Taking place on 2nd June this year, the idea is simple; if people start talking to each other, we see stronger, friendlier communities emerging in which people start to share things, from conversation and ideas to skills and resources.

“Feedback from previous years has shown that almost everyone who takes part feels closer to their neighbours as a result with two thirds going on to hold other events in their community afterwards proving it is not just about one day it’s about what happens before and after the event. We’ve been through some difficult times recently and if we start those conversations now and build stronger communities, we will be better equipped to face the future together.

“So what are you waiting for? Put your reservations behind you and take that first step towards creating a friendlier community, by knocking on your neighbour’s door.” 

Researchers also found that just 35 per cent of people introduce themselves to a neighbour as soon as they move in somewhere new.

Forty six per cent admitted they want to get to know their neighbours better so they can ask them to keep an eye on their home, garden or pets when they go away.

Twenty per cent need to live somewhere for a while before they feel ready to meet the rest of the neighbourhood – taking an average of seven months before saying hello for the first time.

And almost two thirds of Brits think they are more likely to get to know their neighbours if they are around the same age.

Another 72 per cent also think you are most likely to have some kind of relationship with your neighbours if you both have children around the same ages.

Over a third of people associate chatting across the garden fence with older generations despite the under 30s being cited as the most likely to talk to their neighbours.

Another 31 per cent think it would mean a safer environment for their children to play in with another 59 per cent saying it would make people happier.

Bringing generations together and giving the area a better reputation were other reasons for wanting more community spirit.

Forty three per cent said the Olympics and Jubilee led to them talking more than usual to their neighbours, with 22 per cent attending some kind of community event during 2012, including The Big Jubilee Lunch with 8.5 million people taking part last year.

Taking place on 2nd June 2013, The Big Lunch is an idea from the Eden Project funded by The Big Lottery Fund, encouraging neighbours across the UK to come together on one day to share a few hours of food, friendship and fun.

For further information or to request your free pack containing invitations, recipes, posters and other materials to help organise your Big Lunch, visit: www.thebiglunch.com.

Identity Thief is worth a watch | Film

identitytheifQuite often when you plan to go the cinema, it can be difficult to find a film that appeals to both you and the person you’re going with. Some people love historical dramas like Lincoln, while others find them tedious and slow to watch. Others love action movies like the Die Hard series, while some people would rather spend an afternoon at the dentist’s instead!

One film that is out at the moment and that may appeal to everyone is the light hearted comedy Identity Thief starring Jason Bateman (teen star of 80’s sitcoms like It’s Your Move and the Hogan Family) and Melissa McCarthy. This crazy caper is guaranteed to give plenty of laughs and will ensure that any stresses or worries you have on your mind disappear while you watch.

This is a film that is directed by Seth Gordon and has a script written by Craig Mazin. Bateman plays the character of a quiet and unassuming businessman called Sandy Patterson, who lives and works in Denver. One day, Sandy answers a call about someone trying to steal his identity, and gullibly hands over all his bank and security details to the person on the end of the line. This, of course, is the person who is about to steal his identity – and the twist is that she’s a woman.

Melissa McCarthy plays the role of Diana – a woman living in Florida who then spends up Sandy’s bank account on her lavish and dodgy lifestyle. The film follows Sandy’s tracking down of Diana and the subsequent adventures they have avoiding the bad company that Diana usually keeps.

It may not have the most profound plot in the world, but Identity Thief is one of those films that has enough slapstick and farce in it to appeal to a wide cross-section of audiences. If you feel like a fun night out, you should check your local cinema listings and give this one a whirl!

 

 

Mark Anthony’s Quick 5 Minute Workouts: Get a Better Body

free workout videosCelebrity trainer Mark Anthony has created some quick 5 minute workouts that you can do when you wake up in the morning – one for arms, one for legs and one for stomach.

Florida grapefruit teamed up with Mark in an attempt to get the nation starting their day the Florida way, these quick workouts can be done first thing in the morning. Enjoy. www.facebook.com/floridagrapefruit

Back Exercise

Abs Exercise

Chest Exercise

Sophie Kinsella’s best-selling Sleeping Arrangements adapted for the musical stage

sleepingarrangementsAria Entertainment Presents
Sleeping Arrangements
Landor Theatre
17th April – 12th May

Sophie Kinsella’s Sleeping Arrangements adapted for the stage

 Sleeping Arrangements, a new musical based on the novel by Sophie Kinsella, author of Confessions Of A Shopaholic now has a full cast.

The exceptionally high calibre cast includes Fascinating Aïda’s Liza Pulman and West End favourite Jenny Gayner who has trodden the boards as Roxie Hart in Chicago amongst other high profile roles and Sabrina Aloueche who is best known for playing the character ‘Scaramouche‘ in We Will Rock You.

The Confessions Of A Shopaholic novel was adapted into a film released in 2009, starring Isla Fisher and Hugh Dancy but this will be the first of Sophie’s popular books to be adapted for the stage.

“I am so excited to see my story on stage in such a hilarious and tuneful musical”
               Sophie Kinsella

This exciting new musical will play at the Landor Theatre in Clapham London for four weeks starting in April 2013 (17th April – 12th May)

Based on the best-selling novel of the same name, the musical tells the tale of Chloe who desperately needs a holiday. She’s sick of making wedding dresses and her partner, Philip has troubles at work. Her wealthy friend Gerard has offered the loan of his luxury villa in Spain – Perfect

Hugh is not a happy man. His immaculate wife Amanda seems more interested in her new kitchen than him and he works so hard to pay for it, he barely has time for his children. Maybe he’ll have a chance to bond with them on holiday. His friend Gerard has lent him a luxury villa in Spain – Perfect.

Both families arrive at the villa and realise the awful truth – Gerard has double-booked. What no-one else realises is that Chloe and Hugh have a history, and as tensions rise, old passions resurface. It seems that Gerard’s ‘accidental’ double booking may not be an accident after all…

 

KOBO and Curtis Brown Announce Scholarship

KOBO AND CURTIS BROWN CREATIVE INTRODUCE. KOBO WRITING LIFE 2013 SCHOLARSHIP

 

Any readers of Frost magazine who are interested in a writing career may be interested in this new scholarship from Kobo and Curtis Brown. Companies make tuition at London’s premier writing school accessible for three up-and-coming authors

 

Kobo, a global leader in eReading, and Curtis Brown, one of the UK’s premier literary and talent agencies, have announced that together the companies are introducing the Kobo Writing Life™ Scholarship to advance opportunities for three aspiring writers this year. The Kobo Writing Life Scholarship provides tuition fees for a writer in each of the following course: the three-month novel writing course, three-month writing-for-children course, and six-month novel-writing course. Each course is offered by Curtis Brown Creative and held at their London location.

 

“Kobo Writing Life is dedicated to supporting authors and is committed to allowing them barrier-free access to readers anywhere in the world,” said Mark Lefebvre, Kobo’s Director of Self-Publishing and Author Relations. “Excellence in writing is critical and at the heart of an author’s success and we are thrilled to be able to work with Curtis Brown Creative to help writers hone their craft.”

 

“We are very excited to be partnering with Kobo on this initiative to open up our courses to writers who would not otherwise be able to study with us,” said Anna Davis, Director, Curtis Brown Creative.  “Kobo is an energetic supporter of new writing and a generous sponsor of this program.”

 

Applications are now being accepted for the three-month Writing for Children course held April-July. Applicants must complete the online application form and provide the first 3,000 words of their novel in addition to a synopsis. Details of the scholarship for the three-month writing-for-children course starting in September and the six-month novel writing course starting in February will be made available at www.curtisbrowncreative.co.uk.

 

Curtis Brown launched its creative writing school in May 2011 as a way to reach new writers and foster their development as authors. In-depth courses are taught by industry experts including bestselling authors, agents and editors from Curtis Brown.  Kobo, through its self-publishing platform Kobo Writing Life, and Curtis Brown Creative are dedicated to the pursuit of excellence in writing and have partnered to develop strategic initiatives that foster the development of authors around the world.

 

This is the second project Kobo and Curtis Brown Creative have developed together. The companies also created the Jeffrey Archer Short Story Contest which resulted in a thousand, 100-word submissions to be judged by the author. The finalists will be announced on April 15 at London Book Fair.

Fun, frolics & fabulousness – Made in Chelsea Series 5

The glamorous set of SW3 returns to our screens next month and there will be a host of new personalities joining London’s hottest social circuit. Sisters Fran and Olivia Newman-Young, designer Josh Coombs and fashionista Phoebe-Lettice Thompson will join new faces from last series Ashley James and Lucy Watson and the returning cast for more shocking drama, tangled love triangles and friendship fallouts.

22 year old make-up artist and party girl Olivia is the younger sister of Francesca and gets a lot of attention from the boys. She’s been known to party with Millie in the past and is a local on the social scene. Fran is Olivia’s sister and wears the ‘protective’ older sibling crown. The 25 year old works in the music industry and went to Leeds with Andy Jordan.

Olivia’s best friend is 22 year old Phoebe. She’s a fashion assistant at Tatler and has an on/off relationship with fellow Made in Chelsea newbie, Josh. 22 year old Josh has a soft spot for Phoebe, even though she’s not dedicated to him. He has worked with Proudlock in the past and is currently setting up his own design business.

Both Ashley and Lucy joined the show during series four and each made an impact in their own special way. Ashley was a welcome introduction, especially to Francis, who found a love interest in Chelsea’s new blonde. Lucy brought her own slice of drama, giving the boys a run for their money as she kept Andy and Jamie guessing her emotions.

The returning cast include Francis Boulle, Richard Dinan, Binky Felstead, Rosie Fortescue, Victoria Baker Harber, Cheska Hull, Stevie Johnson, Andy Jordan, Jamie Laing, Ollie Locke, Millie Macintosh, Spencer Matthews, Ollie Proudlock, Louise Thompson and Mark-Francis Vandelli.

Last series saw tensions end on an all-time-high with relationship decisions destroying friendships and awkward situations leaving everybody guessing. As the jet-setting socialites return to the fashionable streets of Chelsea, it’s certain that they’ll be more rivalries, new romances and fiery exchanges to keep viewers glued.

Since hitting the screens in May 2011, Made in Chelsea has been E4’s biggest non-scripted success generating a massive following. It remains one of Channel 4’s most talked about shows, trends worldwide on twitter and is regularly the most watched programme on 4oD.
Follow @E4Chelsea and use #madeinchelsea