Monthly Archives: August 2010

New guidance on domicile and IHT issued

HM Revenue & Customs have issued a Brief to agents in which they announce a change to a wider risk-based approach when deciding whether to investigate an individual’s domicile and whether to make a determination of inheritance tax (IHT) based … Continue reading

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Is your SSAS up to date?

From April 2011 all SSAS are required to have adopted A-Day rules.  If you have small private schemes it might be worth speaking with the schemes administrators to ensure these changes have been made the scheme deeds.

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National Employement Savings Trusts (Nests)

The Government is implementing a compulsory pension scheme from 2012. From 2017 employers will need to contribute at least 3% of earnings.  Employees will contribute 4% and HM Revenue & Customs 1% as tax relief. Compliance will be regulated by … Continue reading

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Time to check that PAYE code!

The vast majority of the taxpaying public are employees who pay tax through the ‘Pay as you earn’ system administered by the employer. Because of this most employees have very little involvement with HM Revenue & Customs – trusting both … Continue reading

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Is a company car still a perk worth having?

Changes made to the taxation of company cars to fall in inline with the Government’s green agenda mean that the once great perk of motoring at the cost of the employer is no longer the benefit it once was. To … Continue reading

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When did you last check your state pension entitlement?

Most people are happy to assume that each year the deduction of tax and national insurance from earnings is helping to build up their entitlement to a state pension. However, it has been revealed that of the 50 million payroll … Continue reading

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Employers – the new penalty regime for late payment of PAYE

From May 2010 you may have to pay a penalty if you do not pay the PAYE due each month, on time and in full. The new penalties will apply to all employers. The penalties will be a percentage of … Continue reading

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Lost pension relief for higher rate tax payers

A recent survey has suggested that up to 250,000 higher rate tax payers are not claiming tax relief on their pension contributions. If you are earning in excess of £45,000 and make contributions to a personal pension you may be … Continue reading

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The VAT trap for sole traders – multiple trades

The majority of sole traders are aware of their obligations to register for VAT when their business turnover has gone over a specific limit – called the ‘VAT threshold’ (currently £70,000), but few realise that it is not their ‘business’ … Continue reading

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2009/2010 P35 and P14s

From 6th April 2010 all employers must file their Employer Annual (P35 and P14s) online.  If you need assistance filing your returns we would be pleased to help but would ask you to contact us as soon as possible in … Continue reading

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