With the changes in taxation of Dividend payments announced in the recent Summer Budget, we have produced a comprehensive guide for owners of SME’s to help them understand the potential impact on their income from April 2016 onwards. There are 3 easy to understand issues, the first of which gives a background to Dividends themselves. […]
BUDGET 2015 Synopsis: An overview and summary of the key points, which we feel are most relevant to financial advisers, that were legislated for in Finance Act 2015. The Finance Act 2015 brings together and updates some of the draft clauses published in December 2014 with some of the measures announced more recently in Budget […]
PENSION REFORM 2014/15 Synopsis: The government has effectively increased the threshold at which regulated advice will be needed for defined benefit transfers. In its Budget consultation document ‘Freedom and choice in pensions’, the government floated the idea of restricting transfers from defined benefit schemes to defined contribution arrangements. In its response the consultation, it proposed […]
With self-employment on the rise in the UK, it is estimated that 11.2 million people need to fill out a self-assessment tax return for 2013/14 – which is a higher figure than ever before. In addition, this is the second year in which those with high income (£50,000 or more) and in receipt of child […]
With the Workplace Pensions now up and running a number of Government departments are already looking at this as a work in progress. All UK businesses need to be aware of the need for on-going governance and due diligence, as the responsibilities ultimately lie with them. PENSIONS – AUTOMATIC ENROLMENT/AUTOMATIC ENROLMENT Synopsis: The DWP has […]
PENSIONS – PENSIONS ACT 2004 Synopsis: TPR Issues a report under section 89 of the pensions Act 2004 in respect of the Kodak Pension Plan. TPR has explained the novel solution that has been reached. Date posted: Friday, November 14, 2014 The Pensions Regulator (TPR) has published details explaining how it helped to facilitate an innovative rescue […]
PENSIONS – SERPS/PENSIONS – STATE SECOND PENSION Synopsis: DoH publishes draft Regulations on introduction of 2015 NHS Pension Scheme. Date posted: Monday, November 17, 2014 The Department of Health (DoH) is consulting on draft regulations relating to the introduction of the 2015 National Health Service Pension Scheme for England and Wales. The consultation closes on […]
SCHEDULE E/EMPLOYMENT INCOME Synopsis: New limits from 1 October 2014 Date posted: Friday, October 17, 2014 The national minimum wage (NMW) is the minimum amount defined by law that an employer must pay their workers. Rates are fixed from 1 October 2014 as follows: The adult (‘main’) rate rises from £6.31 per hour to £6.50 […]
SCHEDULE E/EMPLOYMENT INCOME Synopsis: In his 2014 Budget the Chancellor of the Exchequer announced that, in response to the recommendations of the Office of Tax Simplification (OTS), the Government would launch a review of the tax treatment of travel and subsistence expenses. The first stage of this review was formally launched on 31 July and […]
Under a permanent health insurance (PHI) policy (now often referred to as income replacement insurance), an income benefit is paid to the policyholder during disability caused by sickness or accident. The benefit is paid, basically, as compensation for loss of earnings to that person (see below). Benefit will normally start at the end of an initial waiting […]
