TAXATION DEVELOPMENTS/DEVELOPMENTS IN TAXATION Synopsis: The latest National Statistics data on public sector finances suggest that the Chancellor has some extra wriggle room as he prepares his second Budget of 2015. Last Friday the Office for National Statistics (ONS) issued its latest bulletin on the state of public finances, the last that will appear before the 8 […]
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 […]
SELF-ASSESSMENT Synopsis: Changes coming in from April 2015 will mean most self-employed people will be able to pay their Class 2 NICs through self-assessment. Date posted: Monday, January 12, 2015 Class 2 National Insurance contributions (NICs) are currently payable through the bank, post office or post. From April 2015, most self-employed people will be able […]
Synopsis: HMRC has launched a consultation on the closure rules for enquiries. The consultation broadly examines the current enquiry process and the restrictions it puts on HMRC when resolving one or more aspects of an enquiry. HMRC is seeking views on how to streamline the tax enquiry process so that certain parts of an enquiry […]
SELF-ASSESSMENT Synopsis: Unless there is a genuine reason for failing to meet the online self-assessment filing deadline, action should be taken as soon as possible. Date posted: Monday, January 05, 2015 Last week we provided a reminder that the self-assessment online filing deadline was fast approaching. Today, the taxman has revealed the top ten terrible tax […]
SELF-ASSESSMENT Synopsis: A reminder that clients have one month to file their self-assessment return online to avoid facing penalties. Date posted: Wednesday, December 31, 2014 With the Christmas break over, as we head into New Year celebrations, let’s not forget that the self-assessment online filing deadline is fast approaching. To make things easier clients should […]
TAXATION DEVELOPMENTS/DEVELOPMENTS IN TAXATION Synopsis: At the Labour Conference this week, Shadow Chancellor Ed Balls reaffirmed Labour’s plans to introduce a mansion tax if they win the next general election. A series of other planned measures imposing taxes on the wealthiest families in a bid to raise funds for the NHS were also unveiled. Date […]
PROTECTION Synopsis: In this article we explore exclusions, in principle, in income protection; in days gone by insurers would view exclusions as a way of offering cover, albeit partial cover. Nowadays in more consumer focused times and following the PPI scandal, advisers generally believe that exclusions are a turn-off to customers and the market has […]
PENSIONS – PENSION REFORM 2014/15 Synopsis: Pre A day pensions in drawdown will be tested against the LTA when the first BCE occurs post A Day. If the first test post A Day has not occurred to date, the increase in the maximum drawdown income to 150% of the relevant annuity will have a sizeable […]
BUDGET 2014 Synopsis: A summary of the Treasury Select Committee (TSC) view on pension’s reform and the role of the FCA. There is clear concern over the potential for mis-selling and consumer detriment. Date posted: Tuesday, May 13, 2014 The Treasury Select Committee (TSC) has published its report on the 2014 Budget. A summary of […]
