Cashing in your pension pot

From April 2015, persons aged 55 years or older, with defined contribution personal pension pots, can consider cashing in the value accumulated in their fund. Certainly, anyone considering this course of action should take professional advice from their independent financial advisor.  The following steps are advised by the Pensions Wise Read more…

Tax Diary July/August 2015

 1 July 2015 – Due date for Corporation Tax due for the year ended 30 September 2014.  6 July 2015 – Complete and submit forms P11D return of benefits and expenses and P11D (b) return of Class 1A NICs.  8 July 2015 – The second Budget Day for this year. Read more…

Under and over payments of tax 2014-15

HMRC have started the process of sending formal statements to taxpayers who may have under or over paid Income Tax for 2014-15. In a recent press release they said: “We are sending P800s that show an overpayment of tax first, followed by a cheque around a fortnight later. You don’t Read more…

Summer Budget 2015

 Next week, Wednesday 8th July, George Osborne will present his first budget of the new parliament.  He has indicated that there will be no hikes in the major taxes: Income Tax, National Insurance, VAT and Corporation Tax. We shall see…  What he will be revealing is how he intends to Read more…

Scottish Rate of Income Tax

From April 2016, the Scottish Parliament has devolved powers to set the Scottish Rate of Income Tax (SRIT). Within the last few weeks it has been widely publicised that this may mean a higher rate of Income Tax in Scotland as compared to the Income Tax rates in other parts Read more…

Business start-ups

If you are an old hand at setting up a new business most of the content of this article will be a timely reminder of the issues you need to cover in your project to-do list. For first timers, use this article as a guide to see you through what Read more…

How to renew tax credits

 You usually need to renew your tax credits once a year. You should receive your renewal pack by 30 June. If you haven’t got your pack, call the Tax Credit Helpline. You can’t renew your tax credits until you get your renewal pack. If you claimed tax credits after 6 Read more…

Tax Diary June/July 2015

 1 June 2015 – Due date for Corporation Tax due for the year ended 31 August 2014.  19 June 2015 – PAYE and NIC deductions due for month ended 5 June 2015. (If you pay your tax electronically the due date is 22 June 2015.)  19 June 2015 – Filing Read more…

Attempts to defraud a liquidator punished by courts

A court order appointing a Provisional Liquidator was made by the High Court in March 2014 against Parkwell Investments Ltd, based in Wilmslow, Cheshire. The order removed the company’s officers and appointed a Provisional Liquidator in their place to protect the company’s remaining assets. The company’s officers then deliberately and Read more…

What is your business staging date

Pensions’ automatic enrolment is not going to go away. Businesses have begun to receive notification of their staging date: the date on which pension arrangement under the scheme should be in place.  According to the Pensions Regulator’s commentary on automatic enrolment: “The law on workplace pensions has changed. Every employer Read more…

The missing clauses

In order to process the Finance Bill 2015 through the parliamentary procedures before the recent election, certain clauses were deferred. It is likely that the deferred clauses will be reintroduced in the summer Budget, 8 July 2015.  As announced, George Osborne will present his first Budget of the new parliament Read more…