A pleasure boat hire business has been able to expand its fleet in time for the busy summer holiday season thanks to the expertise of Weybridge-based chartered accountancy firm TWP. The business owner approached TWP managing partner Philip Munk after being unable to secure the debt finance needed to expand his fleet. As an expert […]
Dipping into a pension pot may seem the ideal way for owners to purchase assets for their small business. This is often achieved through a commercial loan from the pension to the business, which is then repaid with interest, at a rate of at least one percent above the Bank of England base rate. However, […]
With the new governor of the Bank of England, Mark Carney, expected to implement a programme of forward guidance, this could have a significant impact on the finances of pensioners living abroad. While forward guidance – or stating what you are going to do before you do it – will reassure lenders that rates will […]
Research has shown that people living in affluent areas may be missing out on significant retirement income. The prices for conventional annuities, which do not take into account any existing health problems, are often decided by the individual’s postcode. Therefore, people living in more prosperous locations are considered to be in better health, and are […]
The latest targets in HMRC’s sights are tax dodger’s involved in: the holiday industry in Blackpool, Lake District, North Wales, Devon and Cornwall restaurants in Yorkshire and Humber road hauliers in the Midlands and the fishing industry in Scotland. David Gauke, the Exchequer Secretary to the Treasury, said: ‘We are determined to support hardworking people […]
HMRC are reminding tax credits claimants that they need to renew their claims by the 31 July deadline or their payments might stop. Nick Lodge, Director General of Benefits and Credits, said: ‘We are asking claimants to renew immediately. The sooner they do, the sooner we can check their payments and avoid paying too little, […]
HMRC have received a number of requests since April 2013 from employers, asking for the status of their PAYE schemes to be changed to ‘annual’ which is only an option where employees are only paid once a year. Unfortunately HMRC are currently unable to process requests from employers to: move to paying annually and register […]
The Department for Business, Innovation and Skills (BIS) has published some useful guidance on employee share ownership following the Nuttall review. The documentation includes some company model documentation together with guidance for employees on taxation matters. Internet link: HMRC website
HMRC have launched a tax return ‘amnesty’ for those individuals who have been issued with a self assessment tax return or notice to complete a tax return for any year up to 2011/12 and have not completed the return(s). HMRC are offering ‘the best terms available’ to those who come forward now and take part […]
HMRC have been trialling a new approach to enquiries, known as the Single Compliance Process (SCP). Following feedback from the trial HMRC have now agreed that the opening letter, which advises the taxpayer that they are to be subject to the SCP, will give the taxpayer seven days to tell HMRC if they wish to […]
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