The Law Commission has launched a consultation designed to strengthen the legal duty of financial professionals to act in the best interests of savers. The consultation document, published on 22 October, will focus on how fiduciary duties – the legal duty to act solely in another party’s interests – apply to investment intermediaries. The consultation […]
The government has announced that it is extending its Equitable Life Payments Scheme (ELPS) to mid-2015 and is to run a national advertising campaign to identify more policyholders covered by the scheme. The scheme, set up to compensate Equitable Life policyholders who suffered financial losses as a result of government maladministration in the regulation of […]
Mortgages, private pensions and annuities are the most popular areas on which UK consumers would like professional advice and help, according to new research. Findings issued on 28 October by the website unbiased.co.uk, which helps consumers to find professional advisers, showed that 52 per cent of UK adults believed they would benefit from seeking financial […]
Date What’s Due 1 November Corporation tax for year to 31/01/13 19 November PAYE & NIC deductions, and CIS return and tax, for month to 5/11/13 (due 22 November if you pay electronically) 1 December Corporation tax for year to 28/02/13 19 December PAYE & NIC deductions, and CIS return and tax, for month […]
From 2015/16, married couples and civil partners can transfer up to £1,000 of their personal allowance to their partner, but only if neither individual pays tax at the 40% rate. It is therefore a modest tax break, worth a maximum of £200 each tax year, but every little helps (as we are often reminded)! The […]
The latest campaign from HMRC is aimed at chiropodists, psychologists and homeopaths who feel they might not have declared all of their income. It offers the usual time-limited disclosure opportunity in which to bring tax affairs up to date on preferential terms. The campaign is not intended for doctors and dentists, who were covered by […]
The Auto Enrolment Scheme is also controversial but in a different way, as it imposes a legal obligation on employers to enrol employees into a pension scheme that meets certain standards. The start date for auto enrolment varies, but all employees aged between 22 and the state pension age must be enrolled into a pension […]
This controversial measure allows HMRC to nullify an arrangement which is held to be abusive in terms of avoiding tax. This is all fairly subjective, but HMRC have published guidance on how they will operate the new rules which do give some comfort. In particular they have detailed the approach to take when considering whether […]
This valuable allowance is due to start for all businesses on 6 April 2014, and simply exempts the employer from the normal employer NICs of 13.8% of the earnings paid. The mechanics are that the allowance will be obtained via standard payroll software and HMRC’s RTI system. A facility will be added to the RTI […]
IHT business property relief is extremely valuable, as on your death it effectively eliminates inheritance tax on the value of the property. The problem is that, following recent case law, HMRC are likely to resist any claims on the grounds that the activity of letting properties is nothing more than an investment, even where the […]
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