Monthly Archives: October 2015

Pension changes

 HMRC have recently published an update to issues that affect pension scheme administrators and individuals who contribute to pension funds. Highlights of some of the issues raised are reproduced below:

Annual allowance charges for tax year 2014-15

Administrators are reminded that it is really important that scheme members who have exceeded the pension schemes annual allowance of...

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Tax gap narrows

The tax gap for 2013-14 was 6.4% of tax due, continuing a long-term downward trend.

The tax gap, which is the difference between the amount of tax due and the amount collected, has fallen from 8.4% in 2005-06. This reduction in the percentage tax gap since 2005-06 represents an additional £57 billion in cumulative tax collected...

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HMRC chases down tax fraudsters

HMRC recently announced that they have brought in an additional £109m in tax revenue in the last six months by pursuing claims against taxpayers who have not declared all their income for tax purposes. The specialist task forces employed to collect this tax are becoming increasingly effective at identifying and tracking down individuals and businesses...

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Directors responsibilities

We are often asked to explain the role a director is required to undertake for an incorporated business. It is wise to take this question seriously as these responsibilities are written into company law – break them at your peril.

The government website lists these duties as follows.

As a director of a limited company, you must:

  • try...
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HMRC multi-year funding for voluntary sector

HMRC are inviting bids from interested charities and will allocate a guaranteed £1.5m per year over the next 3 years to the voluntary and community sector (VCS) to support taxpayers who need extra help understanding and complying with their tax obligations and claiming their entitlements, including those who are currently digitally excluded.

 They are looking for...

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