- Posted 6th April 2015
Changes in NHS Pension Scheme 2015
A new NHS Pension Scheme will be coming in effect from 1 April, 2015. This means the existing 1995/2008 Scheme will now be closed to new entrants from 1 April, 2015. All these new entrants without previous service and the members of 1995/2008 scheme without full protection will need to join this new scheme.
Some of the main features of this NHS Scheme are:
Overview for employers
Career Average Revalued Earnings (CARE) scheme
• A benefit scheme which pays a pension based on the average ...
- Posted 4th April 2015
Tax Changes Taking Place after 1 April 2015
There are many tax changes that will be on effect from April 1, 2015. Here is a list of those tax changes.
• The Corporation Tax rate will be reduced to 20% from 21%
• The new Diverted Profits Tax (DPT) has been introduced. This means any company operating in the UK which artificially diverts profits to another country are accountable for paying such DPT
• The bank levy has increased to 0.21% from 0.156%
• Air Passenger Duty will abolish two of its expensive bands C( traveling over...
- Posted 4th April 2015
Abolition of Employer National Insurance for Under 21s
Starting from 6 April, 2015, Employer’s National Insurance Contributions (NICs) will no longer be available for employees aged below 21. This means the employers will not have to pay Class 1 secondary NICs on earnings up to the Upper Secondary Threshold (UST) for under 21 employees.
To be more precise about this change, the rate of 13.8% on earnings above Secondary Threshold (ST) will be reduced to 0% for employees under 21 with earnings between Secondary Threshold (ST) and Upper Secondary ...
- Posted 3rd April 2015
General Anti-Abuse Rule (GAAR)- The Basics
Many of you may be familiar with ‘GAAR’ as it is mentioned in tax avoidance schemes time and again. But, I bet you hardly know about the subject in more depth. So, here is a brief about General Anti-Abuse Rule to all of you.
What is GAAR?
A general anti abuse rule (GAAR) is a general principles-based rule enacted in the tax code for counteracting tax avoidance. The UK has a general anti abuse rule in the tax avoidance operated by HM Revenue & Customs (HMRC) which came into effect from ...
- Posted 1st April 2015
How to Minimise Audit Fees
Auditing is a means of evaluation of the effectiveness of company's internal controls which is very important for achieving goals of a business. This makes auditors’ contribution to a company’s audit system a very valuable one.
Due to the changes in the regulations over the years, the way auditors govern only depicts that cost of carrying out standard audit work has increased. This means it is applied for all sizes of company and some of them view it as increasing regulatory cost.
Even...
- Posted 1st April 2015
Common Tax Errors that Causes a Tax Audit
About millions of people have a fear of getting notifications by HM Revenue & Customs (HMRC) every year. The fear can be solely of getting any penalties from HMRC which can be due to the tax errors in their side.
Tax errors can be due to various reasons. Be it a lack of organisation, knowledge or carelessness, each of things contributes to tax errors.
Take a look at some common errors that will give an auditor a solid ground to track you down.
Overstating the amount of office expe...
- Posted 31st March 2015
Pros & Cons of a Limited Company
Before you set up a Limited Company, you should know what Limited Company is all about. Until you aren’t aware about all the requirements and processes, don’t set up a one as doing so requires a major commitment from your side.
So, what is a Limited company? Well, it is legal structure for a business in which the liability of each shareholder is limited to their individual investment. It is registered at Companies House and governed by it's own articles of association.
Take a look at t...
- Posted 31st March 2015
Top Five Tax Saving Tips for a Limited Company
When you start a Limited Company, you nurture the business with the intention to get back finance you put into it. To be honest, you will want more than the amount you have invested. As this type of business structure allows you to save tax compared to other structures, your expectation becomes even higher. So, to help your company save some tax efficiently and increase your profits, we have collected five important tips for you.
Dividends
The fact is dividends are not subjected to National ...
- Posted 30th March 2015
Popular Tax Avoidance Myths Exposed
Many of you might have heard about tax avoidance from different sources. But, do you think that all these information are true? Well, before you answer that, here is a blog for you.
This blog is for all those of you who believe such tax avoidance claims.
Involving in an avoidance scheme that doesn’t work is illegal
The tax avoidance scheme may not work and may cost you a lot of money. But, it is definitely not illegal.
Tax avoidance and tax evasion are same
Do you think tax avoidanc...
- Posted 30th March 2015
HMRC Secures Wins against Three Tax Avoidance Schemes
HM Revenue and Customs (HMRC) have secured over £260 million in tax with tribunal battle wins against three tax avoidance schemes.
At the First-Tier Tribunal (FTT), all three Upper Tribunal rulings uphold earlier judgments in HMRC’s favour.
An appeal bought by the investors of a scheme promoted by NT Advisors has been dismissed by the Upper Tribunal. Among the schemes promoted by NT Advisors, this is HMRC’s ninth win against them.
This scheme had 420 investors and was required for creati...