Fixed Rate Expenses – Not So Simple

In our March/April 2013 Tax eNews, we set out details on the “Simpler Income Tax for the Simplest Small Businesses” provisions which, in practice, will be anything but! The new rules came in from April 2013 and allow certain businesses to use a cash basis rather than accruals basis for preparing their accounts for tax […]

No More Renewals For Landlords

Changes to tax relief rules from April 2013 may mean that landlords need to reconsider whether items such as washing machines and cookers are replaced in furnished residential letting property. A furnished property is defined as being a property that has sufficient furniture, furnishings and equipment for normal residential use.  In other words, a tenant […]

Changes to State Pensions

The Department of Work and Pensions has issued their document ‘The single-tier pension: a simple foundation for saving’. A flat rate pension of £144 per week will replace the current 3 tier system of the basic state pension, the additional state pension and the graduated pension; however the changes will only affect retirees on or […]

Implementation of pension sharing orders for public sector pension schemes

Because the public sector pension schemes (e.g. NHS, Teachers, Police, and Armed Forces etc) only allow shadow membership we, as financial planners, rarely get involved in the implementation process as there is no need to put a financial product into place. However we are seeing a growing number of cases coming to light where the […]

Pensions Terminology

I know family lawyers find pensions bewildering – not surprisingly! However there is a publication that has just been updated that may provide a little assistance. Pensions Terminology, now in its eighth edition, is published by the Pensions Management Institute (PMI) and the Pensions Research Accountants Group (PRAG) and is a dictionary of pension terminology. The […]

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