Now that Making Tax Digital (MTD) for VAT is in effect, it’s easier to reflect on HMRC’s digitalisation initiative with clarity.
Where before certain parts of the legislation initially appeared unclear, today we’re able to identify the exact responsibilities of both clients and accountants. Whether that’s knowing how to move your accounts online or selecting bridging software to ensure compliance, all parties now have the resources to stay on the right side of the taxman come tax return deadlines.
The majority of AIA members will be aware of private health plans, and more often than not, you will question if you really need it when you receive your annual renewal every year. In most cases, the answer will be no, but the knowledge that it provides you with peace of mind when faced with a medical problem will encourage you to keep it. The next question you ask yourself is can you get it cheaper, and then you start to hunt out other providers on comparison sites and trawling through adverts, which in all probability will make you wish you had not started.
The Financial Reporting Council (FRC) has today issued an exposure draft: ‘FRED 55 Draft Amendments to FRS 102 – Pension obligations’, in order to clarify issues relating to accounting for defined benefit pension plans in advance of new UK and Irish GAAP becoming mandatory from 1 January 2015.
People with undeclared offshore tax liabilities are being urged to come forward and pay what they owe or face prosecution, under new rules announced by the government today.
A settlement opportunity for employers who have used Employee Benefit Trusts (EBT) to avoid tax will close in March 2015, HM Revenue and Customs (HMRC) have announced.
You can now apply for protection of your pension savings from the lifetime allowance up to an overall maximum of £1.5 million. This is called individual protection 2014.