Archive for the ‘Pensions’ Category

TPR carries out spot checks on South Wales employers

Posted on: October 19th, 2017 by Clive Headon No Comments

Inspection teams have been visiting dozens of businesses in Cardiff, Newport, Caerphilly, the Vale of Glamorgan and Rhondda Cynon Taf to check that qualifying staff are being given the workplace pensions they are entitled to.

The move is part of a nationwide enforcement campaign by The Pensions Regulator (TPR) which began in London in April to ensure employers are meeting their automatic enrolment duties correctly. (more…)

Managing automatic re-enrolment

Posted on: October 2nd, 2017 by Clive Headon No Comments

Once you’ve been running auto-enrolment for three years you’ll need to re-enrol workers.

Over the last five years there has been a seismic shift in attitudes towards retirement saving.

Auto-enrolment means workplace pensions are now regarded by many employees as a normal part of working life. (more…)

Planning your retirement

Posted on: July 28th, 2017 by Leighton Reed No Comments

Whatever your age, it’s never too late to start saving to retire.

It’s more important than ever to start your retirement planning from an early age, however dull a prospect that may sound to younger generations.

Putting money into a pension each month will provide you with a regular income once you retire. (more…)

Budget 2016: Reform of pension tax relief

Posted on: January 25th, 2016 by Denise Roberts No Comments

Denise Roberts (2)David Gauke, the Financial Secretary to the Treasury was recently reported as noting that a review of pensions taxation in the March Budget would keep savers in mind. This announcement is likely to be seen as encouraging for those who wish pensions to continue to be taxed on withdrawal rather then on contributions.

However, on the other side of the coin ministers are considering changes to replace the current variable tax relief for pension contributions with a new flat rate. This reform would have significant implications for both savers and the exchequer.

At the current time basic rate taxpayers receive 20% tax relief, with higher rate tax payers receiving 40% and top rate tax payers receiving 45%.

(more…)

VAT – all change on the pensions front!

Posted on: June 5th, 2014 by Leighton Reed No Comments

HMRC have recently announced a change in their approach to VAT on both input tax recovery and output tax charges relating to pension schemes. These subtle changes could affect your business!

Traditionally businesses have been able to recover VAT on administration of a defined benefit scheme and VAT relating to an investment advice was a no go area. HMRC now accept, following several CJEU cases, that there is the possibility of making back dated input tax claims on the investment advice. For those businesses that have used the 30/70 split on a single invoice from their pension administrator the opportunity arises to reclaim the “blocked” 70%.

(more…)

Charity accounts review examines responses to pension scheme deficits

Posted on: May 8th, 2014 by Joanne Taylor No Comments
Joanne Taylor, Senior Charities & Not for Profit Manager, MHA Broomfield Alexander

Joanne Taylor, Senior Charities & Not for Profit Manager, MHA Broomfield Alexander

Regulator says some charities do not explain adequately how they are dealing with the financial risks

The Charity Commission is reminding charities that they should use their Trustees’ Annual Report (TAR) to explain how they are tackling the potentially serious risk of a pension scheme deficit.

The message follows a review conducted by the regulator of the accounts of charities whose pension schemes are in deficit. The Commission identified 740 charities with an income of over £500,000 whose accounts showed a deficit; it randomly selected 97 of these for a more detailed review.

(more…)