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Freedom and choice in pensions – Use it or lose it!

We have already explored the changes that are emerging from George Osborne’s March 2014 Budget and although many of these aren’t effective until next year, it may seem odd to be talking of the possibility of losing out when so much flexibility is becoming available.

That said, there are some options currently available where acting now could be more beneficial than after April 2015, as they will disappear.

Trivial commutation and small pots

The importance of making a will

Do you know who your assets will go to when you die? Make sure you have a will in place or you won’t have a say.

New rules came into effect in England and Wales on 1 October 2014, changing who potentially benefits from your estate once you die. If you have a valid will in place then you will not be affected by these changes, but if you die and have no will in place then there are intestacy rules that dictate who will inherit by law.

New pension flexibility - Practical application #1

Since the budget in March 2014, there has been much commentary over the revisions to pension flexibility which come into effect in April 2015, but considerably less on the practical ways that the new rules could help bring practical solutions to life.  Below is a real life situation that illustrates how these changes can work in practice.

Distance selling - Should you be VAT registered in another EU country?

Cross border transactions is one of the most complex areas of VAT.  If they are part of your business activities it is vital to ensure that you understand the relevant rules.

This article will centre on the distance selling rules which are key when goods are sold to non business customers in other EU countries.

When goods are sold to business customers who are VAT registered in other EU countries, these goods are zero rated for UK VAT as long as the goods leave the UK, with the customer accounting for any VAT due as an acquisition in the customer’s country.

MSI awareness month

September 2014 saw the inaugural MSI month, a series of events and seminars designed to raise awareness of the MSI alliance - a global network of advisory firms of which Armstrong Watson is a member.

MSI is an international association of over 250 legal and accounting firms based in more than 100 countries. MSI member firms specialise in providing advisory and compliance solutions to individuals and small and medium sized businesses, wherever in the world they are based.

How MSI Global Alliance can help - Case studies

You don’t need to be a multinational company to find yourself affected by and needing advice on non UK laws and taxes.  Something crops up for me virtually every week with some kind of international angle.  From a holiday home just across the channel in France, to expats in Japan, mariners at sea, or a farmer’s son doing a stint in New Zealand we have a well travelled client base. 

Freedom and choice in pensions – No more death tax

The Chancellor announced on 29 September 2014 that from April 2015 onwards, individuals will have further freedom with their pension pots after their death.

For those under the age of 75 with a drawdown arrangement (where the fund remains invested and an income is taken from it) will be able to pass on this pot of money tax free when they die. This is a significant change from current rules, which state that a 55% tax charge will become due to the person inheriting the pot of money after death of the policy holder.

Scotland votes to remain within the UK - What happens now?

Well in the end it was a comfortable majority of 55% to 45% for the No voters, with the turnout at a record level of 84%. Some people might think that is the end of the matter, however those businesses trading close to the Scotland / England border may have to put plans in place soon, given the significantly increased devolved powers already enacted and the further powers promised by the politicians.

Does the 'No' vote mean business as usual?

The No vote does not mean that it will be business as usual for the UK, one thing is for certain, we will have change in Scotland which will have an impact on both sides of the border and will impact on businesses that operate in the North of England and the South of Scotland.

Five great apps to grow your business

Mobile technology is enabling us to make the most of spare time, whether it be waiting for a meeting or traveling on a train. I thought it would be good to share some apps that I believe could help you grow your business and all are either free or cost less than £2.

Brainstormr Mobile (£1.99)