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Workplace pensions – employer duties – part two

You may recall from our previous auto enrolment articles that we have examined the importance of addressing employer obligations.

Research by The Pensions Regulator (TPR) still shows that employers do not know the exact date that they need to comply with the law introduced by the government.

The Great British Biscuit v Cake Off

It’s not often you find that Mary Berry or Paul Hollywood might have come in handy in a tax case. However, just prior to this year’s Great British Bake Off, a far weightier confectionery matter was being judged at the First Tier Tax Tribunal.  

The case was brought by two Scottish companies - Thomas Tunnock Ltd and Lees of Scotland Ltd. Quite literally presented with a plate of sweet treats the Tribunal had to decide if a ‘snowball’ - a chocolate and coconut covered marshmallow - was a cake or a biscuit.

Pointers on how to build your own ‘Grand Designs’ portfolio

Being a regular viewer of the TV programme Grand Designs, this often brings to mind how many similar parallels there are when it comes to investment. 

A federal UK future?

In the beginning…

There has been much discussion amongst political commentators  on the promises made as part of the Scottish Referendum campaign.

While the focus has been on Scotland and the further potential devolution of powers, there has been an increasing lobby of English MP’s who are unhappy about the powers gravitating to Scotland, particularly when Scottish MP’s sitting in the UK Parliament can vote on matters affecting all of the UK.

Freedom and choice in pensions – The Pensions Bill

Since George Osborne’s budget announcement earlier this year, we have written a number of articles on the changes that are due to come into effect in April 2015.

The government has now published the updated draft of the Taxation of Pensions Bill, which brings into effect all that was proposed in the initial budget statement.

All measures detailed below will come into operation from 6 April 2015 and be available for those aged 55 or over.

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.