July 29th, 2010
It would seem 1267 was not a great year for accountants. On the Today programme this morning (Thursday 29/7) it was revealed that in 1267 in the Statute of Marlborough a law was passed against accountants! Worryingly, parts of the Statute remain enforceable…
On further research the offending clause (XIII) translates as: ‘Remedy against Accountants. Farmers shall do no Waste. Remedy thereon’
At this point we do not know whether just being an accountant means the law has been broken, or indeed what the remedy was - but we’re taking advice. Meanwhile, we think we’ll keep our heads down!
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July 28th, 2010
The government has taken the opportunity of the approaching Parliamentary summer break to issue a number of important consultation documents on the tax system. As well as inviting views on a series of tax changes, including a significant reform of the PAYE system, the government wants to hear what businesses have to say on plans to provide greater access to finance and to improving skills training.
In total the Treasury has issued nine consultation papers on various aspects of the personal and business tax system in what will amount to a far-reaching overhaul of the entire regime. For more on this story and to access the consultation papers link here.
Posted in Contractors, General, Tax and Wealth Management | No Comments »
July 26th, 2010
The Legal Services Board is currently reviewing the SRA’s application for approval of the Qualifying Insurer’s Agreement 2010-11. The Law Society is pressing for the process to be completed quickly because some qualifying insurers are unwilling to give indicative quotes until it’s complete.
There is a fear that the the start of the professional indemnity insurance (PII) renewal period may as a consequence be delayed, creating more pressure at one of the most stressful times on the annual practice calendar.
For more Law Society news and guidance on PII follow this link.
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July 23rd, 2010
The Professional Contractors Group (PCG) PCG and other have welcomed the launch of the Office of Tax Simplification (OTS) announced by the Exchequer Minister David Gauke MP at the Treasury on Tuesday 20th July.
The OTS is made up of independent experts and will make recommendations to Government on simplifying the tax system. The setting up of this body had been promised in the Budget and PCG is delighted that the Government has been so prompt in making good on this commitment.
The OTS, as part of their review into small business taxation, will be tasked with identifying fairer alternatives to IR35.
IR35 was introduced by the last Government as a so-called anti-avoidance measure; however it has been widely condemned by the freelance and contracting community for its extraordinary complexity and unfairness. The PCG in particular was originally formed as a response to IR35 and has campaigned hard on this issue ever since.
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July 23rd, 2010
We’re glad to report that at last, the government has announced that people will no longer be obliged to buy an annuity with their pensions.
Under the present rules, anyone with a personal or company pension reaching the age of 75 must purchase an annuity.
The annuity would then provide the fund member with a guaranteed pension income.
Although it possible to take 25 per cent of a pension pot as a lump sum, the remainder must go towards funding the annuity.
However, industry experts have argued that the arbitrary deadline forces some retirees into buying an annuity when market rates are low, so reducing the benefits to the pension scheme member. >> For more on this story link here.
If you want to discuss pensions and investments call Simon Fox at Carpenter Box Wealth Management LLP on 01903 534587 or send an email message here.
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July 22nd, 2010
HMRC logo
Taxpayers are being reminded that the date for making the next set of self assessment tax payments will be arriving soon. For more on this story click here
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July 21st, 2010
The Government has confirmed that business tax is set to undergo a major overhaul and has launched its promised Office for Tax Simplification (OTS). OTS will carry out a comprehensive review of the small business tax system as well as the tax reliefs and allowances currently available. The government’s hope is that a streamlined tax regime will enable firms, particularly smaller enterprises, to become more competitive. >> more on this story
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July 14th, 2010
Bookmark this blog which we hope to add to when Eileen travels to Ghana on August 7/8
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July 14th, 2010
How to make the IR35 review work for you.
The PCG have been at the forefront of lobbying for the removal or IR35 – they also offer a whole host of benefits includng template documents and contact to other people in the same position. Please follow the link below for a voucher for discounted membership and visit their website for details of what the have to offer.
http://www.pcg.org.uk/cms/documents/JOINING_PCG/PCG%20BlueVoucher%20090710.pdf
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July 13th, 2010
Off the back of last week’s report that business investment was showing signs of recovery this week a think tank has concluded that removing obstacles to setting up new business can also help push up economic growth.
The Centre for Policy Studies (CPS) has argued that lighter business regulation, which would make it easier for enterprises to flourish, and raising the retirement age by five years from 2020 onwards would add between 0.5 per cent and 0.75 per cent to annual growth figures.
>> See more
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