Newton & Co September Blog through the eyes of John Robson CIMA Member in Practice
Advance Payment Notices
HMRC have won their case against Ingenious Media PLC. The company who used various Limited Liability partnerships to reduce their tax liability had challenged the validity of APN’s in court but have lost their case. HMRC have proved they have the ability to use their new draconian powers against companies and individuals who practice tax avoidance.
HMRC are expected to issue 64000 APN’s to DOTAS registered schemes by the end of 2016.
Pension savers taking advantage of government freedoms are seemingly unaware of a technicality that could land them with a penalty of £300 from HMRC.
HMRC’s rules say savers who have dipped into their retirement savings since April’ reforms could be landed with a fine if they are still paying into another pension, and neglect to inform that company.
The Revenue stipulates that individuals have 91 days to notify their providers after taking money from other pots, with fines of up to £300 — plus subsequent daily fines of £60 — if they don’t.
In April and May alone £1.8 Billion has been taken from pension providers.
So if you are dipping into your pension pots beware. If you need any help or clarification on pension issues please contact the office.
In Association with Tax Wise we are hosting a seminar at the Stadium of Light on Wednesday 23rd September at 9.30AM on Pension Reform and Employment Law. We strongly recommend that as many of you as possible attend this seminar.
The speakers will be covering the following topics
– Key employment law requirements and how they impact on your business.
– Shared Parental Leave and Auto Enrolment.
– Deterring employees from long term sick-leave.
– Dealing with underperforming workers.
– Carrying out redundancies.
If you would like to attend please contact the office.