Chartered Accountants of Poynton, Cheshire |
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Pension PaymentsThere have been considerable changes to the pension contribution rules over the last couple of years. In summary, these are as follows: • Any individual can make payments of £3600 per annum gross of tax, whether they have an income or not. • If an employer makes a contribution on behalf of an employee, this will be tax deductible in that employer's accounts as long as the payment is made 'wholly and exclusively1 for the purposes of the trade. • The maximum any individual can pay in any pension payment period (which is usually the same as the tax year) is normally £21,5000 and any contributions over this will be subject to income tax of 40%. There are some exceptions to this rule. • There is no longer a provision which allows excessive personal pension contributions to be carried back to the prior year. Some special rules remain in place for retirement annuity contributions. Paying less tax - Defer Your GainsThere are many ways to save tax - all of them perfectly legal. For example, if you realise Capital Gains after the end of the tax year, and delay payment of the tax for 12 months and split sales across the end of the tax year – you can make use of two years’ annual exemption. Also, make an outright gift to your spouse, who can make use of his or her exemption, too. Delaying a sale can also mean more taper relief – so less tax. Save employers’ NICEmployee costs may be high, but save employers’ national insurance contributions by rewarding employees through all employee share schemes and pension contributions instead of additional salary or bonuses. Ensure business borrowings attract tax reliefFunds borrowed for business purposes obtain full tax relief; your mortgage does not! Appletons can help you to identify ways to make the most of tax-saving opportunities and investments. We are always pleased to discuss matters with you – contact us today for further information. Pay less tax - Create a tax shelter investmentThere are many ways to save tax - all of them perfectly legal. Did you know that.... Tax can be effectively deferred by investment in Enterprise Investment Scheme shares, Venture Capital Trust shares (both subject to limits), or in film finance partnerships? Call us at Appletons Accountants and we'll tell you more! |
Accountancy News
Companies Act Changes
The latest Companies Act gained Royal Assent on 8 November 2006 and the new rules will come into effect over the next 12 to 24 months.more...Financial NewsBoss of BP Russia venture leavesBP says the chief executive of its Russian venture TNK-BP has temporarily left Russia because of "sustained harassment". UK economic growth slows sharply The UK economy grew 0.2% in the second quarter of the year, as the credit crunch took its toll on the housing market. Honda's profit rises unexpectedly Honda Motor reportes an unexpected rise in three-month profits but still predicts falling full year profits. Livedoor's Horie's appeal fails Japanese internet entrepreneur Takafumi Horie's appeal against his securities fraud conviction is struck down. Samsung profits below forecasts Samsung Electronics reports disappointing three-month results and says it is unlikely to improve in the next quarter. Local NewsCameron calls for general electionDAVID Cameron urged Prime Minister Gordon Brown to call a general election in the wake of Labour's disastrous by-election defeat in Scotland today. D-day for c-charge referendum A DECISION was being made today on whether a Greater Manchester wide referendum should be held on congestion charging. Police hunt attackers MEN responsible for a vicious street attack are being hunted by police. Downhill fight to take on the world DOWNHILL mountain biker Josh Bryceland shrugged off injury to get right back on track and take on the world. Restaurant owners deny tribunal claims A TOP restaurant group has been accused of hiring illegal workers, breaking wage laws and trying to stamp out trade unions.. Accountancy NewsOff-balance sheet rule changes won't create unnecessary shocksPenny Sukhraj, Accountancy Age, Friday 25 July 2008 at 10:32:00 The change would mean that current and new entities will have to be brought onto the balance sheet Changes to a contentious accounting rule could force trillions of dollars of off-balance-sheet transactions back onto companies' books but it will be done in a way to avoid unnecessary shocks... KPMG defector taken to court by firm Kevin Reed, Accountancy Age, Friday 25 July 2008 at 10:03:00 KPMG Christchurch's defection to Ernst & Young hits the High Court in New Zealand KPMG in New Zealand has launched legal action against a former partner who joined Ernst & Young a month ago.... Floors-2-Go can't afford to pay employees Rachael Singh, Accountancy Age, Friday 25 July 2008 at 09:54:00 Floors-2-Go has stated it is unable to pay its employees due to money constraints Flooring retailer Floors-2-Go, which entered into administration this week, has confirmed that its employees will not be paid. The laminate flooring specialist has said that over 100 employees will not... Treasury makes new push to keep companies onshore Accountancy Age, Accountancy Age, Friday 25 July 2008 at 09:45:00 Policymakers make new overtures to British multinationals as part of continuing efforts to guard against more companies changing their tax bases The Treasury has made a fresh approach to UK plcs in efforts to stop them leaving the UK. Alistair Darling watered down controlled foreign companies plans earlier this week, but... Half of accountancy firms in the UK are at risk of data theft Rachael Singh, Accountancy Age, Thursday 24 July 2008 at 15:44:00 Research published by IT support company Ulysses finds that 45% of people working in accountancy firms are at risk of IT theft Recent research has revealed that almost one in two accountancy staff is at risk from data theft in the UK.... |