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Chartered Accountants of Poynton, Cheshire

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Pension Payments

There 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.

National minimum wage

From 1 October 2007 this is set at £5.52 per hour for workers aged 22 or  older.  The reduced development rate for employees aged between 18 and 21 is £4.60 per hour.  The rate for workers who are under 18 and no longer of compulsory school age is set at £3.40 per hour.

National Insurance numbers

It is vital that, as an employer, you show full and correct National Insurance numbers on all documents on which you record contributions, particularly when the forms are submitted to HMRC as part of PAYE compliance.

If an employee does not know their National Insurance number, you can trace it through HMRC by filling in HMRC leaflet CA6855.

If you have doubts over the accuracy of the National Insurance numbers that you hold, HMRC can check and update them for you.

The full procedure is set out in HMRC leaflet CA89.

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Welcome to Appletons

Financial Services

We have been searching for sometime for a Financial Services provider whom we can recommend to our clients.

We are therefore pleased to inform you that we have set up a formal relationship with an Independent Financial Advisers in Macclesfield.

Plan Invest Group Ltd and its sister Company, Plan Insure Ltd, have been established since the 1970's and Plan Invest has recently been awarded second place in the Money Marketing Financial Adviser Awards within the Best Investment Advisor category.

The following services are available to our clients and an initial meeting with an Adviser is of course free and entirely without obligation.

Retirement Planning

  • Full Pension Review Service
  • Self Invested Personal Pensions including consolidation of existing plans
  • Corporate Pension Scheme advice including wind up of old Occupational Schemes

Investment Advice

Plan Invest Group Ltd is a non-discretionary investment manager and handles around £140 million of client's investments.

  • Individual Bespoke Advice not a 'one size fits all' approach
  • Full Risk Profile analysis with specialised Advisers
  • Investment advice encompasses all areas including cash, National Savings etc.
  • Regular review Procedure of Investments, normally every 6 months

Life Assurance & Health Protection

  • Following changes in legislation from the 6th April 2006 Life Assurance cover can now be arranged where premiums are fully tax allowable. Do your existing plans need reviewing?
  • Key man and Co-Director protection
  • Critical illness
  • Income replacement

Inheritance Tax Advice

Plan Invest group Ltd is able to offer in conjunction with ourselves advice on strategies to reduce or even eliminate your IHT liability. This is a very complicated area but where considerable savings can often be made for minimal cost.

PLAN INVEST GROUP LTD AND PLAN INSURE LTD ARE AUTHORISED AND REGULATED BY THE FINANCIAL SERVICES AUTHORITY.

Conclusion

Should you wish us to arrange a mutually convenient appointment with an Adviser from plan Invest Group Ltd then please telephone your normal point of contact at Appletons.