Welcome to our tax news delivering tax and legislative updates for businesses, entrepreneurs and private clients.
MORE COMPLICATED PENSION RULES
Last month we highlighted the restricted annual pension allowance for those with a high income, such as doctors. Note that the deadline for requesting for the additional tax to be paid out of the fund for 2017/18 is 31 July 2019.
There is a further complication for those individuals who have started drawing income from certain money purchase pension schemes. A new £4,000 limit introduced from 6 April 2017 restricts the amount that they can save in their pension and receive tax relief. Our concern is that many taxpayers may unwittingly trigger a tax charge due to this rule change.
USING A PAYE SETTLEMENT AGREEMENT TO PAY SOME OF YOUR EMPLOYEE'S TAX
PAYE settlement agreements (PSAs) are arrangements under which an employer can settle the income tax and National Insurance liabilities on benefits in kind and expenses payments provided to employees and officeholders.
Are you in the Construction industry?
We have produced a newsletter for VAT - Construction Services Domestic Reverse Charge (CSDRC). This will give you an insight into VAT registered businesses which supply certain services to other VAT registered businesses. DOWNLOAD you copy today.
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Registered to carry on audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England & Wales. Clive Owen LLP is a Limited Liability Partnership, registered in England and Wales. Registration number: OC312218
