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Download out new brochure!

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By , November 21, 2012

Brochure PDF

Exciting news – we have a new brochure! It’s going to print soon but we thought some of you might like a sneak preview so please feel free to download it here (PDF format, less then 1MB). It shows you the many accountancy-related services available from the various offices within the Guy Bridger Ltd. group — that’s both in South London (also offices here) and in Exeter, Devon — as well as details of the many discounts available (download the brochure for more details).

Pensions: Reduction of the Annual Allowance

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By , August 15, 2011

HMRC is changing the draft guidance based on the draft legislation published on 14 October 2010. This is important for individuals and pension scheme members so that they can understand the changes to the annual allowance and the effect that it might have on them.

From April 2011, the annual allowance for tax-relieved pension savings reduces from £255,000 to £50,000. To understand whether you are affected and if so, to what extent, you need to work out how much your pension savings are for a tax year. If they are more than £50,000 then you may be affected if your pension savings are regularly at this level. For ‘money purchase’ schemes, pension savings are the amount of cash paid in to your scheme for the tax year (including employer contributions for workplace schemes)

Important changes you need to know

  • For the tax year 2011-12 the amount of the annual allowance will reduce to £50,000.
  • The method of calculating the amount of pension saving (pension input amounts) for a defined benefits or cash balance arrangement has changed. There is no change in how you calculate the pension input amount for a money purchase arrangement. Continue reading 'Pensions: Reduction of the Annual Allowance'»

Do your tax on time or you could be fined badly

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By , April 28, 2011

Over 85% of people avoid a penalty by filing on time. Make sure you join them and make sure you pay on time.

From April 2011, if you don’t file your SA returns or pay your tax on time, the penalties you will have to pay are changing. The more you delay the greater the penalty.

Penalties for filing late:

·        One day late you will be charged an initial penalty of £100 even if you have no tax to pay or you have already paid all the tax you owe.

·        Three months late and you will be charged an automatic daily penalty of £10 per day, up to a maximum of £900.

·        six months late you will be charged further penalties, which are the greater of 5% of tax due or £300

·        Twelve months late you will be charged yet more penalties, which are the greater of 5% of tax due or £300. In particularly serious cases you face higher penalties of up to the tax due.

Penalties for paying late:

·        Thirty days late and you will be charged an initial penalty of 5% of the tax unpaid at that date.

·        Six month slate and you will be charged a further penalty of 5% of the tax that is still unpaid.

·        Twelve months late and you will be charged a further 5% of the tax that is still unpaid.

Riyas Kallan. Taxfile, Tulse Hill.

 

BUDGET 2011-Initial Reaction

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By , March 27, 2011

The Chancellor’s current look at the financial plan raised awareness about the growth of the economy. It was estimated that there was a reduction in growth from 2.1% to 1.7% which verifies that progress is slower than previously thought.

We’re pleased to see that the Chancellor intends to address the flexible workforce with his recent proposal of ‘economic ambitions’. Unfortunately we have yet to see any measures with reference to improving the flexibility of the existing workforce.

Initially we feel that the value of professional contractors and self-employed professionals has not been recognised in Budget decisions. However, we are pleased to see that the Government has stood by its promise and taken action to try and stimulate growth for the UK’s economy.

We welcome the commitment made by the Government to improve administration of IR35 nonetheless we remain concerned over the merging of National Insurance Contributions (NICs) and Income Tax. Continue reading 'BUDGET 2011-Initial Reaction'»


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