He said the chaos in the scheme was caused by three factors: HMRC was historically too trusting of applications; some advisers took advantage of the weak oversight and flooded HMRC with large numbers of ineligible claims; and the tax inspectorate’s attempt to clean up the mess isn’t targeted enough to treat legitimate claimants fairly.
What the consultation covers
The consultation seeks views on:
whether tax practitioners (within the consultation this refers to “any professional providing tax advice and services”) should be required to register with HMRC to be able to interact with the department on behalf of their clients, and
three approaches to strengthening the regulatory framework, one of which is mandating membership of a recognised professional body that supervises tax practitioner standards.
If it drives out the cowboys/chancers I am all for it.
So if were doing all this work for the Government, HMRC, Police, civil service...... are we entitled to holiday pay, police pensions, cars and other benefits ......
Good point, no one at the upper hierarchy of Banks or Financial intuitions ever goes to jail for not performing AML. They are happy in collect the fines.
'importance of technology and software
Only 65% of accounting firms use software for AML and these firms are 3.2 times more likely to carry out more regular reviews compared to those who aren’t using any software to manage their AML compliance. '
I did not even know AML software was available, but then again I am sceptic of technology, guess I must be one of the 90% who believe there on top of AML.
During 2021, Bureau Workspace identified an entitlement to a Research & Development Credit (RDEC) for the accounting periods ending 31 December 2019 and 31 December 2020.
Before the tax agent’s offices closed for Christmas on 23 December 2021, they attempted to file the amended CT return and computation for the accounts payable (AP) 31 Dec 2019.
They left it all a bit late in the day to file amended year ended 31/12/2019 accounts.
will allow a tax-free cash sum of 25% of the pension pot to be taken at retirement, up to a maximum of the new lump sum allowance of £268,275.
Death is another matter. The member must keep records of all their tax-free cash at retirement, of any tax-free element of UFPLS payments and of any serious ill health pension payments received tax free throughout their lifetime. These are to be deducted from the new lump sum and death benefit allowance of £1,073,100, and the balance that is left will be tested against lump sum death benefits, excluding any charity lump sum death benefits or trivial commutation lump sum death benefits.
My answers
He said the chaos in the scheme was caused by three factors: HMRC was historically too trusting of applications; some advisers took advantage of the weak oversight and flooded HMRC with large numbers of ineligible claims; and the tax inspectorate’s attempt to clean up the mess isn’t targeted enough to treat legitimate claimants fairly.
HMRC is always off the pace.
What the consultation covers
The consultation seeks views on:
whether tax practitioners (within the consultation this refers to “any professional providing tax advice and services”) should be required to register with HMRC to be able to interact with the department on behalf of their clients, and
three approaches to strengthening the regulatory framework, one of which is mandating membership of a recognised professional body that supervises tax practitioner standards.
If it drives out the cowboys/chancers I am all for it.
So if were doing all this work for the Government, HMRC, Police, civil service...... are we entitled to holiday pay, police pensions, cars and other benefits ......
Good point, no one at the upper hierarchy of Banks or Financial intuitions ever goes to jail for not performing AML. They are happy in collect the fines.
'importance of technology and software
Only 65% of accounting firms use software for AML and these firms are 3.2 times more likely to carry out more regular reviews compared to those who aren’t using any software to manage their AML compliance. '
I did not even know AML software was available, but then again I am sceptic of technology, guess I must be one of the 90% who believe there on top of AML.
Don't forget to add to the above the G form now has to be filed but separately from accounts, comp and CT600.
During 2021, Bureau Workspace identified an entitlement to a Research & Development Credit (RDEC) for the accounting periods ending 31 December 2019 and 31 December 2020.
Before the tax agent’s offices closed for Christmas on 23 December 2021, they attempted to file the amended CT return and computation for the accounts payable (AP) 31 Dec 2019.
They left it all a bit late in the day to file amended year ended 31/12/2019 accounts.
will allow a tax-free cash sum of 25% of the pension pot to be taken at retirement, up to a maximum of the new lump sum allowance of £268,275.
Death is another matter. The member must keep records of all their tax-free cash at retirement, of any tax-free element of UFPLS payments and of any serious ill health pension payments received tax free throughout their lifetime. These are to be deducted from the new lump sum and death benefit allowance of £1,073,100, and the balance that is left will be tested against lump sum death benefits, excluding any charity lump sum death benefits or trivial commutation lump sum death benefits.
Both are worth being aware of.
I thought we all had to work until we are 70...... ish.
lets not knock it.