Dentists as social workers. I have passed on your comments to Anna whom I caught just before she caught a flight to LA for her screen test with Mr Szolowski the 75 yrs old film magnate. And she told me that, if she were not an international beauty icon, she would be happy to tooth jockey and prescribe for the NHS. Anna points out that GP's & tooth jockey's pension schemes ( or 'superannuation' schemes as she believes they like to call them) are based on final NHS 'salary'; (yes yes she knows they are Sched D).
So, take medicos in their mid 50's, 5 yrs to go before the hang up their stethoscopes/drills, getting average of 50-60K. But who uncle Gord has recently given a small pay rise, (drunken sailors on shore leave eat your hearts out!) and are all now getting 300-350K. Their NHS Supperan' contribution rate is still 6% p.a. Whereas in the 'real world' of private practice, to an produce equivalent emerging benefit (even in the current booming equity market) would require some 3000% p.a.
Mr Szolowski has told Anna that he is holding a part for her, and thinks that she can make it big. So during her temporary absence in LA, you will all have to direct your questions to 'two brains' Becky Benneyworth.
I want to set up my own bookkeeping and accounting business I am v.outgoing with lots of social skills and have a couple of CIMAS in tow who have recently set up from home.
One of them is a member of a network named ABACUS, and gets his work that way. The other gets his clients by networking Chamber of Commerce etc etc events, which can get expensive. Although many are free.
They pass tax work to me and I pass routine accountancy work to them.
My advice were I starting out would be to 'get in' with some IFA's which you can do by attending their events. They are usually fruitful ground for referrals, especially if you are willing to accompany them on visits to prospects/clients of theirs. They like stuff to do with salary sacrifice, ( to sell personal pensions) advising on trading entities and that sort of guff . Another source I find fruitful is solicitors' trust and probate accounts. Again, you need to network solicitors' events. Dont waste your time with accountancy events. I do, but then I get tax jobs referred to me.
Investment Bond disregarded for care home costs. Er..um.. The commission is actually 7% not 6%.
This may or may not be true. At a recent ATT lecture on long term care, the lecturer said it was (a disregard). The appropriate guidance on disregards is CHARGING for RESIDENTIAL ACCOMMODATION GUIDE(CRAG) to be found on the Dept of Health website. Here are the relevant paragraphs:-
8.014A The treatment of investment bonds in the financial assessment for residential accommodation is complex because, in part, of the differing products on offer. For this reason councils should seek the advice of their own legal departments when they arise. However it is possible to offer some general advice. 8.014B Income from investment bonds, with or without life assurance, is taken into account in the financial assessment for residential accommodation. Actual payments of capital by periodic instalments from investment bonds, with or without life insurance, are treated as income and taken into account provided that any such payments are outstanding on the first day that the resident becomes liable to pay for his accommodation and the aggregate of the outstanding instalment, and any other capital sum not disregarded, exceed £16,000. (See also 6.002 A, B and C)
I have been selling investments for 35 years (I'm an IFA) and I haven't a clue what all that means. Oh, by the way, the opportunity cost of a bond ( i.e. the difference in value after say 5 years c.v. the same fund in a straight unit trust ) is about 35% in favour of the unit trust..
Annual return filing by internet I don't get it.In order to file the client has to be sent security stuff. Companies house dont issue blanket authority to agents. Or am I reading their website wrongly
Move banks The only reason that a bank would ask these questions is if your client owes it money or has a facility with it. In which case I would say that the bank has a right to ask your client anything that pops into its head.
If this doesn’t apply then get free corporate banking from such as Cater Allen who will request only the statutory documents (Cert of Incorp and Money Laundering). Furthermore they won’t try to cross sell your client Company financial services each time it telephones the bank for a balance.
Employer contributions to PPP The insurance salesman is correct. You are making a connextion between duties performed and pension. The appropriate guidance is given in IR 76. Part4.45 which clearly states:
EMPLOYER CONTRIBUTIONS 4.35 Contributions paid by an employer to an employee’s personal pension arrangement • are paid gross and claimed as a deduction in the company's accounts (see paragraph 5.12) • may be made even if the employee is making no contributions • must be added to any member’s contributions for the purposes of the earnings threshold or the percentage limits in paragraph 4.4 • are not assessable on the employee as a benefit in kind (or liable for National Insurance) and should not be included on form P11D (provided the payments are not making up arrears in contributions due from the member)
Allowable investnments to a SSAS Not only will tax relief be disallowed but scheme approcal withdrawn (taht may of course be the intention, see:SSAS busting).Investments must amongst other things be (a) income producing and (b) have no element of 'personal enjoyment'
My answers
Dentists as social workers.
I have passed on your comments to Anna whom I caught just before she caught a flight to LA for her screen test with Mr Szolowski the 75 yrs old film magnate. And she told me that, if she were not an international beauty icon, she would be happy to tooth jockey and prescribe for the NHS. Anna points out that GP's & tooth jockey's pension schemes ( or 'superannuation' schemes as she believes they like to call them) are based on final NHS 'salary'; (yes yes she knows they are Sched D).
So, take medicos in their mid 50's, 5 yrs to go before the hang up their stethoscopes/drills, getting average of 50-60K. But who uncle Gord has recently given a small pay rise, (drunken sailors on shore leave eat your hearts out!) and are all now getting 300-350K. Their NHS Supperan' contribution rate is still 6% p.a. Whereas in the 'real world' of private practice, to an produce equivalent emerging benefit (even in the current booming equity market) would require some 3000% p.a.
Mr Szolowski has told Anna that he is holding a part for her, and thinks that she can make it big. So during her temporary absence in LA, you will all have to direct your questions to 'two brains' Becky Benneyworth.
I want to set up my own bookkeeping and accounting business
I am v.outgoing with lots of social skills and have a couple of CIMAS in tow who have recently set up from home.
One of them is a member of a network named ABACUS, and gets his work that way. The other gets his clients by networking Chamber of Commerce etc etc events, which can get expensive. Although many are free.
They pass tax work to me and I pass routine accountancy work to them.
My advice were I starting out would be to 'get in' with some IFA's which you can do by attending their events. They are usually fruitful ground for referrals, especially if you are willing to accompany them on visits to prospects/clients of theirs. They like stuff to do with salary sacrifice, ( to sell personal pensions) advising on trading entities and that sort of guff . Another source I find fruitful is solicitors' trust and probate accounts. Again, you need to network solicitors' events. Dont waste your time with accountancy events. I do, but then I get tax jobs referred to me.
Hope this helps.
Feel free to e mail me on [email protected]
Investment Bond disregarded for care home costs.
Er..um.. The commission is actually 7% not 6%.
This may or may not be true. At a recent ATT lecture on long term care, the lecturer said it was (a disregard). The appropriate guidance on disregards is CHARGING for RESIDENTIAL ACCOMMODATION GUIDE(CRAG) to be found on the Dept of Health website. Here are the relevant paragraphs:-
8.014A The treatment of investment bonds in the financial assessment for residential accommodation is
complex because, in part, of the differing products on offer. For this reason councils should
seek the advice of their own legal departments when they arise. However it is possible to offer
some general advice.
8.014B Income from investment bonds, with or without life assurance, is taken into account in the
financial assessment for residential accommodation. Actual payments of capital by periodic
instalments from investment bonds, with or without life insurance, are treated as income and
taken into account provided that any such payments are outstanding on the first day that the
resident becomes liable to pay for his accommodation and the aggregate of the outstanding
instalment, and any other capital sum not disregarded, exceed £16,000. (See also 6.002 A, B
and C)
I have been selling investments for 35 years (I'm an IFA) and I haven't a clue what all that means. Oh, by the way, the opportunity cost of a bond ( i.e. the difference in value after say 5 years c.v. the same fund in a straight unit trust ) is about 35% in favour of the unit trust..
Annual return filing by internet
I don't get it.In order to file the client has to be sent security stuff. Companies house dont issue blanket authority to agents. Or am I reading their website wrongly
Bulk xfer
It sounds to me as if you need to transfer the funds to individual buy-out bonds with an insurance company
Move banks
The only reason that a bank would ask these questions is if your client owes it money or has a facility with it. In which case I would say that the bank has a right to ask your client anything that pops into its head.
If this doesn’t apply then get free corporate banking from such as Cater Allen who will request only the statutory documents (Cert of Incorp and Money Laundering). Furthermore they won’t try to cross sell your client Company financial services each time it telephones the bank for a balance.
Employer contributions to PPP
The insurance salesman is correct. You are making a connextion between duties performed and pension.
The appropriate guidance is given in IR 76. Part4.45 which clearly states:
EMPLOYER CONTRIBUTIONS
4.35 Contributions paid by an employer to an employee’s personal pension arrangement
• are paid gross and claimed as a deduction in the company's accounts (see paragraph
5.12)
• may be made even if the employee is making no contributions
• must be added to any member’s contributions for the purposes of the earnings
threshold or the percentage limits in paragraph 4.4
• are not assessable on the employee as a benefit in kind (or liable for National
Insurance) and should not be included on form P11D (provided the payments are not
making up arrears in contributions due from the member)
No in neither case.
The best way to get relief is to complain about the broker who sold the policy and get redress
Allowable investnments to a SSAS
Not only will tax relief be disallowed but scheme approcal withdrawn (taht may of course be the intention, see:SSAS busting).Investments must amongst other things be (a) income producing and (b) have no element of 'personal enjoyment'