10 things a promoter of tax avoidance schemes won’t always tell you

tax fraud round orange grungy vintage isolated stamp It was Benjamin Franklin who said: "In this world nothing can be said to be certain, except death and taxes." Whilst you can't cheat the former, it may be tempting to try and avoid the latter. However, if you ever feel yourself being sedued by a slick tax 'expert' the Government has issued a checklist of 10 things a promoter of tax avoidance schemes won't always tell you. 1. Most schemes don’t work You may be told that avoidance is legal, but if the scheme doesn’t ...

Insolvencies fall to a 10-year low

BankruptcyThe number of people declaring themselves to be insolvent has fallen to the lowest for 10 years. The figures, released by the Insolvency Service, show that the number of people who were declared insolvent in 2015 fell by 19%, compared to 2014, to 79,965. This is the fifth year in a row when the number of insolvencies has fallen and is generally seen as a reflection of an improving economy. The figures will also have been helped by rising employment, a fall in the rate of inflation and slow, if steady, wage ...

Pensions: Tax-relief to be changed? The action you should take now

Multi-Ethnic Group of People and Action ConceptWith George Osborne’s Budget set for 16th March, speculation is rife that following a Treasury led enquiry into how pensions are taxed, the system of tax-relief, designed to encourage savers, could be set for a significant overhaul. Pension tax-relief Paying into a pension has long been a very tax-efficient way of saving for retirement, in no small part due to the top ups provided by the Government. This system means that for every £80 a basic rate (20%) taxpayer pays into a pension, the Government adds £20. A ...

Pensions: 3 reasons why you shouldn’t use your pension to fund your business

Pension Retirement Income compensation Office Business Concept We often get phone calls from people wanting to use their pension to help start a business, or indeed plough money into an existing business, which is often facing financial difficulties. In fact, we’ve seen an increase in the number of enquiries of this nature, partly we believe due to Pension Freedom, which gives people over the age of 55 greater access to their pension. It’s also possible that wider knowledge of self-invested pensions has a part to play too. In our view, using your pension ...