News

Company car advisory fuel rates

If you are claiming business mileage (i.e. the pence per mile travelled) and are reclaiming VAT on the fuel element, you should note that the rates are changing from the 01 June 2013.

Please CLICK HERE for the new rates.

 

Too good to be true access to pension funds

Difficult economic times have resulted in many individuals looking to turn the assets they hold into cash. Many people may have built up a pension fund over the years and would be tempted by someones offer to access this money tax free before retirement. Many companies have been setup to take advantage of these times giving individuals false information and sometimes offering incentives to encourage this action.

Accessing funds within a pension scheme carries with it substantial tax penalties. Only in extreme cases should individuals consider gaining access to these funds. This is commonly the last step for an individual to avoid bankruptcy. Bankruptcy has become easier and more common over the years but many cannot risk bankruptcy due to being members of professional bodies.

HM Revenue & Customs will be looking at this closely and they have provided information on their website to better inform individuals of the rules and regulations around pension liberation. Please CLICK HERE for more details.

Speak to your agent if you wish to discuss pensions and retirement planning in greater detail. Should you not have an appointed agent, we would be happy to discuss this with you.

Business Finance Advice scheme

BFAWe are proud to announce that our application to join the Business Finance Advice scheme has been approved by our governing body the Association of Chartered Certified Accountants. Membership of this scheme is only available to chartered practicing accountants who are members of either ACCA, ICAEW or ICAS who have specialist capabilities involving business finance.

The Business Finance Advice scheme (BFA) is a new government backed scheme (in partnership with Barclays bank) designed to enable businesses to identify professionals that can provide independent advice on business finance and can assist them in obtaining that finance.

Finding independent advice on finance issues can be difficult for many businesses. Many promoters of corporate finance arrangements are remunerated/assessed based upon obtaining clients. We have seen many instances whereby mis selling has taken place which has had a detrimental effect on businesses not only now but for years to come. Damaging the company's ability to obtain finance in the foreseeable future.

We are proud to say we are independent in all our affairs and we adhere to our professional and ethical standards with the best interest of our clients in mind. Look out for the logo above when seeking advice.

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