Operating a payroll can be both time consuming and complicated, and the introduction of Pensions Auto-enrolment has increased the burden on employers, heightening the potential risk of penalties for non-compliance or late submissions.
If you are an owner / shareholder of an SME (small and medium-sized enterprises) there could be a good argument in favour of making pension contributions in addition to or instead of drawing a dividend.
There is much talk these days about responsible business, and the need for greater corporate responsibility, perhaps more talk than action in many instances.
Recent reports have shown that HMRC’s sophisticated automated information system, Connect, is being used increasingly frequently to identify income and gains that have not been declared for tax purposes, and the amount of information that HMRC can access to check whether an individual or business is evading tax is growing all the time.
Parents and grandparents can create a substantial nest egg for their children, with minimal effort, by being clever with their tax planning. By starting a stakeholder pension fund for each of your children and paying in an amount each month, even though they are not taxpayers, there is considerable tax relief available.
Winning awards can often mean just another trophy in the cabinet to say that you have worked hard and have efficient staff doing a good job. In the world of accountancy though, award schemes are far more complicated and essential for gauging performance on so many different levels.