Most of us who have built a pension pot will be faced with a decision – when we decide to retire – as to how best withdraw funds from the pension fund we have accumulated. One option is to use part of the fund to buy an annuity. A pension annuity is basically a financial

Customs Civil Penalties (CCPs) apply to customs rules relating to certain specified taxes and duties. The regime provides for a maximum penalty of up to £2,500 per contravention for the more significant irregularities and £1,000 per contravention for other irregularities. There is a minimum penalty of £250 which will usually be the first amount levied. The

Around 1.2 million low earners will receive top-ups to their take-home pay from 2025 which could be worth hundreds of pounds a year. The government has published legislation confirming that low earners who save through a Net Pay Arrangement (NPA) will get the same level of government top-up as those who use Relief at Source

The Recognised Overseas Pension Schemes (ROPS) is a list of pension schemes that have notified HMRC that they meet the conditions to be a ROPS and have asked to be publicly listed. The list is usually published twice monthly to update new and removed schemes. In the most recent update on 15 July 2022, 10

Customs declarations can be difficult and time consuming to complete. Businesses can make their own customs declarations; however, this is complex and requires specialist skills and software.  Most businesses use a specialist such as a customs agent, broker, freight forwarder or fast parcel operator to submit import and export customs declarations on their behalf. HMRC

HMRC’s Personal tax accounts (PTAs) were launched in 2015. The service works as an online resource to allow taxpayers to review and update their details in real time. For many routine requests and services using the PTA can help you avoid having to phone or write to HMRC. Every individual in the UK that pays

Taxpayers can apply to HMRC for clearance or approval for certain specific transactions. This can help give certainty as to how a proposed transaction will be treated. Of course, there are numerous caveats to seeking clearance and the taxpayer must have provided all relevant facts of the intended transaction. There are two types of clearance available.

Most businesses and many households record their financial transactions on their PC or laptop. Within seconds a breakdown of receipts and payments can be accessed in detail that even spreadsheets would be unable to create without hours of juggling @Functions. And for less than you would spend on tea milk and coffee each month, you

The Consumer Credit Act, which came into force in 1974 and governs billions of credit card purchases and loans each year, is highly prescriptive and increasingly cumbersome and inflexible – confusing consumers and adding unnecessary costs to businesses when implementing its requirements. The government will move much of the Act from statute to sit under the

Acas has published its findings from a new hybrid working survey which indicates that 60% of employers have seen an increase in hybrid working for staff compared to before the coronavirus (COVID-19) pandemic. The survey also found that over half of employers have seen an increase in staff working from home full time.  Following the