Archive:February 2014

Please find below all the articles from February 2014.

New tax allowance changes set to affect pension pots.

Monday, February 24, 2014

Pension holders are being urged to seek advice on their pensions as radical changes to tax allowance are set to take effect.

Reductions to the threshold available for relieved annual allowance and lifetime allowance for pensions will take place from the 6^th April 2014, and are anticipated to impact over 300,000 UK pension savers.

The annual allowance for pension tax savings will be reduced from £50,000 to £40,000 in the coming weeks, with any sum over the new £40,000 limit liable to taxation at the rate of 40 per cent.

The…

Online traders urged to act as crackdown on unpaid tax continues

Sunday, February 2, 2014

People who sell goods online are being urged to seek advice on paying tax on their profits ahead of imminent crackdowns by HMRC.

Since September 2012 online trading sites, such as eBay and Amazon, have passed on tens of thousands of members details to HMRC following a large-scale crackdown on traders who have failed to register their income.

South Wales Chartered Certified Accountants Morgan Hemp & Company, are urging online traders to act quickly and register themselves for tax before the next stage of the HMRC crackdown where traders who…