Pension problems, prison pending?

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It’s an uncomfortable truth that some employers just don’t take work place pensions as seriously as they should. They don’t follow the correct procedures and they try and encourage their employees not to join the scheme. And just to be clear, this is ILLEGAL!

Every employee who qualifies has the right to join a work place pension without fear of reprimand or reprisal. Whereas any employer who tries to influence an employee should most definitely fear the Pension Regulator’s wrath.

The Pension ...

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Globe Trotting Taxman

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A call to all individuals with overseas assets.

A new penalty regime comes into effect on 1 October 2018 called Failure to Correct (FTC), aimed at Taxpayers who have income from overseas and have never declared the tax due to HMRC. This could be the dividends you receive on the shares in the USA your uncle left you in his will or the rent you receive on your old home in Australia before you moved to the UK.

We are currently in ...

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Chuhan & Singh Personal Profile: Gursharan Singh, Director

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This week we interview Chuhan and Singh’s Gursharan Singh to find out a bit more about his loves, his proudest moment and why Rosie the dog is important to him…

 What made you become an accountant?
It was on my father’s advice, he said his accountant was always busy!

If you were marooned on a desert island and could only take one item with you, what would it be? (Desert Island Disc rules apply!)
My calculator, to work out how long ...

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Making Tax Digital

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The Treasury has announced a delay in the start of Making Tax Digital and while this might have been seen by many as a welcome postponement, it does not mean that Making Tax Digital is going away. It does however give us a little time to breath, to assess and to review your recording keeping to get ahead of the changes.

Making Tax Digital is the largest revision to the tax system since the introduction of self-assessment and will impact every ...

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New Employees – What to Do

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Taking someone on to work for you can be a very stressful event, and along with everything that has to be considered, e.g. Heath and Safety and Employers Insurance, plus getting the payroll set up and running smoothly might feel like a real headache.

To ease the process, we suggest the following steps should be followed when taking on a new employee:

  1. Legal right to work in the UK.
    As an employer, you are legally required to make sure the people ...
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SCAM – the new four letter word!

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Scams. Everyone thinks they know how to spot one, but a recent call with a client shows just how difficult it can be.

The story starts with a phone call to the client from HMRC, stating enough information about them that they could be genuine, informing them that they owed a significant amount of tax and that legal action was now being taken. And by legal action I mean that an arrest warrant had been issued, quoting the magistrate court that ...

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Tax Planning and Advice – How We Can Help

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If you can stay up to date with the latest tax rules, allowances and reliefs you can safeguard against paying any more tax than you absolutely need to. Not everyone has the time to navigate this complex area though and that’s where we come in.

Here at Chuhan and Singh one of our key goals is to look at how we can reduce your tax burden, be it for your personal or your business finances. Good tax planning can make a ...

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What a difference a day makes

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As we’re about to hit a Self Assessment Tax Return penalty deadline it’s probably wise to refresh everyone on how much and when penalties are issued for the late submission of a tax return.

As most people are aware, excluding unusual circumstances, your Self Assessment Tax Return has to be submitted to HM Revenue & Customs by the 31st January following the end of the tax year, e.g. for the tax year ended 5th April 2016, the return has to be ...

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All is not lost!

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The way in which a company can claim tax relief on a trading loss is about to change. Currently, a trading loss in a company can be carried back or set sideways against other income (rent, bank interest etc.) reducing the tax due or wiping it out completely. If there is any loss left it is then carried forward but can only set against the profits from the same trade. This can result in trading losses being carried forward and ...

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