Archive for February, 2012

HMRC plans relaunched Business Records Check program

Friday, February 3rd, 2012

HMRC has announced a suspension of the Business Records Check (BRC) program until the new tax year, when they will implement a new approach.The pilot programme conducted 2,437 Business Records Checks up to 4th January 2012 and found that 28% of businesses had some issue with their record keeping and that an additional 11% had issues serious enough to warrant a follow-up visit.Any new BRC appointments will be postponed until the revamped approach is launched early in the 2012/13 financial year. However, HMRC will continue to undertake visits already booked (including follow up visits) to those already identified as having seriously inadequate statutory records.HMRC will confirm the new start date of the program in due course. However, when the program does restart, HMRC will initially contact those businesses it considers to be at a higher risk of keeping inadequate records by phone or letter to ask about their record keeping. This information will then be used to determine whether a full Business Record Check is required.

Cash In your small pension pots ?

Friday, February 3rd, 2012

Changes to the present pension tax rules will allow over 60s to cash in up to two pension pots as a lump sum.·         Changes apply from April 2012.·         Pension pots of up to £2,000 in value can be considered for this treatment.·         HMRC will allow 25% to be taken free of tax. The balance will be taxed at individual’s marginal income tax rate.·         Only two pension pots can be considered. 

Its always a good idea to a state pension forecast. A BR19 request can be made online.