TODAY’S HEADLINE

Taxation & Payroll

They think its all over… It is now! The CASC rules have finally been enacted

As an update to the long running saga of the changes to the rules on Community Amateur Sports Clubs, the legislation implementing the changes to the CASC rules announced by HMRC and, which have been consulted on for nearly two years, was enacted on … [Read More...]

WEALTH_MANAGE

Pension Changes, fairness and succession planning for family businesses

Our Corporate Finance Partner, Steve Plaskitt shares his thoughts on our recent Pensions Update seminar... Growing up in a family business, I am well aware that it is difficult to pass business/wealth to the next generation without diluting it or distributing it unfairly.  I am very lucky as a second son of a second son as, under traditional methods where all the inheritance would pass to the oldest child, I may have had a very different upbringing.  Thankfully, my Grandfather didn’t follow these rules and wanted to treat his offspring fairly. These thoughts came to me after I attended the pension seminar run by Tait Walker Wealth Management last week hosted by Phil Griffin and Chris Hodgson.  The seminar aimed to easily explain the new pension changes that are due out in December 2014, their taxation implications and how that also impacts retirement planning.  And it did!  For those who follow the right advice, private pension pots can now be regarded as a tax efficient savings … [Read More...]

Forensic Services

‘Tis the season for fraudsters…

It’s always the season for fraudsters! News from Northumbria police:  There have been a significant number of successful mandate frauds recently which, on some occasions, run into many hundreds of thousands of pounds being de-frauded. The fraudsters email unsuspecting businesses, either purporting to be a client of theirs or a senior member of their team, and request transfer of funds to a particular account (which is generally overseas). This has not been questioned or challenged and often results in the funds being sent as requested to the criminals. The email is often followed up with a phone call to add authenticity and the fraud is not discovered until some days later, by which point the money is long gone and diverted into hundreds of mule accounts across the globe with little or no chance of recovery. The fraud is so convincing that it catches people out and often they do not even implement their own in house checking/confirmation policy. Be wary of all unusual … [Read More...]

Taxation & Payroll

They think its all over… It is now! The CASC rules have finally been enacted

As an update to the long running saga of the changes to the rules on Community Amateur Sports Clubs, the legislation implementing the changes to the CASC rules announced by HMRC and, which have been consulted on for nearly two years, was enacted on 18th December 2014. The new legislation will come into force from 1 April 2015 and will require many clubs to alter aspects of their membership structure or structure for provision of facilities and services to both members and non-members. The new rules implement the key changes as had been expected and widely consulted upon, namely: The “Open to the Community” rules will require clubs, who have base membership fees of more than £520 annually, to provide new affordable membership options to persons on low incomes where that cost of participation will have to be less than £520 a year The “income condition” will require that clubs who generate more than £100,000 a year of turnover from trading income adapt their corporate … [Read More...]

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