February Tax Newsletter from Daly Park
01 February 2019
Our latest tax newsletter brings you the latest on auto-enrolment obligations and fines, the streamlined company registration process, the avoidable inherited ISA tax charge and proposals to tighten wealth taxes.
Employers are legally obliged to automatically enrol workers into a workplace pension scheme if they are aged between 22 years and state pension age and earning more than £10,000 a year.
There were 36,137 fines to employers who were not compliant in 2017-18. It can be particularly difficult for those businesses which do not have a dedicated payroll department. If you, as an employer, need help with auto-enrolment, your obligations and record-keeping please get in touch with our Payroll Manager, Aine O'Hagan at Daly Park Lurgan.
Companies House Dual-Registration Service
Since 2015, when a company is registered with Companies House, they are automatically registered with HMRC for tax and a Unique Tax Registration number (UTR) is dispatched. This collaboration between Companies House and HMRC has significantly streamlined the registration process for business start-ups.
If you require any advice on starting a company or assistance with incorporation, please give Laura Magee a call at Daly Park Newry.
Avoid the Inherited ISA Tax Charge
Many bereaved partners have been missing out on a tax break when they inherit a partner's ISA. An extra ISA allowance is available to the surviving partner, the value of which depends upon when the death occurred. For more advice on your personal finances, get in touch with your Accountant at Daly Park.
Click here for February's Tax Newsletter.