After 18 months of correspondence with HMRC we are proud to mention an excellent outcome for an Eaves & Co client.
The case revolved around whether a late election should be allowed. HMRC resisted the election until the pressure to bear from Eaves & Co regarding case law and the legislation became too much.
A significant amount of tax, interest and penalties will be saved by the client, which is down to our thorough and robust approach.
If you are under a tax investigation and live in Yorkshire or Lancashire call Eaves & Co for an initial conversation.
From 6 April 2011, the rules on receiving relief for pension contributions have been changed. The new rules restrict the maximum annual allowance to £50,000 from £255,000 (subject to the limit of 100% of relevant earnings).
Whilst this may appear to be a significant reduction, for the majority of taxpayers it actually represents an increase from what could be contributed on the most tax efficient basis, due to the complex rules in place over the past couple of years.
An additional welcome change is that unused allowances from the three previous tax years will be available for “carry forward” to the year in question.
Unused allowances in 2008/09, 2009/10 and 2010/11 will be available to carry forward into 2011/12 but on the assumption that the annual allowance was £50,000 in those tax years. This will mean that those paying less than £50,000 in these years will have additional allowance to carry forward from prior years to 2011/12.
We recommend specific advice is taken as to the maximum relievable pension contribution level for 2011/12.
We are pleased to announce that our latest newsletter is now available on our website, covering a number of the changes announced in the Budget.
Please click here to read it.
We are pleased to mention that we have engaged with another individual to assist them with a claim for ESC A19.
If you have received a bill from HMRC for past years PAYE and feel agrieved then please email or call us for a no obligation initial conversation on 0113 2443502.
Eaves & Co’s approach is to robustly represent our clients if we feel a case can be made in order to achieve success.
Our experience is that HMRC are doing as promised by not asking for tax prior to 6 April 2007. However, whether annual P14s are classed a “relevant information” could be key in the absence of P46s or correspondence for tax coding purposes.
We are pleased to announced that our first ESC A19 success came through in July 2011, saving our client over £5,000 in tax.
Our financial year passed on 31 March and the 2010/11 year has been a successful one.
We have increased our fees significantly and have engaged a number of new good quality clients this year; as well as providing an excellent service to our existing client base.
Special thanks must go to our talented group of staff who have worked very hard and whose development we are very proud of.
We already have plans to develop our team and client base for the coming year, when again we will be providing robust, innovative and accessible tax advice to entrepreneurs and individuals alike.