News
March 2007
'The Truth About Money'
We are delighted to have attended one of the recent Truth seminars given by Paul Armson of Prestwood Software Limited. For advisers who have not yet attended a seminar we would encourage them to make time to do so. Paul gives an insight into his success and how he uses Truth software to reinforce the ongoing service that he provides to his client bank. This is a very exciting step forward for our industry and we give the Truth About Money Campaign our full support.
February 2007
Revenue Provide Further Guidance on the Tax Treatment of Employer Pension Contributions
HMRC have issued further guidance relating to the tax treatment of employer pension contributions, which would appear to confirm that in most circumstances that they will be allowable as a deduction against corporation tax.
However, there is specific comment in relation to controlling directors (including relatives and friends, which are perhaps a little less clear. In particular, contributions that are deemed 'excessive' taking into account the relevant fact, might be disallowed.
My advice would be that where documenting employer pension contributions, particularly for controlling directors and related parties, careful wording should be used to protect against any future claims in arising from the advice being given.
Further information is available at :
http://www.hmrc.gov.uk/manuals/bimmanual/BIM46035.htm