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Key Dates

"Two Decades - One Decathlon" 2012 Ten Sporting Challenges

In the Olympic year and the firm's 21st birthday he is preparing for a decathlon of events consisting of Olympic disciplines, which will make 2012 a year to remember.
 
He plans to start the challenges on his youngest daughter, Rachel's birthday, on the 21 February 2012 and aims to finish on his oldest daughter, Gemma's birthday on the 20th December (20.12.2012!!)

He would like as many people as possible to join him in his challenges to help raise £50,000 for 3 fantastic local charities, The Rose Road Association, Wessex Cancer Trust and The Rainbow Centre.

Watch this space for further details or contact Bruce on 023 8024 7070.

Note

All charitable donations are kindly being managed through Challenge Adventure Charities (CAC), a locally based charity that has raised some £2.75 million from cycling challenges that I have had the privilege to participate in over many years.

CAC is a Limited by  Guarantee Company, registered charity number 1057920.  It is run by volunteers and 100% of donations are redistributed for charitable purposes.

For further information go to www.challengeadventurecharities.org.uk

A Day with the Lords

Hosted by Simon Braidley, the President of the Association of Taxation Technicians (ATT), and guest speaker Lord Christopher CBE, Laura was presented with her certificate in an exclusive ceremony in one of the state rooms overlooking the Thames, before being given a guided tour of the House of Lords and House of Commons.

Laura said

"CW Fellowes have been fantastic in supporting me through my studies over the past couple of years, and it is a real privilege to learn from people that have such a extensive wealth of tax knowledge and are passionate about what they do, and the service they give to their clients. I feel honoured to be part of that team.

Laura adds to the expert team of tax advisers and specialists already at CW Fellowes, working with private clients, Trusts and Estates.

May 2011

Thousands Rise To Red Tape Challenge

During the website’s first week, more than 6,000 comments were made. Until 5 May, the website was inviting comments on regulation in the retail sector and the comments raised issues including simplifying the complex range of age restrictions on buying products and the use of metric and imperial measures. Further sectors to be covered over coming months are:

• from 6 May: hospitality, food and drink
• from 20 May: road transportation
• from 2 June: fisheries, marine enterprises and internal waterways
• from 16 June: manufacturing
• from 23 June: healthy living and social care
• from 7 July: media and creative services
• from 21 July: utilities and energy
• from 4 August: rail and merchant shipping
• from 18 August: mining and quarrying.

A further six themes will also be open throughout the consultation. They are:

• employment law
• pensions
• company law
• equalities
• health and safety.
• environment legislation.

Business secretary Vince Cable said: “Some of these regulations are there for good reasons, protecting employees, businesses or the public. But some, like the Indication of Prices (Beds) Order serve no purpose at all.

“That’s why this campaign is different to the deregulation drives that have gone before. The onus is now on my fellow Ministers and me to justify a regulation.”

“This is an excellent opportunity for businesses to help shape the regulatory framework within which they have to work so that their lives are made easier.”

LINK: Red Tape Challenge

US Offers Tax Disclosure Opportunity

To encourage taxpayers back into the system, a disclosure opportunity has been created for 2003 to 2010 inclusive which generally eliminates criminal prosecution by the IRS and reduces penalties to a more manageable level. 

The 2011 Offshore Voluntary Disclosure Initiative [OVDI] will give taxpayers the opportunity to file or amend US tax and information returns by 31 August 2011.

LINK: Offshore Voluntary Disclosure Initiative

Government Says No To Early Access to Pension Savings

Responding to the call to evidence – which attracted more than 100 responses, including from more than 60 organisations representing major pension providers and schemes, consumer bodies, think tanks and other financial service providers – Mark Hoban, financial secretary to the Treasury, said the government was committed to improving flexibility over savings, to encourage individuals to either start saving or save more.

But following consideration of the responses received, it had concluded that while early access to pension savings had “some merits”, it should not be considered at the present time on the basis that:

• there was limited evidence that allowing early access would have a positive effect on overall pension contribution levels or would provide significant help to individuals facing financial hardship; and
• the extensive private pension reforms already planned, most notably the introduction of automatic enrolment from 2012, should be implemented before the government considers further reform.

However, the government would engage with industry to further develop innovative workplace savings models to encourage saving for both medium-term needs and for additional retirement income. 

Mr Hoban said the government would also explore reform to improve flexibility for those with very small levels of savings in personal pension schemes, and publish further details in the autumn.

LINK: Early access to pension savings

Regional Growth Fund Set To Boost Job Creation

The first round of the RGF, announced on 12 April, will see public investment support 50 bids by companies and partnerships who demonstrated how they would create jobs and high levels of private sector-led sustainable economic growth over the coming years.

The government expects over 27,000 jobs to be directly created and safeguarded, with close to a further 100,000 jobs in associated supply chains and local economies.

Business secretary Vince Cable said: “We wanted to see proposals that created jobs in the private sector, in areas of deprivation and that is at risk of suffering from public sector cuts. I’m confident that the successful bids we have chosen will deliver on this.”

Successful bidders included General Motors, the Liverpool Echo, Jaguar Land Rover and Doncaster Borough Council.

In total, the RGF will allocate £1.4 billion between 2011 and 2014. The objective is to stimulate private sector investment by supporting projects that offer significant potential for long-term economic growth and sustainable private sector jobs.

LINK: Regional Growth Fund

New Minimum Wage Rates Set

The government has accepted the independent Low Pay Commission’s (LPC) recommendations for this year’s National Minimum Wage (NMW) rates. The following rates, announced in April, will come into effect on 1 October 2011:

• the adult rate will increase by 15p to £6.08 an hour;
• the rate for 18-20 year olds will increase by 6p to £4.98 an hour;
• the rate for 16-17 year olds will increase by 4p to £3.68 an hour; and
• the rate for apprentices will increase by 10p to £2.60 an hour.

Business Secretary Vince Cable said: "More than 890,000 of Britain’s lowest-paid workers will gain from these changes.

“They are appropriate - reflecting the current economic uncertainty while at the same time protecting the UK’s lowest-paid workers.”

LINK: Low Pay Commission

Don’t Forget To PAYE on Time, Says HMRC

However, when the 22nd falls on a non banking day – a weekend or bank holiday – HMRC must have cleared funds by the last bank working day before the 22nd.

HMRC says: “If you do not do so, you will be noted as paying late, and late payments for this tax year may result in a penalty being charged.”

LINK: Payments and Deadlines

New Late Filing Penalties in Place

Taxpayers could find themselves paying a high price for submitting late tax returns under a new penalty regime introduced in April. From 6 April 2011, anyone submitting a self assessment return a day late will receive a £100 penalty and for a delay of three months, will have to pay additional penalties on top of that, at a rate of £10 a day and up to a maximum of £900.

If the delay reaches six months, the taxpayer will be asked to pay a further £300 or five per cent of the tax due, whichever of the two is the higher.

After 12 months, another £300 or five per cent of tax due penalty will be levied again, although the cost could go up to 100 per cent of the tax due in serious cases.

HM Revenue & Customs (HMRC) says all the penalties will apply, even if the taxpayer has no tax to pay or pays all the tax they owe, although it will waive penalties if they have a reasonable excuse for missing the deadline, such as a life-threatening illness, the death of a partner or documents being lost through theft, fire or flood that cannot be replaced in time.

Penalties will also be charged on late payments. After 30 days, the penalty is five per cent of unpaid tax at that date, with the same penalties levied after six months and 12 months. Interest will also be levied on all outstanding amounts, including any unpaid penalties, until all payments are made.

LINK: New late filing penalties