Every year, legislation requires a review of the Earnings Trigger and Qualifying Earnings Band (QEB) thresholds that will apply in the following tax year.
Where transfers of funds are made from a UK-registered pension scheme to an overseas one, that overseas scheme must be ‘recognised’ by HMRC to maintain UK tax benefits. HMRC publishes an updated list of overseas pension schemes that have told them they meet the necessary criteria to be a Recognised Overseas Pension Scheme (ROPS).
Billed as ‘your route to the latest in payroll news’, this should always be on everyone’s weekend reading list. However, I do have some concerns/comments regarding some of the topics in the latest Employer Bulletin from HMRC.
We are getting near another payroll and reward deadline – the P11D submissions for tax year 2016-17. As always, information is available from many sources but here is a reminder of some of the guidance and links to it.
Booklet CWG2, the Employer Further Guide to PAYE and NICs, is an essential addition to the day-to-day guidance that is on the Gov.uk Website. The CWG2 is described as giving “more information and [covering] less common situations”. This is the booklet that I usually refer to, even if the situation is a day-to-day one.
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