Call us on: 01353 662 442 or email info@camouse.co.uk
Search
Archives
- January 2020 (7)
- December 2019 (6)
- November 2019 (7)
- October 2019 (5)
- September 2019 (6)
- August 2019 (2)
- July 2019 (4)
- June 2019 (6)
- May 2019 (3)
- April 2019 (6)
- March 2019 (5)
- February 2019 (4)
- January 2019 (6)
- December 2018 (5)
- November 2018 (4)
- October 2018 (6)
- September 2018 (4)
- August 2018 (4)
- July 2018 (5)
- June 2018 (3)
- May 2018 (6)
- April 2018 (6)
- March 2018 (9)
- February 2018 (5)
- January 2018 (4)
- December 2017 (4)
- November 2017 (7)
- October 2017 (6)
- September 2017 (6)
- August 2017 (5)
- July 2017 (3)
- June 2017 (9)
- May 2017 (1)
- April 2017 (5)
- March 2017 (6)
- February 2017 (4)
- January 2017 (8)
- December 2016 (5)
- November 2016 (3)
- October 2016 (5)
- September 2016 (5)
- August 2016 (3)
- July 2016 (4)
- June 2016 (6)
- May 2016 (4)
- April 2016 (2)
- March 2016 (8)
- February 2016 (5)
- January 2016 (4)
- December 2015 (2)
- November 2015 (5)
- October 2015 (8)
- September 2015 (4)
September 2017
Businesses hit by rising employment costs
Posted on: 27 Sep 2017 by: CamOuse Financial Management Limited
Recent statistics from the British Chambers of Commerce (BCC) show that changes to employment legislation has resulted in four out of five UK businesses experiencing rising costs. The data comes from the BCC’s annual workforce survey, created from interviewing approximately 1,400 businesses.
Capital Gains Tax – a cautionary tale
Posted on: 25 Sep 2017 by: CamOuse Financial Management Limited
A landlord from Hampshire was jailed for over two years in August this year after failing to declare Capital Gains Tax from the sale of properties, amounting to an evasion of £157,725. After being arrested at Gatwick Airport on his return from holiday in Turkey in October 2014, Richard Fuller’s finances were investigated by HMRC which uncovered the undeclared profit from properties he had sold in the Aldershot area between 2006 and 2013.
After being found guilty on 14th July 2017 of fraud by false representation and cheating the public revenue, Richard Fuller was sentenced at Winchester Crown Court on 11th August to two years and three months in prison. The Recorder of Salisbury, His Honour Judge A J Barnett, sentenced Fuller, telling him that deliberately failing to pay Capital Gains Tax over a number of years was “a serious matter”.
Do you know how much your pension pot is worth?
Posted on: 13 Sep 2017 by: CamOuse Financial Management Limited
Recent research from Royal London has found that around five million people in the UK have ‘forgotten’ pension pots from final salary schemes of former employers. What’s more, many of these deferred members of defined benefit funds don’t know how much a lump sum payout of this accumulated pension would be worth, thanks to a lack of communication from the provider of their old scheme. As people who transfer their pension pot are offered an average lump sum of between £158,000 and £190,000 – around 25-30 times the annual value of their pension – the collective amount held in these forgotten pots could reach a total of up to £800 billion.
Don’t get caught out by the lifetime allowance rule change
Posted on: 13 Sep 2017 by: CamOuse Financial Management Limited
The total tax paid by those exceeding their lifetime pension allowance amounted to £36 million in 2014/15, climbing steeply from £20 million in 2014/15 and equating to an 80% rise. The figure has climbed in recent years from £12 million in 2012/13 to £19 million in 2013/14 and up again to £20 million in the following year. The increased revenue has been generated through more stringent rules introduced last year regarding the lifetime allowance (LTA), the highest amount of money a person is allowed to save in their pension pot and benefit from tax relief at their marginal rate.
What do you need to know about the overseas income disclosure rules?
Posted on: 5 Sep 2017 by: CamOuse Financial Management Limited
Millions of taxpayers have recently received letters warning them of the ‘life-changing consequences’ of failing to declare secret offshore accounts. Advisers and financial institutions were legally required to inform clients of the risks of holding undeclared accounts in so-called tax havens by the end of August this year, leading to a huge number of letters being sent out over the past month.
September Market Commentary
Posted on: 4 Sep 2017 by: CamOuse Financial Management Limited
It is hard to start this commentary anywhere other than North Korea – or maybe crouching in Japan as a North Korean missile passes overhead. At the beginning of the month, Kim Jong-un threatened to bomb Guam, the US territory in the Western Pacific, and by the end of the month air raid sirens were sounding in Japan’s Hokkaido Island.
-
I thought CamOuse were very helpful and dealt with my enquiries promptly.
Mr D Mowatt
Clive Nickalls
-
I have been a client of CamOuse's for many years. My advisors have provided assistance with mortgages, financial planning, investments and most importantly my future. The team remain passionate and professional and I would recommend CamOuse without question.
Mr L Isbell
Trevor Honey & Clive Nickalls
-
The staff are always happy to help.
J Pearce
-
Lee has always given me excellent advice when choosing a new mortgage. I would highly recommend him.
R O'Dell
Lee Pooley
-
Everyone is very friendly, approchable, helpful and professional.
G Parr
Trevor Honey
-
I would like to thank Lee for all his help, he was amazing!
Silk & Schwarz
Lee Pooley
-
Lee was recommended to us by 2 of his existing clients, colleagues and friends of ours and I'm glad they did so! He made the whole process much simpler then we were expecting.
Burgess & Bedford
Lee Pooley
-
Lee has helped us on several occassions and we always appreciate and value his time and efforts.
I & A Murphy
Lee Pooley
-
I really appreciate the prompt, friendly, efficient service.
V Hardy
Clive Nickalls
-
Very pleased with the service provided and happy to recommend to my customers and friends and family.
M Chadburn
Clive Nickalls
-
I would like to express my thanks for the excellent service I have received and a special thank you to Hannah for keeping me updated and dealing with my queries in a very efficient and professional manner.
T Long
Matthew Theobald
-
Thank you (and Eve) so much for all your help and support towards our remortgage. We really appreciated your expertise.
Cant & Robbins
Lee Pooley
-
I would just like to thank you all on behalf of myself and Jordan. You, Eve and Max have been faultless and we couldn’t be more appreciative for all your help!
C Baldwin
Lee Pooley
CamOuse Financial Management is authorised and regulated by the Financial Conduct Authority.
None of the information contained in this website should be considered as personal recommendation and is for information only. Should you wish to make a financial transaction we recommend that you take personal financial advice after a thorough review of your personal and financial circumstances.
The information contained within the website is subject to the UK regulatory regime and is therefore primarily targets at customers in the UK.
Registered address: Unit 111, Lancaster Way Business Park, Ely, Cambridgeshire, CB6 3NX
Registered in England and Wales. Registered No: 5662116.
Understanding the true cost to your business
Pension arrangements must be available for all employees. There are three categories of employee:
Eligible
Aged between 22 and State Pension Age (SPA) with qualifying earnings over the Auto Enrolment earnings trigger
Non-eligible
Entitled
Important Notes
- Eligible jobholders must be auto-enrolled
- Non-eligible jobholders are allowed to be auto-enrolled if they want to
- Entitled workers are entitled to join a pension scheme, but the employer doesn't have to contribute
|
Qualifying Earnings lower threshold |
£5,772 |
|
Qualifying Earnings upper threshold |
£41,865 |
|
Automatic Enrolment earnings trigger |
£10,000 |
Minimum contribution level options:
|
8% of Qualifying Earnings of which |
3% is employer's (starting at 1%) |
|
9% of Basic Salary of which |
4% is employer's (starting at 2%) |
|
8% of Basic Salary of which |
3% is employer's (starting at 1%) |
|
(Where basic salary is at least 85% of total earnings) |
|
|
7% of gross earnings of which |
3% is employer's (starting at 1%) |
Pay reference period
Essentially the frequency that the jobholder is paid e.g. monthly, weekly etc. but with reference to the tax month, week etc. therefore it may not be the same as the payroll period.
Deduction and payment of contributions
It is the employer who is responsible to calculate, deduct and pay all contributions to the AE scheme. NOTE – the first and last contributions are likely to be for less than a full pay reference period and should be adjusted accordingly.
Payroll services
It can be seen that it is very important that the payroll system synchronises with the AE scheme otherwise the employer will not be carrying out all requirements and then penalties will be incurred.
Staging date
Based on the employer’s payroll size as at 1 April 2012 and can be found at www.thepensionsregulator.gov.uk/employers using your PAYE reference. The Qualifying Workplace Pension Scheme must be registered with The Pensions Regulator within 4 months of the staging date.
Compliance and communication
Postponement
Auto-Enrolment can be postponed for up to 3 months:
- For current eligible employees
- For workers that meet the criteria in the future for the first time e.g. avoid joining temporary or lower paid workers
Opt-Outs
All eligible employees must be auto-enrolled, but can, with the correct notification, opt-out within one month of joining the scheme and be treated as never having joined. They can opt back in and will automatically be auto-enrolled every 3 years in any case!
Communication
There is a wide range of information that must be provided to all employees at certain times, such as:
- The date auto-enrolment took place for eligible jobholders
- That non-eligible jobholders have the statutory right to opt in
- Entitled workers have the right to request the employer to enrol them into a pension scheme
Salary sacrifice
Contributions can be paid by effectively reducing salary, which saves on NI contributions, but employee must choose to do this – they cannot be forced, so a contractual variation will need to be implemented.
Default investment fund
Investment Options
All eligible employees will be automatically invested into a default investment fund, which is a balanced risk fund that is “life styled” to account for the employees approach to retirement. They also have the option to invest in a wide range of funds of their choosing.