Local professional support - April 2018

Spring Statement ushers in shift in UK tax base and clampdown on tax evasion
Tax receipts are strong and the economy is in better shape than expected. But of course there are continuing worries about how public services such as the NHS will continue to be funded, how the Brexit transition will be paid for and what a post- Brexit economy will look like.

Pensions: Too great a sacrifice
With around £8bn of tax relief claimed annually in respect of pension contributions, you would hope that your pension scheme is claiming the correct amount of relief in relation to your pension pot. However, it seems that HMRC has discovered this is not always the case and is on the warpath to reclaim tax relief where it has been overpaid.

Trust registration: has HMRC’s indecisiveness left taxpayers vulnerable to fraudsters?
As dates in the diary go, few will recognise 5 March 2018 as significant but for thousands of trustees, it marks the passing of the first Trust Registration Service deadline, with the prospect of penalties now looming large for some trustees.

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