Each year we choose a charity to support and this year the charity is Ataxia UK.
This may be a little known charity but is an organisation I am very pleased to support. I am especially pleased with this year's charity because I suffer from Cerebellar Ataxia, one of the many forms of Ataxia. Thankfully my symptoms are mild and amount to no more than a problem speaking, a problem writing, difficuties with co-ordination and, at times, feeling generally "washed out". If anything, it could be described as frustrating because, often, I can't do what I wish or what I used to do. Equally, this might just be down to getting old.
Ataxia is a degenerative brain condition and is progressive - meaning that it does get worse. It gradually robs sufferers of mobilty, co-ordination and speech. The speed at which the condition progresses varies greatly from person to person. In the word of one doctor "It might be many years before there is any deterioration but I wouldn't advise taking up rock climbing".
Rather than spend a lot of time describing the difficulties that sufferers can go through I will post some links to short You Tube videos that can describe things better than I ever could. http://www.youtube.com/watch?v=gxv_5nyO1QE
http://www.youtube.com/watch?v=3wnugGhdr4o
http://www.youtube.com/watch?v=nj2WQfu4MhU
http://www.youtube.com/watch?v=bVJcAVaW87g
The first is rather hard hitting but the others are more "optimistic".
Our aim is to raise awareness of Ataxia and to raise as much as possible over the next 12 months. This will be formally launched at our Budget Breakfast Briefing on Thursday morning but we have prepared a charity page at http://www.justgiving.com/Crowther-Beard-llp for donations. Your support would be vey gratefully received.
We don't think its enough to just ask others to give and apart from our fund raising activities (including a Cream Tea in June and a Golf Day in October) and asking for donations we are going to pledge that some of the money we receive for the services we provide are paid to Ataxia.
For each new client - we will pay for Ataxia UK to send DVDs to 5 young people learning to cope with Ataxia.
For each piece of tax planning – we will pay to print 100 info leaflets to raise awareness.
For each piece of business planning - we will pay to run the helpline for a day.
Please help.
Monday, March 19, 2012
Thursday, March 8, 2012
Pensions – The Annual allowance
I have just penned an article to be published in the UK200 Technical Advisor In Focus magazine and wanted to share it with you.
HM Revenue & Customs realise that, following reductions of the annual allowance (AA) for pensions, more people should be declaring on their tax returns an annual allowance charge. It is important that a return of any charge is made to avoid the possibility of interest and penalties. A potential liability is not well known but HMRC do not accept ignorance as an excuse.
The AA, i.e. the maximum pension savings that qualify for tax relief, reduced to £50,000 from 6 April 2011. The use of the term savings is done purposely because, importantly, the provisions apply not only to defined contributions schemes but also to defined benefit schemes (final salary schemes). Just as importantly, it applies to all contributions made to a pension scheme and, therefore, includes employer contributions.
If contributions exceed the AA the excess is liable to a charge at marginal tax rates. For most people caught by this provision, that will be 40% or, perhaps, even 50%.
The AA can be more than £50,000 because it increases by allowances unused in the previous 3 tax years. For these purposes, the allowance for 2008/09 through to 2010/11 are taken to have been £50,000 (although, they were higher). A simple example is that, if pension savings were £30,000 for each of the years 2008/09 to 2010/11, the allowance for 2011/12 is £110,000 (£50,000 plus £60,000 brought forward).
To further complicate the position, the concept of a PIP (pension input period) and how pension savings are calculated for defined benefits scheme, come into it.
PIPs do not have to follow the tax year but have to be allocated to tax years, as the pension savings of a PIP have to be compared to the AA for tax years, to calculate if there is a charge. This is achieved, normally, by allocating the PIP ending in a tax year to that tax year, i.e., PIP to 31 December 2011 ends in and is the PIP for the tax year 2011/12.
If the scheme is a defined benefits scheme the measure of pension savings is the increase in projected pension benefits in the PIP, which could bear no relationship to contributions made.
I have just penned an article to be published in the UK200 Technical Advisor In Focus magazine and wanted to share it with you.
HM Revenue & Customs realise that, following reductions of the annual allowance (AA) for pensions, more people should be declaring on their tax returns an annual allowance charge. It is important that a return of any charge is made to avoid the possibility of interest and penalties. A potential liability is not well known but HMRC do not accept ignorance as an excuse.
The AA, i.e. the maximum pension savings that qualify for tax relief, reduced to £50,000 from 6 April 2011. The use of the term savings is done purposely because, importantly, the provisions apply not only to defined contributions schemes but also to defined benefit schemes (final salary schemes). Just as importantly, it applies to all contributions made to a pension scheme and, therefore, includes employer contributions.
If contributions exceed the AA the excess is liable to a charge at marginal tax rates. For most people caught by this provision, that will be 40% or, perhaps, even 50%.
The AA can be more than £50,000 because it increases by allowances unused in the previous 3 tax years. For these purposes, the allowance for 2008/09 through to 2010/11 are taken to have been £50,000 (although, they were higher). A simple example is that, if pension savings were £30,000 for each of the years 2008/09 to 2010/11, the allowance for 2011/12 is £110,000 (£50,000 plus £60,000 brought forward).
To further complicate the position, the concept of a PIP (pension input period) and how pension savings are calculated for defined benefits scheme, come into it.
PIPs do not have to follow the tax year but have to be allocated to tax years, as the pension savings of a PIP have to be compared to the AA for tax years, to calculate if there is a charge. This is achieved, normally, by allocating the PIP ending in a tax year to that tax year, i.e., PIP to 31 December 2011 ends in and is the PIP for the tax year 2011/12.
If the scheme is a defined benefits scheme the measure of pension savings is the increase in projected pension benefits in the PIP, which could bear no relationship to contributions made.
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