Single Tier Pension

It has long been acknowledged that the State Pension system is complicated, to the point where even the Department for Work and Pensions has problems calculating someone’s benefit entitlement! The problem is that, depending on how long you have been working; your pension entitlement might include the Basic State Pension, Graduated Pension, State Earnings Related Pension and State Second Pension (otherwise known as S2P). This will hopefully be resolved when the Government introduce the Single Tier Pension (STP) in 2016. This will not only make the benefit easier to understand, but it will provide the opportunity for the government to downgrade benefits for those not yet receiving pension, to make the scheme more affordable. As the State Pension Scheme stands today, it is very complicated and it is not fit for purpose. It was first introduced in the early 20th century and was designed to suit the needs of men and women at that time. It does not suit us now because three key things have changed.


Are you ready for RTI?

The biggest single change to the PAYE system since 1944 is being introduced on 6 April 2013 by H M Revenue & Customs. "RTI will change the way you deal with your payroll," says robinson+co’s Tax Partner, Victoria Bishop. "It will provide much more timely information to H M Revenue & Customs about your employees’ pay; and also means that HMRC will know exactly how much PAYE and NIC to expect from you each month."


2013 Budget Report

Are you a wine drinker? If so, you will have been disappointed that the Excise Duty on wine has not been cut as it has been for beer, whilst the Chancellor is clearly hoping that tomorrow’s headlines will repeat his phrase “penny off a pint!” Mr Osborne may be disappointed in this regard though, as a quick trawl of headlines at the time of writing indicate that the help for home buyers and the reduction in fuel duties are the headlines, rather than alcohol.