In the latest round up of financial news, Hallidays report that parking fines are not tax deductible and discover that over £4.3 m has been accessed following the government’s changes regarding pension funds.
Parking fines ruled not deductible
A tribunal has ruled that security firm G4S cannot reduce its profits for tax purposes by deducting parking fines.
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Farmers’ averaging
Changes have been made to the rules which allow farmers to average their profits for tax purposes.
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VAT fuel scale charges
HMRC have issued details of the updated VAT fuel scale charges.
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Pensions Freedom Update
According to HMRC figures over 230,000 people have used the new pension freedoms introduced one year ago and accessed over £4.3 million in pensions saving.
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HMRC guidance for employers
The April Employer Bulletin is now available.
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Register of people with significant control
From April 2016, rules are introduced which require companies to keep a register of people with significant control (PSC register).
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Source: Hallidays