This handy guide explains what regulatory authorisations are required to advise clients on different aspect of their personal finances with details on and how the ICAEW Designated Body Scheme (DPB) can be used.
Ensuring that consumers make the right choices about how and when to access their pension pots is a tall order for regulators and advisers. Mike Morrison highlights how the system of information, guidance and advice is evolving.
Features and articles
In this article I will cover the main newer ‘hot topics’ that should be considered for inclusion in the partnership agreement.
The McCloud (Judges) case and the Sargeant (Firefighters) case were brought by individuals who had also been transitioned into new schemes that had protections in place for older members.
An update on the dental industry.
Since the introduction of RTI the required year end payroll tasks are now much less of a burden.
An introduction to checking your national insurance contributions.
The ‘Pensions Freedoms’ changes introduced in 2015 and the substantial value held in defined benefit pensions (DB) schemes has led to more people seeking advice on whether they should transfer their DB pension pots to a defined contribution (DC) arrangement. For most people this is a complex and significant decision that presents a number of risks and challenges. The Financial Conduct Authority (FCA) has also expressed concern that many financial advisers are not doing this well.
Highlights some of the current hot topics and common problem areas for FRS 102 and FRS 105 reporters based on areas being identified by the ICAEW technical helpline and monitoring unit.
Helpsheets and support
Technical helpsheet issued to help ICAEW members to understand what an other entity of public interest (OEPI) is and when restrictions on providing non-audit / additional services to OEPIs apply from.
This factsheet provides an overview of the regulatory requirements affecting UK company accounts. It reflects the requirements of the Companies Act 2006 applicable to financial years beginning before 1 January 2021.
FAQ about a client who previously had a reduced pension annual allowance, due to their income figures. It examines what the amended rules are for 2020/21.
ICAEW recently sought clarification from the FRC regarding aspects of the OEPI definition and permitted non-audit services as they relate to UK pension schemes, some of which are covered in the FRC's revised implementation guidance issued in November 2020. This guide explains the definition of ‘members’ and ‘assets’, clarifies whether the pension scheme is a ‘controlled undertaking’ where there is a corporate trustee company, covers prohibition of non-audit services to the sponsoring employer relating to pension scheme assets, liabilities or funding, and provides clarification regarding Master Trusts and Assurance Services under Tech 05/20 AAF.
Bloomsbury Core Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.
Provides guidance through the complex web of UK pensions-related statutes, regulations, regulatory guidance and case law, in an accessible style.
Practical guidance on the requirements introduced by the Pensions Statement of Recommended Practice (SORP).
A one-volume guide to direct taxation of a small business.
Practical guidance on multiple aspects of personal retirement planning in the UK.
Guide to completing a Self-Assessment tax return for 2017/18, with advice and worked examples covering key aspects of personal taxation in the UK