News | Page 4 | Cloud Tax

Latest list of Qualifying Recognised Overseas Pension Schemes (QROPS)

16 February 2015

The list contains pension schemes that have told HM Revenue and Customs that they meet the conditions to be a Qualifying Recognised Overseas Pension (QROPS) and have asked to be included on the list.

An updated QROPS list is published on the first and 15th day of each month. If this date falls on a weekend or UK public holiday the list will be published on the next working day.

Pension wise will offer free and impartial guidance

15 January 2015

UK

Economic Secretary to the Treasury Andrea Leadsom has unveiled the name and logo of the new pensions guidance service.

Pension wise will be a first port of call for consumers, offering free and impartial information and guidance to people with a defined contribution pension approaching retirement.

From April 2015, over 300,000 individuals a year with defined contribution pension savings will be able to access them as they wish from when they turn 55.

IRS Launches International Data Exchange Service

15 January 2015

USA

WASHINGTON — The Internal Revenue Service announces the opening of the International Data Exchange Service (IDES) for enrollment. Financial institutions and host country tax authorities will use IDES to securely send their information reports on financial accounts held by U.S. persons to the IRS under the Foreign Account Tax Compliance Act (FATCA) or pursuant to the terms of an intergovernmental agreement (IGA), as applicable.

Ten terrible excuses for missing the 31 January tax return deadline

05 January 2015

Many of the excuses claim it was someone else’s fault – pets, girlfriends, work colleagues and even the President of the United States are named and blamed for taxpayers’ tardiness.

The excuses were all used in unsuccessful appeals against HMRC penalties for late filing and payment. Here’s the full list:

Tax assistance agreement to begin next year

18 December 2014

From next year a significant new measure for countering tax evasion will become available to Inland Revenue, says Revenue Minister Todd McClay.

The Convention on Mutual Administrative Assistance in Tax Matters, signed in 2012, provides for administrative co-operation between tax authorities in the assessment and collection of taxes.

“From 1 January 2015 the convention becomes operative for New Zealand. That means from that date, Inland Revenue’s powers to discover evasion and pursue tax debt overseas will be greatly strengthened,” Mr McClay says.