Investors wishing to reinvest their Icesave compensation in an ISA with another provider must request a certificate from the FSCS (Financial Services Compensation Scheme) by Wednesday 9 September.

The FSCS has already sent all Icesave ISA customers a Reinstatement Certificate enabling them to keep the tax-free status of their money and reinvest it with another provider. However there are a small number of people who need to have their certificates re-sent, either because the certificate was lost in the post or due to changes in names or addresses.

In October 2008 the Government announced that individuals who had Icesave ISAs would be allowed to reinvest compensation received from the FSCS in an ISA with another provider no later than 5 April 2009. This date was later extended to 5 October 2009.

Investors who have not yet received their compensation and/or their ISA certificates should therefore contact the FSCS no later than Wednesday 9 September. This will ensure that they are able to reinvest their compensation payments by 5 October 2009 and retain their ISA tax advantages.

Other FSCS Contact Details:

Phone:  020 7892 7300 or 0800 678 1100 (Lines are open Monday to Friday 08.30-17.30 excluding public holidays.)

Fax: 020 7892 7301

Email: enquiries@fscs.org.uk (Please include your full name and address with any message you send the FSCS.)

Write:

Financial Services Compensation Scheme
7th floor, Lloyds Chambers
Portsoken Street
London E1 8BN

Humphey & Co are pleased to welcome two new trainees to the firm, Emily Fletcher and Peter McMahon.

Both Emily and Peter will be based in our Eastbourne office, and will regularly attend Reed Business School in Gloucestershire, as they embark on their three year contract to become qualified ICAEW Chartered Accountants (ACA).

We wish them the best of luck over the coming three years and hope they enjoy working as part of the Humphrey & Co team.

Think you’ve overpaid tax and are due a repayment? You can use this handy HMRC checker to find out…

There are a few things you need to know before you start to use the checker:

 - The checker works it out in whole pounds only, so you don’t need to enter any pence. The rules are:

 - round-down to the nearest pound: earnings, interest and Gift Aid donations

 - round-up to the nearest pound: tax paid

- If you have more than one job, the calculate for more than one job link will total the amounts and carry them over to the relevant fields.

- The tax checker doesn’t total the bank or building society fields, so if you have more than one bank or building society account you’ll need to calculate the total amount of interest you’ve received. You’ll also need to add up all of the Gift Aid donations you’ve made.

- The following aren’t taxable so there’s no need to include them: student loans, ISAs (Individual Savings Account), gifts from parents or family, Child Tax Credit, Working Tax Credit, National Savings (Ordinary Account) interest up to £70.

Please note that this Tax Checker does not take into account, Married Couple’s Allowance, Other types of income, such as dividends and trusts, People aged 65 and over or Children’s Tax Credit.

This checker will only provide the right result if you enter all your details correctly.

Access the checker here : 

http://stccalculator.hmrc.gov.uk/UserDetails.aspx

The New Disclosure Opportunity, allowing people with unpaid taxes linked to offshore accounts or assets to settle their tax liabilities at a favourable penalty rate, started on 1 September and will run until 12 March 2010.

If you have unpaid tax linked to an offshore account or asset to declare you will need to notify HMRC AND disclose (tell them the details, calculate the amount due and make a full payment) to benefit from the terms of NDO.

HM Revenue & Customs is providing this opportunity on favourable terms for customers with an offshore account or asset, linked directly or indirectly to a loss of United Kingdom tax. You can come forward voluntarily and put your affairs in order.

HMRC will not offer these preferential terms to offshore account and asset holders again.

To take advantage of the New Disclosure Opportunity (NDO) customers must notify HMRC by 30 November 2009 of their intention to make a disclosure. This is a simple process. At this stage you do not need to provide any details of the tax you believe you owe.

You can Notify:

 - By phone on 0845 302 1401 (international +44 1506 476 094)

 - By post completing the relevant part of either form NDO2 or NDO3 in the booklet ‘Completing the disclosure forms’

 - By email – electronically complete the information required in a Notification eform before October 2009

 - Online using the NDO online service from October 2009

You can Disclose and pay

 - By post until 31 January 2010 – you must use the forms contained in NDO1(F).

 - Online until 12 March 2010 – the NDO online service is available from 1 October 2009
You can find out more by contacting Humphrey and Co on 01323 730631 or by emailing info@humph.co.uk