QROPS - Qualifying Recognised Overseas Pension Schemes were introduced in 2006 as part of a major overhaul of Britain\'s pension framework, aimed at simplifying pension transfers to another country. New legislation was passed by the UK tax authority, HM Revenue and Customs (HMRC), in order to comply with an EU directive that pensions be free to move across Europe\'s borders. This ruling means that individuals, wishing to retire to countries such as France, Spain and Portugal can effectively take their UK pension funds with them: http://www.axis-finance.com/what-are-qrops.php
Who can apply for a QROPS?
A QROPS is specifically designed to allow anyone, not intending to retire in the UK, to transfer existing and frozen UK pension plans into a more appropriate retirement vehicle.
Individuals who are, or have been members of a UK registered pension fund and are currently living outside of the UK, or intending to leave the UK on a permanent basis, can consider transferring their retirement fund into a QROPS: http://www.axis-finance.com/qrops-living-in-France
Transfers to QROPS
The UK Government allows transfers to QROPS to be made free of UK tax. Their aim is to simplify the affairs of individuals leaving the UK on a permanent basis and to encourage them to continue saving in order to provide an income when they retire. There is no official limit to the amount of funds that may be transferred to a QROPS: http://www.axis-finance.com/qrops-France-pension-transfers
QROPS - HMRC Rules
What makes a scheme a QROPS?
In order to transfer your UK pension into a QROPS, it is necessary for the overseas pension scheme to be accepted by HMRC. The criteria outlined by HMRC for an overseas scheme to qualify as a QROPS include:
- The pension scheme must be established outside of the UK
- It must be recognised for tax purposes in the country where it is located
- It must be regulated in the country in which it is established
Age that benefits can be taken from a QROPS
The QROPS regime mirrors that of a regulated pension scheme in the UK. Benefits, including lump sum payments, from the transferred funds may not be distributed earlier than the normal retirement age of 55, if an individual has been a non-UK resident for less than five complete tax years: http://www.axis-finance.com/qrops-living-in-France-HMRC-Rules
QROPS Reporting requirements
HMRC should be notified if a payment is made within the first five tax years of a member becoming non-UK tax resident. Any benefits paid before five complete tax years of non-UK residency and not in accordance with UK Pension rules will be deemed an unauthorised payment.
The scheme manager does not have to notify HMRC if the payment is made 10 or more years after the day of the transfer that created the QROPS fund for the \'relevant member\', provided that the person is non UK resident for the duration of this period. This 10 year \'bracket\' for reporting payments took effect as of 6 April 2012.
QROPS List
When transferring your UK pension to a scheme overseas, it is important to check that the scheme meets the conditions to be a qualifying recognised overseas pension scheme (QROPS). Not all transfers to overseas or offshore schemes are QROPS transfers; it is therefore essential to verify that the scheme receiving your UK benefits is on the QROPS list published by HMRC, otherwise a transfer will be treated as a transfer to a non-qualifying overseas scheme and substantial penalties may be applied by HMRC at the time of transfer: http://www.axis-finance.com/qrops-list-living-in-France
How do I know if it is a legitimate QROPS scheme?
QROPS approved plans that agree to have their details published are listed on the HMRC website. A UK Pension administrator will confirm a QROPS listing before agreeing to a transfer. If not listed, the administrator will contact HMRC
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Chick– fil–A® is launching two new features –– mobile payment and mobile ordering — within the Chick–fil–A Mobile App to help guests save time and ensure a convenient and personalized experience.
To view the Multimedia News Release, go to: http://www.multivu.com/players/English/7126353-chick-fil-a-launching-new-mobile-app-payment-order-system/
Klarna, Europe’s leading payment solutions providers, today announced the official launch of commercial operations in the U.S. with Overstock.com as its first major retail partner. According to Overstock.com, this partnership will bring a simplified buying experience on mobile devices, enabling Overstock.com shoppers the ease of buying from their smartphone or tablet with just one tap.
“We’re incredibly excited to launch Klarna in the U.S. To do so together with a partner of such a massive scale as Overstock gives us a huge boost into the market”, said Brian Billingsley, CEO of Klarna North America. “U.S. consumers are looking for a simpler and safer way to buy and retailers are looking for better ways to engage their consumers and increase their checkout conversion. The early success we’ve had with Overstock show the massive opportunity to turn more browsers into buyers.”
To view the multimedia release go to:
http://www.multivu.com/players/English/7600151-klarna-launches-overstock-u-s/
A change is coming to the checkout. This fall national retailers are turning on newly installed payment terminals aimed at better protecting consumers from cybercrime and credit card fraud. These machines are designed to accept new, more secure credit cards, commonly referred to as “chip” cards. These new credit cards will contain an embedded microchip that cannot be replicated, making it more difficult for hackers to use stolen card numbers to produce fraudulent credit cards.
Retailers are spending billions of dollars putting in place new payment terminals that are certified for chip card acceptance. This will ensure they are not held liable for counterfeit fraud usage when new cards make their way to the marketplace, and will ensure a more secure transaction for consumers compared to current technology.
To view the multimedia release go to:
http://www.multivu.com/players/English/7621251-rila-chip-and-pin-credit/
https://youtu.be/P8-Hc53sAjI The U.S. is about to get on board with a critical form of credit card payment and retailers need to be prepared. Retailers are getting ready to make the switch from primarily accepting traditional magnetic strip cards to EMV. EMV – Europay, Mastercard and Visa – is a credit card with a small chip that more securely validates transactions than magnetic strip cards. Much of the world uses EMV and Europe has used EMV for years.
Although many Americans think they are financially savvy, new data shows how the group closest to retirement, baby boomers, struggles with retirement fundamentals and is not saving enough for their golden years. New data released by the Indexed Annuity Leadership Council shows that many baby boomers aren’t financially prepared for retirement – they have little saved, are consumed about lifetime income options, and don’t know how much money they need to live comfortably.
Many baby boomers are banking on Social Security as a main stream of money for retirement. Yet, more than half of boomers cannot correctly guess the average monthly Social Security payment. In fact, many think the average monthly payment is $500 more than it actually is – a budget miscalculation that will leave them almost a quarter of a million dollars short over a 30-year retirement.
FedEx Office and eBay have teamed up to bring the eBay Valet Drop-Off Program to more than 1,600 FedEx Office retail stores, making it easier for consumers to sell items online and earn money. With kids back in school and the holiday season right around the corner, now is the perfect time to clear the home of items no longer needed, such as electronics, small appliances, sporting goods and more to make some extra money. According to a recent survey by the National Retail Federation, the average household has more than 50 extra or unused items worth more than $3,000, if sold on eBay.
The eBay Valet Drop-Off Program is designed to make selling items as simple as possible. Customers bring their items to the nearest participating FedEx Office location. Once in the store, trained FedEx Office team members can help set up an eBay account from an in-store tablet or log in to an existing account. They will then vet items to ensure they can be sold on eBay. FedEx Office then packs and ships items to the nearest eBay Valet processing center where they will be listed and sold. Once the item sells, customers receive payment via PayPal, with updates and notifications throughout the process.
To view the multimedia release go to:
http://www.multivu.com/players/English/7910351-fedex-office-ebay-valet-drop-off-program/
Clayton, one of the largest home builders in America, is focused on providing affordable housing options that fit the needs and wants of millennials, who make up 35% of the company’s current customer base.
As a demographic, millennials also share different obstacles to obtaining homeownership than those who came before them. For instance, according to the Harvard Joint Center for Housing Studies (HJCHS), many first-time home buyers possess the household income to qualify for homeownership, but struggle to save money for a down payment due to lingering debts from student loans and other debts. This combined with a low supply of available, affordable houses and a high pool of active buyers is driving up prices and competition. As a result, more millennials are choosing to rent or live with their parents. According to the U.S. Census Bureau, the share of millennials in 2015, or adults born between 1982 and 2000, is over 25 percent of the population. At 87 million strong, millennials are the largest generation in history according to HJCHS.
To view the multimedia release go to:
https://www.multivu.com/players/English/8011659-clayton-affordable-housing-for-millennials/
The simplest and most accurate definition of an invoice is that it is a document that a seller gives a buyer to collect on a payment. It usually includes the cost of the goods or services rendered and outlines the mode and date of payment.
An invoice serves as a legal document and must contain specific details required for its validity. These include the names of the client, the terms of payment, a description of the goods or services delivered, and the cost.
An invoice serves as proof of a purchase made between you and your customer as a business entity.
Read the full article here: https://brodmin.com/invoicing/what-is-an-invoice/
