PAYE – new online service

HMRC have a recurring issue with individuals that have changes to their employment circumstances. Due to the “instantaneous” impact of PAYE, tax is deducted when you are paid, then if HMRC are unable to determine what allowances should be set-off against each employment, then under or over payments of tax Read more…

Transparency

The debate continues!  David Cameron has advised the G8 summit that the UK will draw up a register of beneficial owners of companies. The measure would aim to expose the real owners of businesses and strip away the secrecy created by faceless, offshore shell companies. Cameron has said he would Read more…

Change in LLP tax?

Our Government believes that it can recover £300m within two years by redefining the tax status of certain partners as “salaried”. At present all individual members (partners) of Limited Liability Partnerships (LLPs) are taxed as self employed. Accordingly, any regular withdrawals they make from the partnership can be treated as Read more…

Tax Diary June/July 2013

1 June 2013 – Due date for Corporation Tax due for the year ended 31 August 2012. 19 June 2013 – PAYE and NIC deductions due for month ended 5 June 2013. (If you pay your tax electronically the due date is 22 June 2013.) 19 June 2013 – Filing Read more…

Sleeping partners wake-up call

Due to a re-interpretation of the law, HMRC announced that from 6 April 2013 sleeping partners will be liable to pay National Insurance. Affected persons should consider the following: Sleeping and inactive limited partners who are not already paying Class 2 NICs will need to register. They can claim for Read more…

Furnished Holiday Let set-back

Last year a case was heard before the First-tier Tribunal that found a Furnished Holiday Let (FHL) property should not be considered an investment for Business Property Relief (BPR) purposes. This was an important decision for owners of FHL businesses as it confirmed the availability of BPR for Inheritance Tax Read more…

VAT repayment taxable?

You may be interested to know that the answer to the title of this post is yes, if certain conditions apply, a repayment of VAT is a taxable receipt. Consider the following tax case where VAT was charged by mistake. Shop Direct Group discovered that they had accounted for VAT Read more…