Tax changes ahead for partnerships?

HMRC are considering changes to the tax rules for partnerships. Changes arising will be included in legislation that will be effective from 6 April 2014. HMRC’s formal consultation closed 9 August 2013 and consideration is now being applied to the following issues: Disguising employment relationships through Limited Liability Partnerships, and Read more…

National Minimum Wage

Many businesses are unaware that the National Minimum Wage (NMW) rules are monitored by HMRC. There are consequences if you fail to pay employees NMW rates. Currently, the rates set 1st October 2013 apply. They are: 21 and over – £6.31 per hour 18 to 20 – £5.03 per hour Read more…

Deliberate tax defaulters

A new list of deliberate tax defaulters has been published by HMRC on 12 November 2013. It includes a number of food retailers, hairdresser, wholesalers, a yacht brokerage, construction industry firms, haulage operator and a property rental owner. HM Revenue & Customs (HMRC) publishes details of deliberate tax defaulters – Read more…

Where there\’s a Will…

 There are still many families in the UK whose assets will be distributed in accordance with the intestacy rules – and all because a deceased member of the family did not prepare a Will. What are the intestacy rules? Let’s say that the family breadwinner dies leaving a surviving spouse Read more…

UK signs tax agreement with Cayman Islands

Chancellor George Osborne made the following announcement to MPs on 5 November 2013. "Today, I can […] announce another step in the fight against tax evasion. We will be signing this afternoon a tax information sharing agreement with the Cayman Islands – the first ever with an overseas territory. "And Read more…

Prudential wins important tax case

 The High Court has ruled that HM Revenue & Customs (HMRC) had unfairly taxed ‘several thousand dividends’ between 1990 and 2009. As a direct result thousands of Prudential with-profits investors could receive a share of approximately £150m. The case could benefit other providers who have similar with-profits funds. For example: Read more…

Pension liberation

HMRC have made the following comments on their website to counter so-called “pension liberation” activity. Here’s what they have to say on the subject: “HM Revenue & Customs (HMRC) is committed to combating pension liberation activity. HMRC has been working closely with other government departments/agencies and the pension industry to Read more…

UK pushing for transparency

David Cameron made the following statement to the members of the Open Government Partnership annual summit last week. “We need to know who really owns and controls our companies. Not just who owns them legally, but who really benefits financially from their existence. This summer at the G8 we committed Read more…

Tax Diary November/December 2013

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

HMRC targets certain health professionals

A new tax campaign was launched by HMRC on 7 October 2013. The campaign targets: physiotherapists, occupational therapists, chiropractors, osteopaths, chiropodists and podiatrists; homeopaths, dieticians, nutritional therapists, reflexologists, acupuncturists, psychologists, speech, language and art therapists, and other health professionals are also covered. Health professionals have until 31 December 2013 to Read more…

Swiss bank account holders face new deadline

UK residents, whose Swiss banking arrangements have been disclosed to HMRC under the UK/Swiss tax agreement, have started to receive follow up letters from HMRC.  Earlier this year account holders were given a choice: To pay over a fixed percentage of their account balance to compensate for tax previously unpaid. Read more…

Selling your business

Planning to sell your business is not a process for the faint hearted. You have likely spent many years building your business and the last thing you want to face is losing a large proportion of the sales proceeds to tax or worse, being unable to enforce payment of what Read more…

When is your home not a home?

Cast your mind back when Members of Parliament were accused of “flipping” properties to avoid Capital Gains Tax on the sale of a second property? Theoretically, it should be possible to buy a second home, live in it for a short period, and as long as certain procedures are followed, Read more…