This revolutionary development in the PAYE system will involve many fundamental changes. If you do your own payroll you need to be up to speed with what RTI is all about. For every occasion that an employee is paid, the details must be reported to HMRC. The idea is that it will make it […]
Tax Diary Sept/Oct 2012
1 September 2012 – Due date for Corporation Tax due for the year ended 30 November 2011. 19 September 2012 – PAYE and NIC deductions due for month ended 5 September 2012. (If you pay your tax electronically the due date is 22 September 2012.) 19 September 2012 – Filing deadline for the CIS300 monthly […]
Termination payments
In a further, recent First-tier case the Tribunal considered the tax treatment of a businessman who was paid £123,750 on the termination of his employment. He dutifully deducted the usual £30,000 tax-free amount from this payment and declared the difference on his tax return. Unfortunately, the termination payment was paid under the terms of his […]
Benefits in kind and partnerships
In a potentially wide ranging decision, a First-tier Tribunal has ruled in favour of HMRC. The case involved an LLP partnership that was formed to provide management services to a company. The following details are of interest: As part of the arrangement the LLP owned and provided the use of cars to the partners. This […]
Selling or buying business property?
Owners of business property will be aware that certain parts of commercial buildings are treated as fixtures and fittings and capital allowances can be claimed. From April 2012 sellers of commercial property should ensure that they have maximised any claims for capital allowances and have a full track history available to potential buyers. If appropriate […]
Informants get paid…
A recent Freedom of Information Disclosure has revealed that payments made by HMRC to informants are on the increase. £323,780 was paid out in the tax year 2011/12 compared with just £155,950 in the tax year 2007/08. In total over £1m has been paid in the last three financial years. Section 26 of the Commissioners […]
Tax Diary Aug/Sept 2012
1 August 2012 – Due date for Corporation Tax due for the year ended 31 October 2011. 19 August 2012 – PAYE and NIC deductions due for month ended 5 August 2012. (If you pay your tax electronically the due date is 22 August 2012.) 19 August 2012 – Filing deadline for the CIS300 monthly […]
Real Time Information
From April 2013 most employers (and from October 2013 all employers) will be required to submit PAYE information to HMRC as the information is processed. The process acronym, RTI, short for “Real Time Information”, is a new way for employers to report their employees’ pay and tax details. According to HMRC it will make it […]
Share reorganisations and CGT
If you exchange shares in your company for shares or debentures in the same or a different company as part of a company reorganisation, what are the tax consequences? If certain share reorganisation tax rules apply, the reorganisation is not treated as a disposal of the original shares. Essentially the new shares or debentures stand […]