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 a share of profits rather […]
06
Jun
Jun
No matter how big or small your organisation, absenteeism can be an issue. It is impossible to eliminate staff absences entirely but every business needs sufficient controls in place in order to minimise disruption and loss of productivity. As an employer or business manager, the best place to start must be your sickness and absence […]
05
Jun
Jun
The British Retail Consortium is setting up a working group to look at the burden of taxation now suffered by the High Street retail sector in the UK. They are concerned that online retailers have an unfair advantage as they pay less business rates and employ fewer staff than their High Street competitors. Recent research […]
05
Jun
Jun
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 deadline for the CIS300 monthly […]
04
Jun
Jun
One of the most important parts of any business is maintaining and enhancing relationships with clients. This makes the time spent on a project more enjoyable, satisfying and effective. Improved relationships also improve the chance that the firm will get referrals and future business. Be clear and open with client This is the number one […]
04
Jun
Jun
Individuals who were claiming tax credits for 2012-13 should be receiving a “Renewing your tax credits – Getting it right” pack. It is vital that you complete the Annual Review form for the year ended 5 April 2013 and send it to the Tax Credits Office (TCO) Durham before 31 July 2013. Failure to do […]
04
Jun
Jun
Married couples and registered civil partners are allowed to transfer assets to each other during their lifetime or when they die without incurring an Inheritance Tax charge. There is no limit to this relief as long as the receiving spouse or civil partner is UK domiciled. This relief is known as the spouse or civil […]
04
Jun
Jun
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 exception from these contributions if […]
04
Jun
Jun
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 purposes. If the property in […]