If salaried members of LLPs have agreed to increase their capital contribution in order to disapply the new Finance Act 2014 rules, they must pay by 5 July or be treated as employees.
S162 incorporation relief: speculative activity is a business
A speculative landfill and land consultancy counts as a business for capital gains tax (CGT) section 162 incorporation relief.
CIS helpcards: to claim repayments
HMRC produce a helpcard for companies who are Construction Industry Scheme (CIS) subcontractors together with its Top Ten tips in making a successful repayment claim from HMRC.
HMRC starts annual PAYE reconciliations - check your P800
HMRC has started sending out P800s as part of the 2013/14 end-of-year reconciliation process for individuals in PAYE. This compares the tax paid with the tax which is due, according to the information on HMRC’s records. All P800s should be checked for accuracy.
Fines: No tax relief allowed on non-statutory fines
HMRC have successfully appealed the 2012 decision of the First Tier Tribunal (FTT) that would have allowed F1 racing team McLaren tax relief on a £32 million fine imposed for cheating.
Nichola's SME Tax w-update 17 June 2014
Hello again
This time we have a short web-update as we re-visit a case from last year - featuring incorporation and letting. Even though it is the only case on s162 incorporation relief, and the decision came from the Upper Tier Tribunal, HMRC have not adjusted its manuals. Probably an oversight on their part, or maybe a lack of budget?
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