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HMRC prepares to take 'ingenious liberties' with Accelerated Tax Payments
HMRC will in the next couple of weeks be able to demand billions in taxes from tax avoidance scheme users under its new Accelerated Tax Payments (ATPs) measures. Payment will be required where a scheme is disputed and it was disclosable under DOTAS.
Rangers wins EBT 'big tax case'
Rangers wins its 'big tax case', its EBT appeal. Loans made to players were genuine loans.
Nichola's SME Tax w-update 10 July 2014
Good morning
Well to be honest I am slightly gutted to find that even the Arctic Monkey's took part in a tax avoidance scheme (the Liberty scheme, as leaked by the Times), but I doubt that the effect of the newspapers naming and shaming celebrities will have any effect on downloads by my teenage daugher and her friends. What will change future tax compliance is HMRC's new Accelerated Payment regime. This is expected to be a 'game changer' in the words of Jim Harra, HMRC's Director General of Business Tax.
LLP capital contributions: by 5 July
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.
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.
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