This time we look at a couple of tax penalty cases where companies have failed to realise that they have a requirement to file returns under the Annual Tax on Enveloped Dwellings (ATED) regime. We also look at directors' entitlement to redundancy pay.
There are a lot of website postings that appear to state (categorically) that a sole director cannot claim redundancy pay and that is not the case at all.
Nichola Ross Martin FCA Tax Director
Your online Virtual Tax Partner®: practical support for accountants, tax advisers and their clients.
ATED first late filing penalty appeals: ignorance of the law is not bliss...
Companies must file ATED returns even if they wish to claim exemption.
Can a sole director claim redundancy pay?
Yes, provided that they can show that they are an employee.
Penalties: Annual Tax on Enveloped Dwellings
Late filing, late payment, error.
Essential reading: subscription content
Annual Tax on Enveloped Dwellings
UPDATE: at a glance guidance on this new-ish tax regime. Properties worth £1 million should be returned by 1 October 2015.
Employment status: directors
UPDATE: a director is an office holder; although this does not automatically make him an employee in terms of employment law, he is an employee for tax purposes. This can produce some interesting outcomes.
Schedule 36 information notices
UPDATE: a new case added (points on appeal and procedure). This guide explains the ins and outs of information notices.
How to appeal a tax penalty
UPDATE: top tips with a step by step guide to ensure that you fully appeal the right aspects of your penalty.
Employers: What's on April - July 2015?
New and online reporting requirements for RTI and concessions for late filing, Shares and securities, employment intermediaries and PIID deadlines.
Nichola's Capital Taxes Update April/May 2015
Updates and worked examples to explain the new rules for CGT Entrepreneurs' Relief, Wasting Assets, the new Company CGT regime, changes to Private Residence relief, CGT for non-residents, SDLT and the Annual Tax on Enveloped Dwellings with cases on ER and EIS.
Charging the company interest to use your savings band
You may earn up to £5,000 in savings tax free in 2015/16. This guide summarises the tax treatment for the company of interest paid to directors and takes you through a worked example.
Do I pay salary or dividend?
This guide explores the tax-planning points and pitfalls of using dividends to create a tax-efficient pay package.
Salary 2015/16 (avoiding NICs)
What is the optimal monthly or weekly salary that can be paid by an employer without incurring a liability for the employer or employee for National Insurance (NICs)? Or, is it better to pay some ERs NICs in order to claim it back from the government?
Shifting your income to avoid tax
This guide explains the planning points and pitfalls of splitting your income with your spouse or other family members.
Finance Act 2015: tax update and rolling planner
Visit this regularly in order to avoid feeling overwhelmed by the huge volume of new tax rules and regulations: our rolling tax update and planner sets out all the key measures, dates and deadlines for you. Summer Budget 2015: will take place on Wednesday 8 July 2015.
Incorporating a business
If CGT Entrepreneurs' Relief is no longer available on transfers of goodwill on incorporations made on or after 3 December 2014, what are the alternative options? This practical tax guide takes you, asset by asset, through the steps of incorporation with worked examples to illustrate the interactions of different CGT and income tax relief.
The non-resident landlord scheme for rental income
An at a glance guide, don't forget to file by 6 July 2015
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