Under the provisions of the Small Business Enterprise and Employment Act 2015 UK companies are prohibited from issuing bearer shares from 26 May 2015. Companies which already had bearer shares were required to give notice to bearer shareholders that they must surrender them and have their holdings converted into registered shares by 26 June 2015, and the company had to spell out the consequences of not doing so.
SME Tax News
Hello
Just a quick bulletin to say that HMRC have allowed employers another week in order to set up online filing for share and securities filing and file returns for the year ending 5 April 2015.
HMRC has decided the extend the online reporting deadline for share schemes and other employment related securities returns by a working week following a spate of techical problems.
Employees must reimburse their employers for any PAYE due on any notional payments made in the 2014/15 tax year within 90 days of the tax year end (section 22 ITEPA 2003). The deadline is 4 July.
Do you have any taxable events in terms of Employment Related Securites to report? This is a last chance reminder: it takes up to 7 days to register and the spreadsheet for events in 2014/15 must be filed by 6 July 2015.
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After a bit of a lull in tax news during the general election we are now going into overdrive. As usual we have cherry picked the best bits for SME advisers. I must apologise about the length of this time's edition, but stay with it: there are a lot of top tips, tax traps and tax cases reported this time which are worth a quick read through.
In Lobler v HMRC [2015] UKUT 0152 a taxpayer ticked the wrong box when withdrawing funds from a life policy with the result was that he was imposed with a 700% tax liability, effectively paying tax on his own capital. The Upper Tribunal allowed his mistake to be rectified.
CJS Eastern v HMRC [2015] UKFTT 579 concerned late filing penalties in the Contruction Industry Scheme. The FTT explored its powers to reduce both fixed and month 13 penalties.