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The release of loan to a participator who was also a director was, in the absence of any evidence to dicate otherwise, treated as earnings for NICs purposes.
January may be over but wake up! There is never a dull minute in UK tax. These current consultations may have a major effect on SME owners and advisers.
A short update. I am gearing up for next week's Adviser update (it's a really interesting one as it goes).
The Public Accounts Committee (PAC) has severely criticised HM Revenue & Customs (HMRC) for a whole catalogue of extraordinary and costly failures which have befallen the department in the past year.
From 1 April 2011
New rules are expected to be introduced on how in the case of a close company you work out the number of its associates for tax purposes in calculating whether the small companies' rate of tax applies.
A sub-contractor was delighted to find that HMRC’s computer had doubled up the amount of CIS tax that he had had deducted under CIS in 2009/10. This meant no further tax to pay on 31 January 2011…or so he thought.
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