Partnership agreements are often forgotten especially where the partners are all family members. The case of John Ronald Ham v Ronald William Ham & Lorna Jean Ham [2013] EWCA Civ 1301 highlights the importance of having a well-constructed partnership agreement in place.
SME Tax News
The Institute of Chartered Accountants in England and Wales (ICAEW) has become an approved regulator of probate, and is the first non-legal body to be able to regulate probate services and licence Alternative Business Structures (ABS’s) under the terms of the Legal Services Act 2007.
HMRC has been given leave to appeal the decision of the Upper Tier Tax Tribunal that payments made by the club to players via its employee benefit trust (EBT) were loans and not subject to PAYE.
HMRC have announced a number of changes to the LDF to restrict access to the favourable terms to new tax irregularities with significant offshore connection.
Two consultations on offshore evasion strategy have now closed, new measures are being introduced in 2015/16. The new measures include making a failure to declare offshore income or gains a criminal offence.
The Low Incomes Tax Reform Group (LITRG) are calling for online government services to be clearly marked in order to prevent people being coned into paying for free government services by copy-cat websites. LITRG is calling for the introduction of a kitemark to help the public ensure they are using official websites.
Advisers KPMG report that HM Revenue & Customs (HMRC) have issued 36,000 letters informing employers and agents of possible overpayments of PAYE. The letters, issued at the beginning of August, are causing some confusion as they refer to both the last three Real Time Information (RTI) submissions and the period 6 July – 5 October; time periods which do not correlate.
PAYE penalties for the tax year 2013-2014 will be notified by the issue of the first interim penalty notice in late September 2014 to those employers who failed to send their relevant return by 19 May deadline.
The Government's proposal for Direct Recovery of [tax] Debts will allow HMRC a free hand to dip into taxpayer's bank accounts has met with united opposition from all of the tax and accountancy bodies. Simply put, HMRC makes too many mistakes to be trusted, and any power which allows the Government to circumvent the normal legal process of an open court hearing is not something that that a civilised Western society expects. Please sign the petition to stop this measure.
Chancellor George Osborne’s plans to raid people’s bank accounts are a “power too far” for the taxman and will damage innocent families and vulnerable people, according to a powerful new coalition calling for him to ditch the proposals.