1 September 2012 – Due date for Corporation Tax due for the year ended 30 November 2011. 19 September 2012 – PAYE and NIC deductions due for month ended 5 September 2012. (If you pay your tax electronically the due date is 22 September 2012.) 19 September 2012 – Filing deadline for the CIS300 monthly […]
Termination payments
In a further, recent First-tier case the Tribunal considered the tax treatment of a businessman who was paid £123,750 on the termination of his employment. He dutifully deducted the usual £30,000 tax-free amount from this payment and declared the difference on his tax return. Unfortunately, the termination payment was paid under the terms of his […]
Benefits in kind and partnerships
In a potentially wide ranging decision, a First-tier Tribunal has ruled in favour of HMRC. The case involved an LLP partnership that was formed to provide management services to a company. The following details are of interest: As part of the arrangement the LLP owned and provided the use of cars to the partners. This […]
Selling or buying business property?
Owners of business property will be aware that certain parts of commercial buildings are treated as fixtures and fittings and capital allowances can be claimed. From April 2012 sellers of commercial property should ensure that they have maximised any claims for capital allowances and have a full track history available to potential buyers. If appropriate […]
Informants get paid…
A recent Freedom of Information Disclosure has revealed that payments made by HMRC to informants are on the increase. £323,780 was paid out in the tax year 2011/12 compared with just £155,950 in the tax year 2007/08. In total over £1m has been paid in the last three financial years. Section 26 of the Commissioners […]