A husband and wife own several residential investment properties in their joint names. The houses are scattered across a wide area. Another client owns properties in London, but lives outside the city. Consideration is given to whether travelling costs to visit and check the properties and to carry out repair work are allowable
WKF McPherson (TC3456)
HMRC have improved the information and supporting guidance on the business tax dashboard PAYE screens in light of taxpayer feedback.
The main changes can be seen on both the service’s “current position” screens and in the details employers can find using the question mark icons.
Screen changes and revised assistance for “amount paid in period” and “amount due in period” now provide extra detail on:
As more farming clients are making significant trading profits, the potential advantages of incorporation must be considered. Advice is required on the herd basis aspects
The system is increasingly haphazard, the Institute for Fiscal Studies has warned
A client trades through a limited company of which he is the sole director and employee. His wife owns 50% of the company’s shares. The client will attend a four-day skills update course in the US
An artist traded through a limited company. His family inherited his shares on his death and the company continued to make sales, organise exhibitions and publicity events, and produce additional sculptures from castings
Mothers’ Union (TC3414)
Landlords can no longer claim tax relief for the replacement of white goods in unfurnished residential lettings, HMRC have confirmed.
The department’s announcement to the ICAEW Tax Faculty and the Chartered Institute of Taxation follows the withdrawal from April 2013 of extra-statutory concession B47.
Late PAYE payments will incur in-year interest charges for the first time, HMRC have warned following last month’s introduction of a regime that replaces annual levies.
Firms that want to avoid the new-style charges, which also apply to the construction industry scheme, should settle with the Revenue by the due date – 19th or 22nd of the month – the difference between what they report on their full payment submission (FPS) together with CIS charges for the tax month, and the deductions reported on an employer payment submission (EPS).
HMRC have published further guidance on eligibility for the employment allowance.
It includes clarification of “functions either wholly or mainly of a public nature”. Where more than 50% of the work of a business falls into the category, the allowance cannot be claimed. For example, a doctor’s surgery for NHS patients comprising 90% of a GP’s work.
Other areas include:
The majority shareholder of a trading company sold his shares for cash, shares and qualifying corporate bonds in a new holding company