The economic outlook is improving, says the Institute for Fiscal Studies, but problems lay ahead
October 2015 has been set by the government as the launch date for the scheme to allow people to top up their additional state pension via a new class 3A voluntary National Insurance contribution.
The arrangement – announced in last year’s autumn statement – will run for a limited period to help taxpayers who will reach state pension age before 6 April 2016. Those expected to benefit most are low-earning workers, carers and the self-employed, who have always been excluded from the state second pension and state earnings related pension scheme.
A taxpayer has registered with HMRC as a sole trader in futures derivatives. He has made a loss in the first six months of £30,000
The previous accountant of a new client showed the income and expenditure relating to five let properties as being from self-employment. The presumption is it should be shown as income from property
Under an unfunded unapproved retirement benefits scheme, an employee and their employer had agreed that a pension of £85,000 a year would be paid. Instead, a lump sum of £1.4m was paid to the employee
Tax planning for loving couples
OTS issues second report on employee benefits and expenses
R J Herbert Engineering Ltd (TC3132)
P Boyle (TC3103)
The taxpayer is a director and 50% shareholder in a limited company operating from one office and a 50% partner in another similar business, trading from a different office three miles away
HMRC have warned of another problem with their business tax dashboard, following the recent month eight error.
The latest error means the dashboard is not showing the correct liability position for tax months nine and ten of some PAYE schemes. Employers may find they are being told they owe more tax than expected for the affected months.
CRC v O’Rorke, Upper Tribunal (Tax and Chancery Division)