Business

RF Farrow (TC4241)

The tax system costs businesses up to £10bn in hidden costs a year, with small and medium-sized enterprises (SMEs) bearing the brunt, according to research by the Association of Accounting Technicians (AAT).

The organisation’s survey of 500 firms found that each SME pays an average of £4,376 in tax compliance costs, just under half the £8,907 paid by larger businesses.

Elsina Ltd (TC4226)

The OTS has made its final recommendations on partnerships

Inheritance of a Manx company

HMRC are to implement option three of the informal consultation on fees charged to the businesses the department supervises under money laundering regulations.

Measures set to take effect from 1 April include:

D Patel (TC4225)

KLS Electrical Contracting (TC4216)

Does the cessation of trading affect the liability on future dividend payments?

Court-determined revised profit share and damages

Why a mixed partnership failed to claim the AIA

Secondary legislation is set to simplify PAYE regulations from 6 March 2015. The change will remove the requirement for employers to complete the end-of-year checklist when making their final full payment submission (FPS) for the year from 2014/15.

The checklist comprises a box on the FPS that opens the end-of-year declaration, consisting of seven questions. This was a feature of the now defunct P35, which was incorporated into the design of the FPS.