Business

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.

H L Amah (TC4173)

HMRC have announced new fuel rates for company cars, to apply to all journeys on or after 1 December 2014 until further notice. Employers may use either the previous or new rates for one month from the date of change, and therefore make or require supplementary payments, but are under no obligation to do either. Petrol hybrid cars are treated as petrol cars for this purpose. The amounts can be used for VAT, but employers will need to retain receipts.

CG Martin (TC4117)