Business

Standfast Corporate Underwriters Ltd (TC3322)

HMRC have refined the way they handle construction industry scheme (CIS) repayments, following work by joint initiative on the tax authority’s service delivery.

The Revenue aims to process CIS repayment claims within 25 working days or less from the date of receipt, provided the information sent – by mail or online – matches that held by the department.

Part repayments will be made based on verified amounts while mismatches are discussed with the taxpayer company

By John Endacott; second edition; £58.50; paperback; ; 146 pages; Claritax Books

J Rice (TC3273)

End of year summary due by 19 April

Reviewing the new capital allowances rules for property transactions

A look at the National Audit Office report on the landscape of tax breaks

Authorised tax agents can now use a single spreadsheet to register ten or more partners in a limited liability partnership (LLP) for self assessment and National Insurance, rather than having to fill in individual forms SA401 or SA402.

The nominated partner must sign the spreadsheet, which has to be completed in a font no smaller than 12 point Times New Roman.

The information to be included depends on which of four types partner is involved, but the LLP’s name, address and unique taxpayer reference should be supplied in all cases.

JH and IM Ward (and related appeals) (TC3248)

A property development company has substantial trading losses at the end of its first accounting period. In the second accounting period, no trading activity took place and the losses were simply carried forward

In 2002, a sole trader transferred his business to a limited liability partnership with a corporate partner. The company’s profit share pays for a small salary to the trader and generates entitlement to state second pension

Consequences for income tax when a new shareholder acquires nil or partly paid shares