Business

MCashback Software 6 LLP (TC3061)

A business is likely to make substantial investments in plant and machinery in the period towards the end of 2014, before the annual investment allowance reverts from the temporary limit of £250,000 to £25,000

Harvey’s Jersey Cream Ltd (TC3045)

Littlewood Hire Ltd (TC2975)

The partners in a medical practice wish to claim capital allowances in respect of the surgery premises, which is owned by the partnership. But by claiming the allowances, the doctors’ taxable income may fall below the qualifying level for NHS seniority payments

CRC v Bosher, Upper Tribunal (Tax and Chancery Chamber)

Two partnerships have merged on a day that corresponds with neither of their accounting dates. Advice is required on the effect of this on the basis periods and the impact of the introduction of corporate partners into the merged business

A partner in a farming partnership has died and the agreement states the partnership must come to an end, but the two remaining partners are continuing to carry on the business, sharing profits equally

Employers are being given the chance to settle open enquiries into the use of employee-financed retirement benefit schemes (EFRBS) arrangements by agreement and without needing to take part in litigation.

Firms have until 31 December 2013 to consider the two options offered by HMRC:

Dagless Holdings Ltd (TC2934)

Some banks and other financial institutions use inappropriate criteria to decide in which format they report payments of interest, HMRC have warned.

The department’s announcement follows an initial check of data supplied to fellow European Union states under the EU savings directive.

Financial institutions’ declarations regarding payments of interest can be made either under FA 2011 schedule  23 –  by type 17 and type 18 returns – or the UK regulations that implement the savings directive.

In the replies to the query Rent accounts, it was stated that the installation of central heating would qualify as an integral feature and therefore capital allowances would be available.

Reference was made to HMRC’s Capital Allowances Manual at CA 21200 and CA22330.

CAA 2001, s 15 lists various qualifying activities for the purposes of CA 2001, Part 2 (“plant and machinery allowances”) and these include: