Business

Alchemist (Devil’s Gate) Film Partnership (TC2573)

CUCO (TC2550)

Attack on schemes threatens growth, warns tax expert

A claim for input tax can still be made by a business in the absence of a tax invoice

Employers who took part in the real-time information (RTI) pilot will be sent their 2012/13 return of Class 1A National Insurance contributions forms P11D(b) and payslips in early July, rather than the usual April.

The delay means some trialist firms may not receive the documents in time to complete and return them by the filing deadline of 6 July 2013 – but HMRC will not levy late-filing penalties provided the department receives the 2012/13 form P11D(b) no later than 19 July 2013.

Companies that offer HMRC-approved employee share schemes must complete the relevant returns by 8 July 2013.

The deadline for sending the enterprise management incentive annual return is 6 July 2013 – which is also the cut-off date for submissions of form 42 by employers with unapproved schemes who experienced reportable events in 2012/13.

C Horne (TC2592)

Cairnsmill Caravan Park (TC2580)

A member of a limited liability partnership left after a falling-out and has an unpaid and apparently irrecoverable profit share. Can he declare his actual income on his tax return rather than the share declared by the partnership?

Even disasters have tax consequences: the implications of insurance receipts

Anti-money laundering compliance officers are set to phone firms registered with HMRC under the Money Laundering Regulations (MLR) 2007, to check if information held by the taxman is up to date.

The Revenue is permitted to the data under MLR regulation 37. Each officer will confirm his or her identity, ask for security information, and then seek details of business activities and customers, and answer questions.

The calls will help HMRC decide whether or not a visit is needed and give businesses the opportunity to clarify issues, said the department.

Albermarle 4 LLP (TC2501)