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... self assessment; carbon pricing; editorial board

HMRC have published three consultation documents concerning the direct tax aspects of the UK investment management strategy:

HMRC have published a guide to creative industry tax reliefs, which allow qualifying companies to claim a larger deduction a payable tax credit when calculating their profits for corporation tax, by increasing the amount of allowable expenditure.

A company that makes a loss may be able to surrender the loss and convert some or all of it into a payable tax credit.

Fifteen-part action plan against base erosion and profit shifting

The government is consulting on proposals to address schemes where profit or loss allocations are manipulated within partnerships to reduce tax.

The consultation concerns disguised employment and profit and loss allocation schemes.

The aim – as announced in this year’s Budget – is to prevent tax loss arising from disguising employment relationships through limited liability partnerships, and from certain arrangements involving allocation of profits and losses among partnership members.

HMRC have issued a reminder to employers about recording the correct number of hours employees have worked, to ensure they receive the benefits and tax credits to which they are entitled.

Employers should select “D other” only if the worker does not have a regular pattern of employment or the payment relates to an occupational pension or annuity.

Otherwise, the hours worked should be recorded as follows:

...Finance Act 2013; tax credits; toolkits updated

Submission by 4 August will cancel penalty notices for employers

HMRC have published the consultation document Simplifying the National Insurance Processes for the Self-Employed, which outlines ways to reduce the burden on self-employed people, focusing specifically on collecting class 2 National Insurance (NI) through self assessment. They are currently collected through a standalone process using six monthly bills or direct debit.

Schemes involving business premises renovation allowance (BPRA) have been reported to HMRC through the disclosure of tax avoidance schemes regime and included on the department’s Spotlight service that provides details of abusive arrangements.

The BPRA is intended to support the regeneration of deprived regions of the UK by allowing business investors to claim a tax allowance for 100% of the amount they invest in converting or renovating empty premises.

HMRC move to tackle employers’ real-time difficulties