Income Tax

Three people purchased a commercial property and 75% of the cost was financed with a bank loan. Following lease changes, the rent did not cover the loan repayments, and the bank wrote off 30% of the loan on the condition it was refinanced

A rule change could have devastating consequences for globetrotting employees

ATT wants 19 May cut-off for payroll submissions

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

P D Curtis (TC3303)

HMRC are in the process of updating their generic notification service (GNS), with the aim of keep employers up to date with real-time information (RTI) requirements.

The first of the retooled messages for 2014/15 concerns late filing: employers will not necessarily receive a notification in every instance in which it occurs, and there is no need to contact the Revenue if an anticipated GNS message has not been received.

Basics of the rules set to be introduced next year

End of year summary due by 19 April

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

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

N McLocklin (TC3182)

A woman wishes to buy a property in Florida. She and her husband are 50:50 shareholders of a limited company through which she carries on her trading business. The company is cash rich, so the client is considering a joint purchase of the property