Income Tax

The previous accountant of a new client showed the income and expenditure relating to five let properties as being from self-employment. The presumption is it should be shown as income from property

October 2015 has been set by the government as the launch date for the scheme to allow people to top up their additional state pension via a new class 3A voluntary National Insurance contribution.

The arrangement – announced in last year’s autumn statement – will run for a limited period to help taxpayers who will reach state pension age before 6 April 2016. Those expected to benefit most are low-earning workers, carers and the self-employed, who have always been excluded from the state second pension and state earnings related pension scheme.

A taxpayer has registered with HMRC as a sole trader in futures derivatives. He has made a loss in the first six months of £30,000

Tax planning for loving couples

OTS issues second report on employee benefits and expenses

R J Herbert Engineering Ltd (TC3132)

P Boyle (TC3103)

The taxpayer is a director and 50% shareholder in a limited company operating from one office and a 50% partner in another similar business, trading from a different office three miles away

HMRC have warned of another problem with their business tax dashboard, following the recent month eight error.

The latest error means the dashboard is not showing the correct liability position for tax months nine and ten of some PAYE schemes. Employers may find they are being told they owe more tax than expected for the affected months.

CRC v O’Rorke, Upper Tribunal (Tax and Chancery Division)

R Brown (TC3118)

An employee was loaned £250,000 by an employee benefit trust, ostensibly to purchase an investment property. On that basis, no P11D was prepared, but it has now come to light that £50,000 was retained as savings