A client carried on a business through a “one-man” limited company, which has ceased trading but has retained profits. Because he is liable to higher rate tax in retirement, he proposes to gift the shares to his wife to enable her to draw dividends
Business expenses will be incurred by one-man limited companies and these will need to be shown on a form P11D and a deduction claimed
HMRC have issued clarification of the requirements of operating annual PAYE schemes in the real-time information (RTI) system.
The Revenue is unable currently to process requests from employers hoping to move to paying annually and register as an annual scheme, or to change their payment frequency. The publish a message on its website when the issue has been fixed.
For a PAYE scheme to be considered annual, it must meet the following requirements.
O’Flaherty v CRC, Upper Tribunal (Tax and Chancery Chamber)
Pike v CRC, Upper Tribunal (Tax and Chancery Chamber)
HMRC hopes to replace class 1 with 2 and 4
An athletic look at the taxation of non-resident sportspeople’s endorsement income
Employees are allowed to claim an authorised mileage rate for business journeys and a higher rate is paid for the first 10,000 miles a year
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.
S Manley (TC2517)
Speculating about another enterprising move by HMRC to maximise income from Class 1 National Insurance contributions
Employers still expected to meet May deadline
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