Michael Collins on NICs on contributions to FURBS
Long standing issues in small business taxation have so far proven to be intractable, the Office of Tax Simplification said in its interim report, ‘Small business tax review’, presented to the Chancellor last week
People who have used EBTs to avoid tax on employment income are being offered ‘products’ designed to shelter funds in current schemes from the effect of planned legislation to counter avoidance of income tax and NICs, according to HMRC.
The Treasury has invited comments by 17 March on revised draft clauses, to be included in the Finance Bill to be published at the end of this month, on a facility for meeting the new ‘annual allowance charge’ from the taxpayer’s pension benefits instead of current income.
The FAQs do not exclude offshore planning per se. Matthew Rowbotham explains
Karen Cooper and Natalie Smith assess whether HMRC’s recent FAQs should be welcomed
HMRC will send paper returns this month to employers who have successfully applied for the regional national insurance contributions holiday.
The completed end of year returns should reach HMRC by 19 May. Guidance will be posted on the Business Link website this month, HMRC said.
Plumbers, gas fitters, heating engineers and ‘members of associated trades’ who sign up to a new disclosure facility and pay outstanding tax liabilities are to be offered a reduced penalty.
HMRC have announced an increase in the advisory fuel rates to be used by employers reimbursing employees for business travel in their company cars. The new rates, which take effect today, are set out on the HMRC website.
Barrie Akin examines Aberdeen Asset Management