HMRC is encouraging small businesses to use a new ‘cash basis’ scheme that allows them to be taxed on money flowing in and out of their business. The scheme applies to sole traders and other unincorporated businesses with an annual income under £79,000.
Transfer of real property into unapproved benefit scheme
Views from tax professionals on some of the points to watch in the draft measures due to be included in this year's Finance Bill.
Jackie Wheaton answers a query on the taxation of dividend waivers
The City of London Law Society Revenue Law Committee and the ICAEW Tax Faculty have both called for a delay in the implementation of the proposed ‘salaried member’ partnership measures which are due to be included in Finance Bill 2014.
Entrepreneurs’ relief on business premises
Caroline Fleet answers a query on whether money received from a scrap metal business forms part of a UK property business
8.48m (up from 7.93m last year) returns were filed online by 31 January 2014. This represents 84.5% of all returns received – a record-breaking percentage.
Taxpayers who did not file their personal tax return on time, because they had not allowed enough time to receive their ID, password and activation code from HMRC, may be able to avoid a penalty.
The Finance Bill 2014 will contain provisions which will have effect from 30 January 2014 in relation to arrangements entered into on or after that date.