Paula Tallon answers a question on corporate partners and loans made to companies.
HMRC has reminded electricians that the registration deadline for its Electricians Tax Safe Plan is 15 May. Electricians taking part can pay any tax and interest they owe while benefiting from ‘lower penalties of only 10%, with a maximum of 20%’, HMRC said in a press release.
David Wilson sets out some key tax issues for advisers to consider this month.
Small businesses are ‘tomorrow’s Dysons and Microsofts’ and they need government support ‘as much if not more than the big businesses that have already made it’, ICAEW Chief Executive Michael Izza has said.
HMRC has worked with BASDA and independent software developers to facilitate the development of record-keeping apps that are intended to ‘help small businesses and the self-employed who are below the [£77,000] VAT threshold maintain good records and estimate what their tax liability might be’.
Setting up a company specifically to avoid tax is ‘aggressive tax avoidance’ and should be distinguished from investment in pensions or genuine start-up businesses, the Prime Minister suggested today.
Three million businesses with a turnover below £77,000 stand to benefit from a voluntary cash basis for income tax and simplified arrangements for certain expenses, HMRC said in a consultation paper,
A plumber was jailed for 12 months yesterday for evading £91,000 of income tax and NICs during 10 years of trading.
HMRC accepts that most owners of SMEs want to get their tax right and that the tone of HMRC’s communications with SMEs ‘needs to reflect this better’, the department said in a Budget day note setting out proposed changes to the tax legislation for smaller businesses and how HMRC intends to delive
Proposed amendments to CAA 2001 will ensure that rules for calculating the lessee’s disposal value at the end of a long funding lease ‘operate as intended so that the relief available by way of capital allowances does not exceed the net expenditure of the lessee not otherwise relieved’.