Tax Update - Winter 2014

The Princecroft Willis tax update covers a number of topical issues including:

  • the introduction of various changes to the PAYE compliance system. It is important to ensure RTI submissions and payment of liabilities, are made on time every time to avoid interest and penalties
  • the latest measures being introduced to minimise employee sickness absence with the roll out of ‘Fit for Work’ the new Health and Work Service
  • HMRC are proposing new rules on the Direct Recovery of Debts (DRD). We look at the circumstances when this option would be used and the important safeguards which apply to address the concerns about this new approach to debt collection
  • we consider HMRC’s advice on the correct tax treatment of the compensation with businesses now in receipt of compensation on mis-sold interest rate hedging products 
  • the latest HMRC voluntary disclosure campaigns.
  • review of the rules for claiming allowances on fixtures and the pitfalls for the unwary which could mean losing out on substantial allowances

We also report on a number of topical tax cases including one which ruled against the expenses claimed by a self-employed individual who ‘worked from home’. The case illustrates that it is important to review travel and subsistence claims. We also look at a case where a claim for the generous capital gains tax entrepreneurs’ relief was challenged as the claimant was no longer on the payroll. As the cases demonstrate attention to detail is key.

Click here to read our Winter 2014 Tax Update.

Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven’t covered. Your views are always important to us and we would welcome your feedback.

 

 

18 December 2014