Tax Update - Winter 2013
The Princecroft Willis Tax Update for Winter 2013, covering a variety of topical issues on tax and other related areas.
- Just say No
- Intertwined - records and residence
- RTI developments keep on coming
- Passing on the family business tax efficiently
- Surely knowing what is tax deductible from my rental income is easy?
- Charity shops and Gift Aid
- Partnerships – a kaleidoscope of change?
What should you do if HMRC contact you directly about your tax affairs? Recently HMRC have adopted this approach in a number of areas. Our advice is to ‘Just say no!’ and to refer them to us as your advisers, after all that is what we are here for.
For those with income from property rentals we consider changes to the rules for calculating taxable rental income and the demise of the ‘renewals basis’.
HMRC issued some consultation earlier this year which will potentially affect some LLPs and mixed partnerships with a corporate member. The areas under HMRC scrutiny are salaried partners within LLPs, where the proposal is to apply national insurance contributions to the salary from April 2014. We also consider the HMRC proposals for profit or loss reallocation where corporate partners are involved.
With Real Time Information (RTI) procedures now in force, our article outlines the ‘relaxation’ to the procedures which currently applies to some small employers, advice on annual PAYE schemes and warns that penalties will be applied to all employers from 6 April 2014 who fail to meet their obligations.
With the introduction of new rules to determine UK residency for tax purposes, we consider the onerous record keeping requirements.
For those who run their own family business, we consider the options available when the time comes to pass the business on to the next generation.
Charity shops are big business. We consider the procedures to be followed if the charity wants to claim Gift Aid on donated items. Failure to follow the correct procedures is costly!
With a wide variety of topics covered we are sure you will find something of interest.
Please contact us if you have any questions regarding any of the articles included in our newsletter or if you would like further information on a topic we have not covered.