Social Investment Tax Relief Consultation

HM Treasury and the Department for Business, Innovation and Skills (”BIS”) have issued a consultation on the Government’s plan, announced at Budget 2013, to introduce a new tax incentive to encourage private investment in social enterprise for 2014. Social enterprises are businesses with primarily social objectives and span a variety of business models and legal […]

Cap On Loss Relief

Finance Bill 2013 includes provisions to cap income tax reliefs from 6 April 2013. Under the proposed legislation, certain income tax reliefs will be capped at the greater limit of £50,000 or 25% of the taxpayer’s “adjusted total income” for the tax year, meaning taxpayers with high income will be eligible for the highest relief. […]

New Online Service For Charities

The new HMRC Charities Online Service was launched in April 2013, to enable charities and Community Amateur Sports Clubs (“CASC”s) to sign up and make repayment claims online. There are three ways in which charities and CASCs can claim gift aid repayments and/or repayments of tax deducted from other sources of income. The first two […]

RTI glitch sees up to 40,000 with incorrect PAYE code

HMRC has acknowledged that problems with the new Real Time Information (RTI) system could see many taxpayers receiving incorrect PAYE codes. Estimates suggest up to 40,000 people may have been given the wrong code due to a mis-match of information on the RTI system. HMRC is relying on employers and their employees detecting the errors […]

Tax Update: Partnerships – Consulting On Perceived Abuse

In his 2013 Budget, the Chancellor announced that the Government would consult on two perceived misuses of partnerships: to remove the presumption of self-employment for limited liability partnership (LLP) partners, to tackle the disguising of employment relationships through LLPs; and to counter the artificial allocation of profits to partners (in both LLPs and other partnerships) […]

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