Beware the ides of April!
If you haven’t yet submitted your tax return, then beware! This year the taxman has introduced a raft of extra penalties for late filers. In the past, anyone submitting their tax return after the January 31 deadline faced a straightforward £100 fine. If there was tax due, you also had to pay interest on the ... continue reading
Ho, Ho, Ho EISmas cheer…..
The draft clauses for the 2012 Finance Act brought good news for anyone looking to raise share capital under the Enterprise Investment Scheme (EIS). We at Nyman Libson Paul are heavily involved with EIS and have seen the scheme’s popularity grow in recent years, particularly since the increase in Income Tax relief to 30% in ... continue reading
George’s autumn cheer or chill?
The Autumn Statement… Naturally, the ‘yah boo’ nature of these House of Commons events and the mainstream press emphasising the political ramifications in priority to any economic debate, can sometimes obscure the real relevance of the Chancellor’s announcements. To be fair, much that was announced in the Autumn Statement was limited to conceptual headlines and ... continue reading
Film Tax Credits: screening until 2015
The November 2012 announcement that Film Tax Credits will be preserved until 2015 is, of course, good news. However, it is worth noting that this does not necessarily mean that they are, or were, ever intended to end on that, or any other date. What has actually happened is that the European Commission has extended ... continue reading
Spam Emails, HMRC
It seems to be that time of year when the spammers are out in force. A number of our clients have received bogus emails purporting to be from the HM Revenue and Customs (HMRC). The emails attempt to entice the recipient of the email to enter personal details by email so they can claim a ... continue reading
HMRC TIME TO PAY ARRANGEMENTS
Some companies are finding that the HM Revenue and Customs, just like the banking sector, are restricting assistance given during times of cash flow problems. Previously they may have been able to turn to “Time to Pay” (TTP) arrangements, but there has been a marked increased in the number of TTP applications being rejected by ... continue reading
Latest NI news for entertainers
HMRC are at it again, this time targeting entertainers who trade through their personal service companies. We understand that a number of high-profile performers across the entertainment industry have been subjected to tax enquiries, purporting that the income received by their companies is tantamount to salary. If this were the case, such income would also ... continue reading
HMRC’s Tax Coding Debacle
HMRC’s tax-coding debacle has created a terrible mess which will be causing widespread worry. Many people in a number of industries, including entertainment, are deemed to be ‘employees’ working for several different clients during a tax year and will be prime candidates to receive a letter from HMRC. continue reading
Passing income to children
Where income in excess of £100 per tax year is passed by a parent to a minor child, that income is treated as remaining taxable on the parent. Where income in excess of £100 per tax year is passed by a parent to a minor child, that income is treated as remaining taxable on the ... continue reading
Medical check-ups
Expenses paid by an employer for periodic medical check-ups for employees or for members of their families are not treated as a taxable benefit-in-kind. Similarly, no benefit arises for the cost of an eyesight test where the employee is required to use a VDU as part of his/her duties. continue reading
