The City of London Law Society Revenue Law Committee and the ICAEW Tax Faculty have both called for a delay in the implementation of the proposed ‘salaried member’ partnership measures which are due to be included in Finance Bill 2014.
Entrepreneurs’ relief on business premises
Caroline Fleet answers a query on whether money received from a scrap metal business forms part of a UK property business
8.48m (up from 7.93m last year) returns were filed online by 31 January 2014. This represents 84.5% of all returns received – a record-breaking percentage.
Taxpayers who did not file their personal tax return on time, because they had not allowed enough time to receive their ID, password and activation code from HMRC, may be able to avoid a penalty.
The Finance Bill 2014 will contain provisions which will have effect from 30 January 2014 in relation to arrangements entered into on or after that date.
Gary Richards, chair of the Law Society’s tax law committee, has told the Finance Bill Sub-committee of the House of Lords that the proposed partnership measures (due to come into effect in April) will harm professional firms that operate as LLPs for genuine business reasons.
‘The CBI urged the government to pilot a tax incentive to encourage retail investors to hold shares for at least five years. It also launched an online tool to help businesses find the right type of finance.
John Whiting explains why partnerships matter and sets out some quick wins on their taxation, as identified by the Office of Tax Simplification
Jackie Wheaton answers a query on the tax treatment of legal costs of an out of court settlement.