Tax

• ‘Sleeping’ and Inactive Limited Partners – New NICs Liability

  • Posted24 April 2013

  HM Revenue and Customs (HMRC) have had a rethink as regards the law governing National Insurance Contributions (NICs) and announced that sleeping partners and inactive limited partners are liable to...

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• Termination Payments Taxable if Not Damages

  • Posted28 March 2013

  When a new executive fell out with the chief executive officer of the company he worked for, his employment was terminated without notice. In such circumstances, a breach of...

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• HMRC Win Benefits in Kind Fight With LLP

  • Posted19 March 2013

  A recent tax decision could spell trouble for limited liability partnerships (LLPs). It involved an LLP which purchased and provided cars and fuel for the use of partners in...

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• Multiple Rent Clauses – What About the VAT?

  • Posted21 February 2013

  Tenants of commercial premises know that rent is not a taxable supply for VAT purposes unless the landlord has elected to waive the VAT exemption in respect of the...

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• Accountants’ Advice Not Privileged, Says Supreme Court

  • Posted25 January 2013

  The Supreme Court has ruled, by a majority of five to two, that advice provided by members of the Institute of Chartered Accountants in England and Wales (ICAEW) is not...

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• Legal Fees Allowable Against Tax

  • Posted23 January 2013

  When a family partnership faced a legal challenge, the partners argued that the legal costs involved were allowable business expenses. The partnership spent more than £36,000 on legal fees...

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