Salaried members of an LLP

HMRC published the draft Finance Bill 2014 last month. Included were changes to the taxation of certain partnerships. This article discusses the introduction of a new type of partnership member for Limited Liability Partnerships (LLPs) that will commence 6 April 2014: the “salaried member”. The new status has been introduced to counter so-called “disguised employment”…

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Private Use of Company Assets

Where employees are provided with living accommodation, a car or a van, any private use is usually subject to specific scale charges or other rules. This article considers the provision of two further classes of assets provided for an employee’s or director’s personal use. The cash equivalent of the asset provided is the annual value…

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VAT flat rate scheme and bad debts

If you use the flat rate cash-based turnover scheme you may still be due a VAT reclaim even though you will not have paid a VAT contribution to HMRC. Section 14 of the VAT Notice 733 spells it out: http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageVAT_ShowContent&id=HMCE_CL_000345&propertyType=document#P633_59475 The following is extracted from HMRCs notice: If you use the cash turnover method of…

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National Minimum Wage from 1 October 2013

  The National Minimum Wage rates are increasing from 1 October 2013. They will be:   •         Apprentice rates: £2.68 per hour. * But see note below. •         Under 18s: £3.72 per hour. •         18 to 20 years: £5.03 per hour. •         Age 21 years and over: £6.31 per hour.   *This is the rate…

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