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Taxation of Partnerships and LLPs
Finally HM Revenue & Customs (HMRC) have published their consultation document on the taxation of partnerships and LLPs. For some time it has been rumored that HMRC wanted a ‘root and branch’ review of the existing structures which they felt gave too many advantageous tax breaks for firms (especially those in the legal sector) who…
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Double trouble for partnerships and LLPs
A consultation document has been published by H M Revenue & Customs (HMRC) attacking LLP members whose terms are similar to those of employees and also profit allocation where a partnership has at least one corporate partner. Legislation on suggested changes is intended to be introduced from April 2014. Statute treats members of LLPs, including…
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Wake Up Sleeping Partners!
Following a re-interpretation of the law, HMRC have announced that from 6 April 2013 sleeping partners will be liable to pay National Insurance. A Sleeping Partner is someone who has a capital share in a Partnership, but takes no active role in the running of the business. These arrangements are not untypical in family owned…
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£1billion VAT Assessment!
That will be £1billion please! It’s not unusual for businesses to feel that HMRC’s demands on them are unreasonable. It is unusual however, for HMRC to get it as badly wrong as they did in a recent case. The whole affair has highlighted just how inadequately HMRC scrutinise the demands they send out. Florence Coke,…
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Customs Duties to be modernised by the ECC
Alongside weightier matter like the correct length and shape of a banana, the EC Commission have been busy agreeing the final text for the Union Customs Code (UCC) [formally the Modernisation of the Customs Code MCC], of goods and materials, which is now scheduled to enter into force on 1 November 2013. This has been…
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Tax Man admits errors can happen!
For some years H M Revenue & Customs (HMRC) have had a method whereby they could reduce tax liabilities in cases where errors had been made by their own staff. This concession (ESC A19) effectively gives a taxpayer the right to request HMRC reduce (or even eliminate) tax bills where the revenue staff have not…
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How to apply for local government contracts
In a recent initiative supported by the Local Enterprise partnership, Councils across the Coventry & Warwickshire regions have joined together to launch an online portal to encourage local business to tender for local government contracts. The initiative called CSW-JETS (Coventry, Solihull and Warwickshire’s Joint E-Tendering System) has been launched on www.csw-jets.co.uk requires businesses to first register…
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Small Business loses out
Recent research has concluded that small and medium sized enterprises (SMEs) in the UK are losing out on up to £122 billion in sales revenue by failing to keep on top of their marketing. The research, carried out in association with the Centre for Economics and Business Research (CEBR), found that despite 87 per cent…
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Happy Birthday VAT!
On the 1 April 1973 VAT was introduced into the United Kingdom. “VAT is a simple tax” said Anthony Barber (with his fingers crossed behind his back). I was 17. I was happy. I was naive. I put on my Careers Guidance forms that I wanted to be a vet. My handwriting was poor and…
Last week, our trainees took part in an internal audit training session designed to strengthen their technical knowledge and support their professional development. While gaining practical skills was the key objective, we also wanted to make the learning experience engaging and enjoyable, so we incorporated some games. At Burgis & …
October 14, 2026
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