HMRC’s anticipated tax ‘amnesty’ for electricians was launched today, a month later than scheduled.
Under the new electricians' tax safe plan (ETSP) – originally scheduled to begin on 12 January – around 50,000 individuals will be invited by letter to come forward with details of previously undisclosed earnings.
For the purposes of the initiative, the Revenue will consider an electrician to be anyone who installs, maintains or tests electrical systems, equipment or appliances under stringent safety regulations.
Those who enter into the ETSP will be expected to pay no more t... read the full story
In December 2011, the HMRC announced their intention to formally codify ESC C16 into the tax legislation. This will be effective from 1 March 2012, and the treatment will no longer be 'extra statutory'. This will affect clients who have more than £25,000 in surplus funds within the company, and decide to close the business.
The personal tax position upon cessation will be affected by this.
When you close down your company, any final dividend payments you make to yourself get taxed as dividend income in the normal way within your personal tax return. You can however apply ... read the full story