Tax Matters November 2011
Welcome
Welcome to the autumn issue of Tax Matters.
Most businesses will at least be familiar with the principles of share incentive schemes. The assumption has always been that everyone benefits - company and employee. But recent changes to the tax position have muddied the waters. Our tax partner Chris Riley tackles the complex issues in the first of a two-part report on share incentive schemes and their alternatives.
We are used to the HMRC penalty regime by now. But beware - there's another little trap for the ill-prepared. The regime also extends to what they term ‘minor' errors on VAT returns. The key is to advise HMRC as soon as you identify an error. Read more to find out why… and how the errors are classified.
Businessman Robert Gaines-Cooper has been in the news again, having lost the latest in his attempts to prove he is legally not a UK resident for tax purposes. Find out how his determination has highlighted controversial residency guidance.
If you're a US citizen or green card holder and have been living in the UK for a long time, a new development related to the remittance basis charge (RBC) could affect you. The RBC is due to rise in April 2012, but the US Internal Revenue Service may have come to the rescue.
We hope you enjoy the read, and always welcome any comments you may have.
We look forward to hearing from you.
Andrew Jones
Head of Tax Division
ajones@littlejohnllp.com
