The following Employment Tax guidance note Produced by Tolley in association with Jim Yuill at The Yuill Consultancy provides comprehensive and up to date tax information covering:
Although it does not happen too often, there can be cases where an individual treated as an employed earner is actually self-employed, but there is a greater number of cases where a self-employed individual is recategorised as an employed earner. In an ideal world the change would take place from a current date and past periods would be ignored. Whilst the ideal outcome is achieved some of the time, there are also cases where HMRC seeks to collect arrears of Class 1 NIC and where employees and employers seek to recover the overpaid primary and secondary NIC. Much will depend on the amounts involved and the administration involved in rectifying matters.
If matters are not simply rectified from a current date, there is a potential conflict in that the employer will want a refund of the Class 1 secondary NIC and the employee will want to offset the Class 1 primary NIC paid against the Class 2 and Class 4 NIC that are due.
Assuming the position is not complicated by a be
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‘Hold-over’ relief allows for the deferral of a gain that would otherwise arise in relation to a disposal. No capital gains tax (CGT) is due in respect of the disposal, but the base cost of the asset for the transferee for the purpose of a future disposal is reduced by an amount equal to the gain
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