The courts have recently decided that taxpayers cannot legitimately expect the advice given verbally by HMRC to be 100% correct!
The cash basis was also mentioned in the 2013 Budget announcements, but now we have some more details.
The Budget announcements included a brief outline of how the law will be changed to tax loans taken out of owner-managed companies by the shareholders/directors.
At the last minute the Government has agreed to a temporary relaxation of one of the RTI reporting requirements for employers with fewer than 50 employees.
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