Amandeep Toor

Hi, I am self employed and in the 2023/24 tax year I ceased working on 31/01/2024. My understanding is that the credits work on a weekly basis and a qualifying year would be 52 weeks of Class 2 NIC. But as I have ceased part way during the tax year can I pay voluntary Class 2 NIC for February and March? Or would I pay voluntary Class 3 NIC for February and March?

I am a UK resident and have sold a UK residential property for 300k. The gain is covered by my 6k annual exemption. I do not complete a tax return as I am employed. I understand that a CGT return is not required as there is no tax to pay, but do I need to register for Self Assessment and report this on a tax return? Or write to HMRC? Or do I not need to do anything?

Hi John Dormant companies are excluded when looking at associated companies. A dormant company is basically a company with no activity. In the case of, Jowett v O’Neill and Brennan Construction Ltd [1998] STC 482, a company holding money in a bank deposit account and receiving interest was not an active company and was treated as a dormant company when looking at the associated company rules.

My tax advisor thinks they are associated as there is a relationship that says they would vote together according to HMRC guidance at - https://www.gov.uk/hmrc-internal-manuals/corporate-finance-manual/cfm35120 (Relevant extract below) Control by more than one person Following section 6(c) of the Interpretation Act 1978 we accept that the word ‘person’ can include ‘persons’. But such persons will only meet the requirements of the legislation if together they can secure that the company’s affairs are controlled in accordance with their wishes. Whether this exists will be a question of fact in all cases. For example, there could be an oral or written agreement always to vote together, or the intention could be implied by the relationship between the parties. I am not sure and want HMRC's opinion if the 3 companies are associated?

Hi When looking at the new associated company rules from 1 April 2023. I would like to know how many associated companies there are in relation to the below: A Ltd - 100% husband B Ltd - 100% wife C Ltd - 50% husband and 50% wife There is no substantial commercial interdependence between the companies.