Happy New Year - think it's my first post of teh year - now what have I been up too.... ah yes pulling my hair out at clients who say - "yep will get onto my tax info week after next if that's OK....?"
Anyway - really easy question for those who know the answer.
I have recently taken on a small company client where the directors are Husband and Wife, each have been working in the business for 5 years or so and take small salary big dividend. I am in the process of doing their 2012 tax returns.
In Feb-12 Wife had a baby but previous advisor didn't claim any SMP on the grounds that "the company has not paid any NI in the past therefore you can't claim SMP" (that's what previous advisors email to my client stated back in December 2011 when they asked him about it)
I must confess I have never had one of my sole or husband and wife director companies have a baby (well the wife that is not the company!) and so hadn't thought about it.
I have looked at the guidance and read threads on here and it seems that he may have been wrong however some HMRC guidance seems to back up what he has said
If they could have claimed can they claim now? For this and last tax year? (Wife has been receiving £624/month every month this year but I guess that could be reclassified as SMP plus a top up? - If they can claim it is quite a big number and potentially they have missed out.
Any help from those better versed in SMP that I would be very very welcome!
Not a January SA deadline question I know so apologies for diverting away from the main theme of the month!
- Taxfiler - SA100 - More efficient? 607 5
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- How long are you waiting for appeal reply 394 4
- Borrowing money to loan to company 365 1
- Mother as Guarantor for Son's mortgage 538 5
- Seeking a tax case 636 9
- When do we qualify for state pension? 495 4
- Companies house strike off 528 3
- Tax treatment of alterations to property 414 2
- Moving to the cloud 732 9
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- How much to charge for payroll? 891 16
- Unincorporated charity transfer to CIO 206 4
- BTC vs Digita 1,088 29
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- HMRC Joint Filing 560
- Capital Contribution towards a company car 420
- Capital Reduction & Impact on EIS Shares 370
- IRIS and FRS 102 354
- Capitalising Finance Lease 321
- USA help 315
- National Minimum Wage issue on Directors joining a Workplace Pension 295
- Dormant company accounts under FRS 102 288
- Marginal rates of tax 278
- Class 2 NI 264