BUSINESS LIFE: Couples warned of tax change.A WARWICKSHIRE accountancy firm is warning clients of a recent change towards the taxation of husband and wife businesses. The Inland Revenue Inland Revenue Noun (in Britain and New Zealand) a government department that collects major direct taxes, such as income tax Noun 1. decision will affect husband and wife businesses where profits and dividends are transferred from a higher rate taxpayer to a lower rate taxpayer. John Payne, tax partner at Burgis & Bullock bullock a mature castrated male cattle destined for meat production or draft. , said: "You should be aware that the Revenue can go back up to six years into your affairs, so before paying any dividends or allocating profits, you must review your situation." |
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