TAX
Trust Register
As a result of the difficulties that agents have had in accessing this, HMRC have agreed that despite the deadline of 31 January 2018 for registering existing trusts on this,...
Rumoured tax changes that did not make the final budget…
At a recent tax update course, the speaker mentioned that the Treasury drafted various proposals to change certain aspects of our tax system in case the Government decided to...
Making Tax Digital update – VAT first up
The government recently indicated that they are still fully committed to their plans to operate a digital tax system. From April 2019, when submitting quarterly VAT returns,...
Landlords and carpets
Do landlords get tax relief when replacing a carpet? This is at face value a simple question but often causes tax advisors difficulty, mostly because the rules keep changing!...
HMRC scrapping credit card payments
Please be aware that if you are planning to settle your tax bill by using a credit card, you will only have until 12 January 2018 to do this. HMRC have announced that they...
HMRC register for Trusts and Complex Estates
Any new trusts which incur a charge to tax and complex estates that will sell assets for proceeds in excess of £500,000 in a year (if the death was after 5 April 2016), or...
Payment of taxes
From 15 December 2017 it will no longer be payable to pay any taxes at the Post Office.
Interest rates for late payment of taxes
Following the increase in the Bank of England base rate from 0.25% to 0.5% earlier this month, the rate of interest charged on the late payment of taxes increased from 2.75%...
Almost £1.5bn UK tax relief claimed on individuals’ charity gifts
An article in The Times has stated that almost £1.5bn UK tax relief was claimed on individuals’ charity gifts last year. Around 50% of the donations declared were made by...
Further attack on personal service companies to come?
Governments have historically challenged tax avoidance through the use of “Personal Service Companies” (PSCs), but so far nothing substantial has been enacted to counter the...
Have you paid too much tax on your pension income?
For deaths after 5 April 2018 there is a welcome simplification. From the date of the account holder’s death they will retain their tax free status. So there will be no...
Do Company Directors need to file self assessment tax returns?
A recent case which was heard at tribunal looked at the question of whether a company director is required to file a self assessment tax return, in relation to an appeal...