TAX
Common Reporting Standard (CRS)
HMRC’s latest drive against tax evasion has placed the onus on tax professionals to write to clients, forwarding a copy of a letter from HMRC. As we were threatened with a...
Corporation Tax Payslips
Due to the problems experienced by some companies and their agents following HMRC’s decision to cease issuing Corporation Tax payslips, the CIOT asked HMRC if they could...
In-Year Adjustment (IYA) and In-Year Restriction (IYR) coding adjustments
HMRC are planning to introduce new deductions to tax codes, trying to better use information available to them in real time, and therefore to ensure that the correct tax will...
A friend in need is a friend indeed!
You can now nominate a family member or friend to help with your personal tax affairs through the GOV.UK portal. This does not change or replace the system for authorising...
Tax-Free Childcare
The new scheme was launched on 28 April 2017, but not for all parents. If you have children aged under 2 you should have received a letter from HMRC inviting you to register....
Tax-free awards for long service – can these be increased?
The tax-free amount has remained at £50 per annum for each year of service with a minimum of 20 years service for a long time. The gift must not be cash or vouchers that can...
CT acknowledgements and payslips
Do remember to pay the corporation tax due. HMRC are no longer issuing acknowledgements or payslips after a return has been filed. HMRC is still paying interest at 0.5% on tax...
Uplift of value of chargeable assets on death
It remains the position that transfers between husbands and wives or civil partners are at nil gain nil loss for capital gains tax purposes. HMRC have indicated in their...
Plans to Digitalise tax have been put back
The Government have announced significant changes to the (making Tax Digital) MTD timetable, effectively deferring MTD until at least 2020, although digital records will need...
Tax calculations for 2016-17
The latest changes to the way income is taxed has even beaten HMRC’s computer programmers. You are allowed to allocate your personal tax allowance in the way that gives the...
When is your home not a home?
In a recent case HMRC tried to deny capital gains tax private residence relief where an individual bought a property “off-plan” arguing that the ownership period started from...
Tax information exchange agreements
There has been an increasing focus on the automatic exchange of information in recent years. New regulations will take effect from 17 May 2017 to improve international tax...