TAX
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
Changes to Tax Payment Options: No More Payments at the Post Office Keyword phrase: “tax payment changes 2017” As of 15 December 2017, significant tax payment...
Interest rates for late payment of taxes
Understanding Changes to Tax Interest Rates Recent changes to tax interest rates have come into effect following the Bank of England’s decision to increase the base rate....
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...
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...