TAX
Tax relief for employees’ expenses incurred in connection with employment
As an employee your may be able to claim tax relief if you have to use your own money to pay for travel or things you must use for your own job, if your employer will not or...
Making Tax Digital
Following on from a lengthy consultation process, HMRC have announced this week that they are pressing ahead with their plans to make tax digital. This will lead to a massive...
IHT and reservation of benefit
If you carry on having the benefit of an asset, even though you have given it away there can be trouble ahead for inheritance tax purposes. Ways around this are:- To pay...
Negligible value claims
A special rule enables you to claim a capital gains tax loss where the value of the shares become negligible and you do not have to actually sell them. If you bought the...
Property – trading or capital gain
HMRC have introduced a new tax rule to take effect for property disposals made on and after 5 July 2016 by overseas investors to cause them to pay UK tax. But this might catch...
Research & Development (R & D) advance assurance scheme
This enables successful applicants with an assurance that their claims for R & D tax relief will not be subject to an HMRC enquiry and that HMRC will accept their first...
Corporation tax – reducing paperwork further
Acknowledgements to corporation tax returns filed will no longer be issued in paper form either to the company’s registered office or the agent acting. The acceptance of the...
Parking fines – Allowable against taxable profits?
Can parking fines be allowable against taxable profits? Something we all dislike and for some businesses they are just unavoidable for example when delivering or collecting...
Withdrawal of a self-assessment notice to file
A taxpayer can ask for a self-assessment notice to file to be withdrawn if they do not meet the self-assessment criteria. This is important if the return would otherwise be...
The P800 process as it stands (Year ended 5 April 2016)
HMRC appear to be trying to be helpful by working out from the information they hold whether taxpayers have underpaid or overpaid tax. But the system is horribly flawed...
Simple tax assessments
HMRC will have the power from 2016-17 to assess an individual’s income tax or capital gains tax liability without them first being required to complete a self-assessment...
Estates and the nil rate dividend band and gross interest
Two changes, effective from 6 April 2016 will result in more estates having to settle tax liabilities arising during the period of administration. Prior to 6 April 2016 most...