Tax

Latest news

Image for tribunal slaps ps900k penalty tax avoidance promoter

Tax | Tribunal slaps £900k penalty on tax avoidance promoter

An Isle of Man based tax avoidance promoter whose schemes were used by locum doctors and nurses faces a £900,000 penalty for failing to tax earnings and breaking DOTAS disclosure rules

22 Mar 2024

Tax

HMRC

Case Reports

Image for hsbc settles ps240m claim over eclipse film tax scheme

Tax | HSBC settles £240m claim over Eclipse film tax scheme

A £240m claim against HSBC over a tax avoidance film investment scheme involving Disney films and devised by Future Capital Partners has been settled with some of the plaintiffs

22 Mar 2024

Tax

Case Reports

Image for income tax take rockets ps2bn after self assessment spike

Tax | Income tax take rockets £2bn after self assessment spike

The latest HMRC figures showed a £2bn increase in income tax take receipts compared to the same month in the 2022/23 tax year, driven by a strong self assessment period

21 Mar 2024

Tax

HMRC

Tax | SMEs at ‘breaking point’ with HMRC service

Two thirds of accountants said their SME clients reported a significant hit to productivity as a result of poor service and slow response times from HMRC

21 Mar 2024

Tax

HMRC

Tax | HMRC u-turns on ‘misguided’ decision to cut helplines

In less than 24 hours HMRC has abandoned plans to permanently close helplines as it reels from angry criticism of the decision

20 Mar 2024

Tax

HMRC

Image for nursery school owner loses ps196k tax dispute

Tax | Nursery school owner loses £196k tax dispute

The owner of several nursery schools has lost a case at the First Tier Tribunal over capital gains tax liability related to a claim for £196,902 in entrepreneurs’ relief

20 Mar 2024

Tax | HMRC cuts back use of helplines

HMRC will close the self assessment helpline permanently for six months a year except for complex enquiries and cut back the VAT helpline

19 Mar 2024

Tax | HMRC not ‘heavy-handed’ on loan charge, claims Harra

The boss of HMRC has told MPs it does not operate without scrutiny and that staff have not been ‘heavy-handed’ about the loan charge

19 Mar 2024

Tax

Personal Tax

HMRC

Tax | HMRC to accept legal proceedings by email

HMRC has changed its policy to allow litigants to send legal proceedings by email as the preferred option rather than by post

19 Mar 2024

Tax

HMRC

Tax Compliance

Image for qa business asset disposal relief and tax planning

Tax | Q&A: business asset disposal relief and tax planning

In this week’s Q&A, Croner-i tax adviser Alec McCarthy explains the tax nuances of business asset disposal relief, formerly entrepreneurs relief, when moving money between two trading companies

19 Mar 2024

Tax

Business Tax

Tax Planning

Image for end tax year checklist wealthy investors

Tax | End of tax year checklist for wealthy investors

There’s less than three weeks left until the end of the tax year on 5 April, when most of the investment allowances for the 2023/24 tax year are lost

19 Mar 2024

Tax

Personal Tax

Tax Planning

Image for fully funded apprenticeships small business launched

Tax | Fully funded apprenticeships for small business launched

The PM has announced £60m in additional new funding to pay for apprenticeships in small businesses from 1 April by paying the full cost of training for anyone up to the age of 21

18 Mar 2024

Tax

Business Tax

Politics

Image for cop9 and tax investigations what you need know

Tax | COP9 and tax investigations – what you need to know

Code of Practice 9 (COP9) is the most serious civil investigation by HMRC, only one step away from criminal prosecution. Danielle Ford, partner and Riocard Hoye, senior manager at haysmacintyre explain how to deal with a demand from HMRC

18 Mar 2024

Tax | Third of calls to HMRC handled by automated service

In the busy self assessment period in January, HMRC redirected over a third of calls to automated systems, while 841,000 calls were not answered

18 Mar 2024

Tax

Personal Tax

HMRC

Image for employment lawyer wins ps250 tax penalty case

Tax | Employment lawyer wins £250 tax penalty case

A lawyer earning over the £50,000 threshold has been allowed off a £250 high income child benefit charge (HICBC) penalty due to ‘ignorance of the law’

18 Mar 2024