Tax

Latest news

Image for finer details directors loan accounts

Tax | The finer details of director’s loan accounts

Tax compliance is an important consideration when considering the use of director’s loans. Chris Wilkins FCCA, founder of Wilkins Southworth, considers the potential pitfalls

21 Feb 2022

Tax | 1.5m still to file self assessment tax returns by 28 February

Time is running out for the 1.5 million taxpayers who still need to file their self assessment tax return and avoid a £100 penalty, HMRC has warned

21 Feb 2022

Tax | Help to Buy ISA paid out £674m of bonuses

The Help to Buy ISA scheme has helped fund 460,567 property purchases with bonuses totalling £674m since its introduction in 2015

18 Feb 2022

Tax

Property Tax

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Tax | Change to flat rate scheme VAT reporting

HMRC has confirmed that the reporting requirements under the VAT flat rate scheme are due to change in June

18 Feb 2022

Tax

VAT

Tax Compliance

Image for hmrc spending data specialists hits ps12m

Tax | HMRC spending on data specialists hits £12m

HMRC has tripled its spending on its data specialist staff with an annual spend of £12.4m in 2021

17 Feb 2022

Tax

HMRC

Image for ps60k theatre tax relief claim rejected

Tax | £60k theatre tax relief claim rejected

A theatre company’s claim for theatre tax relief of £60,506 has been rejected because the admission for the show was part of the whole theme park experience and not just for the performance

17 Feb 2022

Tax

Business Tax

Case Reports

Image for hmrc phone lines closed fridays

Tax | HMRC phone lines closed on Fridays

Following a trial, HMRC will now be temporarily closing the VAT and corporation tax phonelines on several days across February and March to help the tax authority deal with a covid post backlog

17 Feb 2022

Tax

HMRC

Image for covid grants must be reported company tax returns

Tax | Covid grants must be reported on company tax returns

HMRC is reminding accountants that coronavirus grants and payments to support businesses during the pandemic are taxable, and must be included on annual corporate tax returns

17 Feb 2022

Tax | Presenter Adrian Chiles wins £1.7m IR35 case

Five years since receiving a million pound tax bill, the tax tribunal has ruled in favour of presenter Adrian Chiles in a substantial IR35 case involving a £1.7m tax bill

16 Feb 2022

Tax | Taxpayer loses £108k capital gains case

An appeal against tax assessments, a closure notice, and penalties totalling £108,401.99 was rejected with the court ruling that the houses the taxpayer sold were subject to capital gains tax (CGT)

16 Feb 2022

Tax

Property Tax

Case Reports

Image for 100k taxpayers sign time pay scheme

Tax | 100k taxpayers sign up to Time to Pay scheme

Almost 100,000 taxpayers are unable to pay their tax bill and have signed up to HMRC’s Time to Pay scheme to spread the cost of their tax bill

16 Feb 2022

Tax

Personal Tax

Tax Compliance

Image for kpmg and blue j launch ai tax tool

Tax | KPMG and Blue J launch AI tax tool

Big Four firm KPMG is partnering with Blue K to develop artificial intelligence (AI) tax analysis tools for the UK

16 Feb 2022

Tax | Young people targeted by ‘stealth taxes’

The government is ‘unfairly targeting’ young people in a ‘tax by stealth’ as the freeze to tax brackets, student loan repayments, and the National Insurance contributions (NIC) increase will hit young workers the hardest

15 Feb 2022

Tax

Personal Tax

HMRC

Image for car boot sale business wins ps87k vat case

Tax | Car boot sale business wins £87k VAT case

A taxpayer has won an appeal against a VAT and interest assessment worth £87,795 with the court ruling that they ran an ‘ordinary car boot’ and the pitches it rented out were zero-rated

15 Feb 2022

Tax

VAT