Tax

Latest news

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Tax | Threat to pension tax relief on annual allowance

Elaine McInroy, tax expert at accountants Saffery Champness warns that additional rate taxpayers need to review their pension arrangements in light of the proposed changes to the tax relief on pension contributions for those earning over £150,000

23 Jun 2015

Tax | HMRC updates CASC guidance to clarify eligibility rules

HMRC has updated the guidance on community amateur sports clubs (CASCs), following the introduction of new eligibility rules which came into force on 6 April 2015 in a bit to clarify which clubs can take advantage of the new framework

23 Jun 2015

Tax

HMRC

Tax Compliance

| Jaimie Oliver imposes 10p tax on sugary drinks in restaurants

Celebrity chef Jaimie Oliver is ramping up his campaign on healthy eating by imposing a 10p sugar tax on all sweet drinks served in his chain of restaurants from September

22 Jun 2015

Tax

Business

Companies

Tax | HMRC 0845 numbers taken out of service with full 0300 rollout

HMRC is withdrawing all 0845 helpline telephone numbers and replacing them with 03 helpline telephone numbers with effect 30 June 2015, in a bid to reduce call charges for advisers and taxpayers, particularly as 03 numbers are often included in the mobile phone free call contract minutes

22 Jun 2015

Tax

HMRC

Tax Planning

Tax | HMRC steps up raids on premises to root out tax evaders

HMRC raids on premises in the course of investigations into tax evasion have gone up by almost a fifth in the last year and have trebled in the last four years, according to analysis by Pinsent Masons

22 Jun 2015

Tax

HMRC

Tax Compliance

Image for merlin scientific llp wins vat appeal over business meeting costs

Tax | Merlin Scientific LLP wins VAT appeal over business meeting costs

HMRC has lost an appeal over a claim concerning input tax on meetings costs, which the tax inspectors asserted were business entertainment expenses, when in fact the costs were incurred for legitimate business meetings

22 Jun 2015

Tax

VAT

Case Reports

Tax | HMRC’s new RTI penalty approach could create avoidance loophole

Tax advisers are warning that HMRC needs to do more to explain its new approach to levying penalties for late filing of self assessment returns and PAYE real time information (RTI) submissions, which has seen it abandon a rigid application of the rules in favour of a more risk assessment-based approach, or risk seeing the system abused

19 Jun 2015

Tax | Accountant loses appeal over tax penalty for group tax relief claim

An ACCA member who jointly owned a bookkeeping business with his wife has lost a First Tier Tribunal (FTT) appeal against a tax penalty for wrongly claiming group tax relief relating to the business and other companies they owned

19 Jun 2015

Tax | Annual tax receipts hit £514bn as stamp duty revenue soars

Total tax receipts for 2014-15 were up £2.18bn year on year to £514.4bn, marking two consecutive years of growth after a sharp fall in tax revenue in 2009-10 during the recession when tax revenues were only £414bn

19 Jun 2015

Tax

HMRC

Tax Compliance

Tax | Injunction against HMRC enforcing £220k Partner Payment Notice refused

Two individuals who were seeking an injunction to prevent HMRC from issuing or enforcing partner payment notices (PPNs) requiring upfront payment of disputed tax of around over £330,000 pending the outcome of a judicial review of the issues have been refused permission by the court

19 Jun 2015

Tax | Scotland to review grants for film production

The Scottish government is working on proposals for additional funding and incentives to increase film and TV production in Scotland building on the success of the filming of big US hits like Outlander

17 Jun 2015

Tax

Business Tax

Tax Planning

Image for directors loan accounts under frs 102 tax implications

Tax | Director's loan accounts under FRS 102: tax implications

Taxing debt will now be largely driven by the FRS 102 requirements for financial instruments, says Peter Rayney FCA CTA, who unpicks the tax implications of the new accounting framework and the impact on director's loan accounts and various loan relationships (LR)

17 Jun 2015

Tax | HMRC sends out first in-year RTI penalties to small PAYE employers

HMRC has started to issue the first in-year penalties for small employers who missed the PAYE deadlines for reporting real time information salary and payroll data although it claims to be taking a more lenient approach to penalties than in the past

17 Jun 2015

Tax | ATT marks silver anniversary with Luton Hoo tax gathering

The Association of Taxation Technicians (ATT) is celebrating its 25th anniversary today and is marking the occasion with an event at Luton Hoo House, which provided the setting for a celebrated House of Lords tax ruling

17 Jun 2015

Tax

Tax Planning

Careers

Leadership & Management

Image for estoppel inheritance issues and legal claims farming sector

Tax | Estoppel: inheritance issues and legal claims in the farming sector

Julie Butler FCA asks whether more farms could be lost due to lack of protection together with proprietary estoppel. The recent case of Davies & Another v Davies; [2014] EWCA Civ 568, shows the vulnerability of farms to legal claims by family members

16 Jun 2015

Tax | HMRC extends range of ISA qualifying investments

HMRC has published amendments to the Individual Savings Account (ISA) and the Child Trust Funds (CTF) rules to extend the list of eligible investments which can be held in an ISA or CTF to include more investment trusts and securities issued by small and medium-sized companies

16 Jun 2015