Personal Tax

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Image for hmrc takes soft approach trust registration service penalties

Tax | HMRC takes soft approach to trust registration service penalties

With the launch of the trust registration service (TRS) less than a month away, HMRC has confirmed that it will take a soft landing approach to penalties in the first instance

3 Aug 2022

Tax | HMRC reminds couples to claim marriage allowance

At the height of the wedding season, HMRC is reminding married couples and people in civil partnerships to sign up for the marriage allowance tax break

2 Aug 2022

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Personal Tax

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Tax | MPs call for independent inquiry into loan charge

MPs on the loan charge all-party group have written to the Chancellor asking him to open an independent inquiry into the loan charge and HMRC’s treatment of taxpayers following the suicide of another person affected by the policy

29 Jul 2022

Tax | Non dom numbers fall as tax take hits £7.8bn

The number of individuals claiming non dom status has dropped by 10% to 68,300 as covid-19 restricted travel, but they still paid nearly £8bn in taxes

29 Jul 2022

Tax | Inheritance tax hits record £6.1bn

The latest figures on inheritance tax (IHT) receipts show a 14% increase in revenue to £6.1bn for 2020-21, marking the largest ever revenue shot to the Treasury

28 Jul 2022

Tax | HMRC plan for data grab needs wider consultation, says ATT

The Association of Taxation Technicians (ATT) says that HMRC’s publication of a new data collecting consultation is far too important a subject to be left just to the tax community because of the wide scope and impact of a potential ‘business census’

28 Jul 2022

Tax | Practical planning - bare trusts and tax

The inheritance tax and capital gains tax rules treat bare trusts quite differently so it is important to plan carefully, explains Andrew Cockman LLB LLM TEP CTA (Fellow), director, personal tax advisory at Azets

27 Jul 2022

Tax | No plans to change employment status rules

The government has ruled out making any changes to the definitions of worker status for tax purposes, saying it could increase costs for business

26 Jul 2022

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Employment Tax

Personal Tax

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Tax | Director’s loans were not tax avoidance, says GAAR

A complex series of tranactions involving millions of pounds of director’s loans between subsidiaries and the group holding company was not used for tax avoidance purposes, GAAR Advisory Panel decides

22 Jul 2022

Tax | HMRC fined taxpayers £1.87m for mistakes in tax returns

Last year HMRC handed out 80% more penalties for careless errors made by taxpayers in their tax returns, with 89,317 penalties issued in 2021-22 although the majority were cancelled

22 Jul 2022

Tax | Capital gains tax rules for divorcing couples changing

The government is changing the rules so that divorcing couples no longer need to settle their estates within a year and face capital gains tax bills

21 Jul 2022

Tax | FCA fines TJM Partnership £2m over cum-ex trading

The Financial Conduct Authority (FCA) has fined the TJM Partnership Limited (in liquidation) £2,038,700 for failing to ensure it had effective controls to identify tax evasion and money laundering

19 Jul 2022

Tax | Second payment on account tax due 31 July

Individuals who fill in a self-assessment tax returns and owe more than £1,000 in tax need to pay their latest instalment by 31 July

19 Jul 2022

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Personal Tax

Tax Compliance

Image for hmrc flags t2 outsourcing over tax avoidance

Tax | HMRC flags T2 Outsourcing over tax avoidance

Payroll firm T2 Outsourcing Limited has been added to HMRC’s list of promoters of tax avoidance schemes over the way it pays some temporary staff

14 Jul 2022

Tax | The world of NFTs – a tax perspective

Disposal of crypto assets triggers a capital gains tax charge, but clarity on non-fungible tokens (NFTs) is less clear. Zoe Wyatt, partner and head of crypto at Andersen, explains some of the factors for accountants and investors

14 Jul 2022

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Personal Tax

Tax Compliance

Image for wales raise tax rate self catering businesses

Tax | Wales to raise tax rate on self catering businesses

Self catering businesses have criticised Welsh government plans to change the tax rules over the number of days of occupancy making it harder to qualify for business rates

12 Jul 2022

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Latest news

Tax | HMRC takes soft approach to trust registration service penalties

Tax | HMRC reminds couples to claim marriage allowance

Tax | MPs call for independent inquiry into loan charge

Tax | Non dom numbers fall as tax take hits £7.8bn

Tax | Inheritance tax hits record £6.1bn

Tax | HMRC plan for data grab needs wider consultation, says ATT

Tax | Practical planning - bare trusts and tax

Tax | No plans to change employment status rules

Tax | Director’s loans were not tax avoidance, says GAAR

Tax | HMRC fined taxpayers £1.87m for mistakes in tax returns

Tax | Capital gains tax rules for divorcing couples changing

Tax | FCA fines TJM Partnership £2m over cum-ex trading

Tax | Second payment on account tax due 31 July

Tax | HMRC flags T2 Outsourcing over tax avoidance

Tax | The world of NFTs – a tax perspective

Tax | Wales to raise tax rate on self catering businesses