Personal Tax

Latest news

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Tax | HMRC to accept bulk appeals for late tax returns due to Covid-19

Tax agents and accountants will be able to send bulk appeals against late filing penalties for tax returns filed after 28 February due to Covid-19, HMRC has confirmed

2 Mar 2022

Tax | Customs charges when moving your home back to the UK after Brexit

British nationals who return home after living in the EU should be wary of falling into a post-Brexit customs trap when moving their possessions back to the UK, warns Sarah Halsted, national VAT technical officer at RSM

2 Mar 2022

Tax | 1.3m miss self assessment deadline

HMRC reveals that 1.3m taxpayers did not file their self assessment returns by the 28 February deadline

1 Mar 2022

Tax | Major tax reform needed to tackle inequality

Tax experts have stated that a major overhaul of the overall tax system is needed to tackle inequality and support business

1 Mar 2022

Tax | Use of unexplained wealth orders needs to be ramped up

HMRC is likely to use unexplained wealth orders to address money laundering concerns in the UK by Russian oligarchs

28 Feb 2022

Tax | Transferring unused basic threshold for inheritance tax

HMRC has issued guidance on the rules for transferring the basic tax-free allowance, known as the nil rate band, to a surviving spouse or civil partner

28 Feb 2022

Tax | Bonus scheme structured as tax avoidance

HMRC has won a landmark ruling in a long-running case over the use of a Growth Securities Ownership Plan (GSOP) which the tax authority argued was a tax avoidance scheme

24 Feb 2022

Tax

Personal Tax

Case Reports

Tax | 4m people to pay higher tax rate

In the next three years, the number of people paying the higher rate of tax will almost double to 8.1m as thresholds are frozen

22 Feb 2022

Tax

Personal Tax

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Tax | Q&A: tax liability and high income child benefit charge (HICBC)

In this week’s Q&A, Croner Taxwise adviser Vivienne Cheung, explains the tax implications of the high income child benefit charge for anyone earning over £50,000 if they do not live with their partner

22 Feb 2022

Tax

Personal Tax

Tax Compliance

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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 | 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 | 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

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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

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Tax | MTD for income tax exemptions clarified

HMRC has clarified the reasons for when to apply for an exemption from using Making Tax Digital (MTD) for Income Tax

15 Feb 2022

Tax

Making Tax Digital

Personal Tax

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Tax | Determining the tax residence of individuals

Residency is an important factor when deciding which jurisdiction the taxpayer should pay tax in and rules vary between countries. Guillermo Narvaez, tax partner and technical director, Kreston Global Tax Group, considers the tax traps

14 Feb 2022