Personal Tax

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Tax | Inheritance tax and residence nil rate band

With the residence nil rate band (RNRB) to remain fixed until April 2026, now is the time for clients to review their existing wills and consider inheritance tax (IHT) opportunities to take advantage of this valuable exemption, says Flora Nelmes, associate, Hunters Law

13 Dec 2021

Tax Planning

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Tax | Pandemic tax impact not as ‘pronounced’ as the financial crash

Total tax revenues across the UK dropped by £33.4bn last year, according to the annual revenue release from the Organisation for Economic Co-operation and Development (OECD)

13 Dec 2021

Tax | Scottish Budget increases starter rate tax threshold

The Scottish government plans to increase the thresholds for starter and basic rate taxpayers from April, as set out by finance secretary Kate Forbes at the Scottish Budget

10 Dec 2021

Budget

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Tax | Self assessment payment plan brings in £46m

HMRC reports that its self-serve time to pay payment plan has brought in £46m since April with 20,000 people settling outstanding tax bills

9 Dec 2021

HMRC

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Tax | Call for review of ‘fundamentally flawed’ loan charge

MPs are calling for an urgent review of the loan charge, stating that it is fundamentally flawed and unfair, and questioning why no scheme promoters have been prosecuted

9 Dec 2021

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Tax | Crypto traders should write a Will to avoid tax bill

Investing in cryptoassets is a risky business if investors do not write in protection to their will as tax bills could quickly mount, warns Chris Etherington, tax partner at RSM

9 Dec 2021

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Tax | Higher tax on household gas to reach net zero

The Climate Change Committee (CCC) has called on the government to place a tax on household gas to help the UK meet its net zero targets

7 Dec 2021

Business Tax

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Tax | Tax cuts planned for next election

Rishi Sunak has reportedly began planning a series of tax cuts in the lead up to the next general election in 2024

6 Dec 2021

Image for ps500m tax lost avoidance schemes

Tax | £500m tax lost to avoidance schemes

HMRC estimates that in 2019-20 £1.5bn was lost to tax avoidance with £500m related specifically to tax avoidance schemes

1 Dec 2021

HMRC

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Tax | Government rejects plans to reform capital gains tax

The Treasury has rejected plans proposed by the Office of Tax Simplification (OTS) to overhaul inheritance tax but has made a few concessions on capital gains tax to simplify the complex rules

1 Dec 2021

Tax | HMRC extends Post Office card accounts switch deadline

HMRC is giving taxpayers, who are yet to switch their Post Office accounts, a one-off extension until 5 April 2022 to set up alternative payment methods

30 Nov 2021

HMRC

Tax | SIA and HMRC raids to crack down on tax fraud by security guards

The Security Industry Authority (SIA) and HMRC have carried out joint operations in London, Bradford and Glasgow to ensure that security staff were employed legitimately and were paying tax

29 Nov 2021

Tax | HMRC advisory fuel rates for company car users from 1 December

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 December 2021, increasing mileage rates by between 1p and 2p per mile for all petrol and diesel vehicles, while the electric car rate also increases

24 Nov 2021

Tax | Tax pitfalls of building a garden home office

Investing in a home office with a garden shed upgrade or working pod makes sense for home workers, but there are a number of tax issues to consider, warns Ian McMonagle, taxation director at Russell & Russell

24 Nov 2021