Personal Tax

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Tax | Filing deadlines: Mar - Jul 2019

The key HMRC filing deadlines from February to July 2019 including payment of outstanding income and CGT in respect of personal tax returns for 2017/18 to avoid 5% surcharge, effective start date for mandatory Making Tax Digital for VAT from 1 April with 1 July onwards for initial VAT payments, plus last day of 2018/19 tax year and deadline for various tax claims and elections

28 Feb 2019

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Tax | Help to Buy scheme nears 500,000 mark

Almost half a million completions have taken place since 2013 using one or more of the government’s Help to Buy schemes, new government figures show

27 Feb 2019

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Tax | Tips on troncs and tax compliance

The hotel and hospitality industry must manage the fair distribution of tips, gratuities and service charges while considering the tax considerations and liabilities. Andy Turner, audit and business advisory partner at Mercer & Hole considers the tronc system, a potential solution to the tips challenge

27 Feb 2019

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Tax | What you need to know: loan charges and disguised remuneration

A retrospective overhaul of the tax rules on loan charges from disguised remuneration schemes come into force from the new tax year on 5 April 2019, resulting in potentially huge tax bills for anyone who has not settled early. Julie Clift CTA, tax writer at Croner-i Tax and Accounting, examines the implications for taxpayers with outstanding loans

27 Feb 2019

Law and Regulation

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Tax | Junior ISA saving rates raised 2.5% from April 2019

The annual saving limit for Junior ISAs and child trust funds (CTF) is set to rise 2.5% from 1 April for the estimated six million child account savers

26 Feb 2019

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Tax | Parents earning £50k plus urged to check child benefit eligibility

Parents earning in excess of £50,000 are being urged to check their eligibility for child benefit over concerns that some may face large backdated tax bills and penalty charges, through failure to realise the implication of changes in circumstance

26 Feb 2019

Image for hmrc delays sending self assessment penalty notifications

Tax | HMRC delays sending self assessment penalty notifications

Brexit-related pressures mean HMRC is to delay sending out notification of self assessment penalties for late filing of tax returns this year, as part of its contingency plans and to ensure there is capacity in its call centres for queries relating to the UK’s withdrawal from the EU

25 Feb 2019

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Tax | OTS calls for auto enrolment into HMRC’s digital personal tax account

The Office of Tax Simplification (OTS) has called for government to consider auto enrolling all taxpayers into HMRC’s personal tax account service, after concerns that developing technology will cause individuals to lose sight of their tax obligations

25 Feb 2019

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Tax | How to avoid 12 tax mistakes entrepreneurs make

Building a business may take most of your time but it is important to make sure you are making the most of the thousands of pounds of potential tax relief and allowances claimable every tax year. Jonathan Amponsah CTA FCCA, founder and CEO of the The Tax Guys, highlights some common mistakes and ways to mitigate an unnecessary tax bill

25 Feb 2019

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Tax | Income tax haul boosts public finances

Ahead of the Chancellor’s spring statement next month, official figures show public sector borrowing has recorded the largest January surplus on record at £14.9bn, £5.6bn more than the same period last year, boosted by self assessed income tax payments which also hit a record high

21 Feb 2019

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Tax | What does 'reasonable excuse' mean to the taxman?

A number of tax tribunal decisions every year revolve around HMRC’s interpretation of reasonable excuse, but it is the Upper Tribunal decisions which are important to watch. Meg Wilson CTA, specialist tax writer at Croner-i Tax and Accounting, examines the options for taxpayers considering an appeal and use of the reasonable excuse defence

20 Feb 2019

International Tax

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Tax | Commuter belt St Albans worst offender for tax avoidance

Leafy Hertfordshire commuter town St Albans leads the UK for individuals admitting unpaid tax in terms of raw population, followed by Edinburgh and Slough

18 Feb 2019

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Tax | Clarification of settlement terms for disguised remuneration liabilities

HMRC has issued updated guidance to clear up a misunderstanding about the arrangements for settlement of disguised remuneration liabilities for loan charges in relation to inheritance tax (IHT)

18 Feb 2019

Law and Regulation

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Tax | Ignore email scams promising fake HMRC tax refunds

Scammers are targeting self assessment taxpayers by email claiming they are entitled to tax refunds and asking for bank details to transfer the money

18 Feb 2019

Image for par course top tax issues sports stars

Tax | Par for the course: top tax issues for sports stars

For top sporting athletes there are a number of tax compliance issues to keep an eye on, from being on the right tax code, to testimonial payments, image rights and agents’ fees. Elliott Buss, partner and head of sports group, UHY Hacker Young provides useful tips and advice for avoiding a confrontation with the taxman

18 Feb 2019

International Tax

Image for hmrc fines homeless man ps1600 filing tax return late

Tax | HMRC fines homeless man £1,600 for filing tax return late

HMRC’s behaviour has been described as a ‘scandal’ and ‘ridiculous’ after it issued £1,600 in fines to a homeless man who had filed his self assessment tax return late, with the tax authority claiming the man’s circumstances were not ‘special’

14 Feb 2019

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