Personal Tax

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Tax | CIOT criticises Budget for lack of coherence

CIOT has expressed concerns about the way that last week’s Budget was delivered, noting the lack of prior consultation and the number of measures announced as completed with little opportunity to explore their scope and operation

7 Nov 2018

Tax | Probate fees to rise to £6K for largest estates

Plans to hike the cost of probate with the introduction of banded fees will see estates valued at over £1m paying £4,000 in fees from April 2019

6 Nov 2018

Tax | Q&A: professional gamblers and taxable winnings

Croner taxwise tax advisor Vivienne Cheung looks at the income tax liabilities of a professional poker player with no other earnings

6 Nov 2018

Tax | HMRC delays late payments penalty reforms

Planned reforms to HMRC’s penalty regimes for late submission and payment of tax due are to be further delayed while the department considers how best to communicate the changes, with papers published following the Budget indicating there are unlikely to be any change before April 2021 at the earliest

5 Nov 2018

Tax | Selling your home and principal private residence relief

Yet again in Budget 2018, second home owners were targeted with a number of changes to the principal private residence (PPR) relief rules such as halving the exempt period to nine months from April 2020. Courtney Halifax CTA ATT, tax manager at Mercer & Hole, examines the tax implications for anyone selling property

5 Nov 2018

Tax | Budget 2018 briefing: key measures at a glance

In our roundup of Budget 2018 essentials, we review the key tax measures for businesses and individual taxpayers, from a time-limited hike in annual investment allowance to £1m, retention of entrepreneurs’ relief, frozen VAT threshold, a digital services tax for tech giants and an unexpected increase in the personal allowance

2 Nov 2018

Tax | Treasury’s cat not creaming off cash

Taxpayers have had a ‘purr-fect’ Budget present with the news that Gladstone, the Treasury’s resident cat with specific mouse hunting duties, is not costing them a penny this year and has not been on the payroll - either as a full-time employee or via a personal services contract - since his appointment

2 Nov 2018

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Tax | HMRC to refund child benefit penalty charges

HMRC has announced a U-turn in its policy towards taxpayers who failed to register for the high income child benefit charge (HICBC) when required, and is to issue automatic penalty refunds for those able to demonstrate a ‘reasonable excuse’

2 Nov 2018

Tax | ‘Cracks showing’ in HMRC performance under Brexit pressures

MPs are warning 'cracks are showing' as HMRC seeks to manage a ‘daunting’ workload in advance of Brexit, with mounting concerns about the possible impact of delays introducing its new customs system on businesses adapting to a new VAT regime

2 Nov 2018

Tax | Bostock: Budget gives tax breaks for business before Brexit

Nigel Bostock, Crowe UK chief executive, looks at the business tax relief measures contained in the Chancellor’s Autumn Budget 2018 and how these could stimulate economic growth in this uncertain pre-Brexit period

1 Nov 2018

Tax | Quarterly tax overpayments on pension withdrawals hit £38m

Savers continue to be over-taxed on pension withdrawals, with the latest HMRC statistics showing a record £38m was reclaimed in Q3 2018, amid call for the government to review the ‘emergency tax’ treatment of pension freedoms withdrawals

1 Nov 2018

Tax | Warning over Irish PAYE claims

ACCA is warning employees in Ireland about the potential data and financial risks posed by some online tax refund service providers that are seeking to manage people’s PAYE claims, in view of the imminent move to real-time PAYE reporting from January 2019

1 Nov 2018

Tax | Budget 2018: Q&A on entrepreneurs’ relief changes

In Budget 2018, the Chancellor set out plans to make a number of changes to entrepreneurs’ relief, from the definition of a personal company to extending the qualifying conditions. John Riseborough, tax adviser at Croner Taxwise, examine the compliance issues

31 Oct 2018

Tax | Budget 2018: NIC changes reduce income tax benefits

Changes in the Budget to National Insurance Contributions (NICs) will have an effect on both the self-employed and higher rate earners, mitigating the impact of the increase to the thresholds for personal allowances announced by the Chancellor

31 Oct 2018

Tax | IFS critical of ‘sticking plaster’ Budget

The Institute for Fiscal Studies (IFS) is claiming the Chancellor’s Budget announcements on tax amounted to ‘sticking plasters’, and said he gave no indication of a plan for future tax policy or for the all but inevitable tax increases to pay for the UK’s ageing population

31 Oct 2018