Personal Tax

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Tax | HMRC issues letters warning of overseas crackdown

As part of HMRC’s ongoing crackdown on undeclared foreign income, thousands of taxpayers are receiving letters warning them to disclose information by 30 September or face penalties

17 Aug 2018

Tax | IR35: when is contracting employment in disguise?

Government plans to extend the offpayroll working rules to the private sector as early as April 2019 will create difficulties for contractors and business so it is essential to review contracts to ensure there are no unexpected disputes with HMRC over tax liability or accusations of disguised employment. Andrew Brookes, head of employment solutions at Menzies LLP, considers the proposals

16 Aug 2018

Tax | PAYE withholding tax for gig platform workers too confusing

The Office of Tax Simplification has proposed changing the tax rules for self-employed platform workers with the introduction of a sector-specific PAYE withholding tax but how would it work? David Williams-Richardson, partner in the employer solutions team at RSM, considers the pros and cons

15 Aug 2018

Tax | Accountant’s date error sees client let off APN penalty

A taxpayer who contested a penalty issued by HMRC for late payment of an accelerated payment notice (APN) has won his case after a tribunal found his accountant was at fault for failing to notice the correct date by which action was required, despite reminders from his client

14 Aug 2018

Tax | Profit fragmentation rules set for overhaul

As the government rapidly finalises new rules on profit fragmentation, Lindsey Wicks, tax writer at Croner-I Tax & Accounting, considers the significance of the proposals, particularly the notification requirement which could net thousands of high net worth individuals and business owners

14 Aug 2018

Tax | Calls for HMRC to delay IR35 private sector extension

HMRC’s consultation on extending the IR35 rules covering off-payroll working to the private sector closed last week, and contractor organisations are indicating there has been a groundswell of protest against the proposals, which have attracted controversy since their introduction in the public sector

13 Aug 2018

Tax | Requirement to correct (RTC): the final countdown for taxpayers

As the deadline for requirement to correct notifications for offshore income and assets approaches, Lucy Brennan, partner at Saffrey Champness, examines the compliance issues before new tax penalties bite from 30 September

13 Aug 2018

Tax | Pension savers should keep within annual allowance to avoid tax bill

HMRC has issued guidance for pension savers on use of the annual allowance and clarifying rules on carrying forward unused allowances, particularly where scheme members are planning to use 2015/16 split allowances or have withdrawn money from pensions

9 Aug 2018

Tax | ICAEW flags up inaccuracies in PAYE tax calculations

ICAEW is warning of early reports of issues with HMRC’s calculations of under or over payments as part of the commenced the annual reconciliation of taxpayers’ PAYE records for 2017/18

9 Aug 2018

Tax | QC sees disputed tax penalties cut from £1m to £220K

A leading barrister who has been involved in a long running dispute with HMRC over more than £1m of penalties imposed for late self assessment returns has won his case in the Court of Appeal on the grounds that there was no sign of ‘deliberate concealment’

8 Aug 2018

Tax | UK puts £35m into tax overhaul programme in Ethiopia

The UK government has signed its largest ever tax partnership programme to help Ethiopia transform its tax system to increase its annual revenues so that it can better finance its own services and development, becoming less reliant on aid

8 Aug 2018

Tax | Finance workers pay most tax

Individuals working in the financial services sector accounted for the largest share of income tax payments made via PAYE in 2016-17, the seventh year in a row that finance workers have topped the list according to HMRC data

8 Aug 2018

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Personal Tax

HMRC

Tax | ICAEW calls on HMRC to fix off-payroll tax rules

Following a meeting with HMRC on 21 June 2018 to discuss proposals for the rollout of off-payroll working to the private sector, ICAEW has published an in-depth letter calling for improvements

7 Aug 2018

Tax | HMRC power grab as offshore time limits extended to 12 years

Dawn Register, partner in the tax dispute resolution team at BDO LLP considers the implications of the extension of the offshore time limit to 12 years and the increasing powers of HMRC as data from the Common Reporting Standard starts to flood in from global tax jurisdictions

7 Aug 2018

Tax | Property income allowance gives £1,000 tax relief

Property owners who receive an income from rent could be missing out on a recently introduced tax-free allowance potentially worth hundreds of pounds provided they have low rental income

3 Aug 2018

Tax | HMRC performance sees revenue and cost improvements

The latest figures from HMRC on its performance show some improvement in revenue collected and cost savings over the previous year’s quarter, but response times at its call centres have deteriorated alongside a drop in customer satisfaction

2 Aug 2018