Personal Tax

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Tax | Profit extraction: how flexible are directors’ loans in terms of tax liability?

Stephen Relf CTA ACA examines potential tax pitfalls for owner managed businesses when they use directors’ loans instead of conventional salary structures, from outstanding loans to repayment terms

27 Jun 2018

Tax | Trusts and non doms: toughening the inheritance tax rules

The use of excluded property trusts by non-doms for tax planning purposes under Inheritance Tax Act 1984, s48(3) (IHTA 1984) is a well-accepted route, but now the old established rules have been overturned with tougher inheritance tax rules introduced in Finance Act (No. 2) 2017. Stephanie Webber CTA, tax writer at Croner-i explains

25 Jun 2018

Tax | Treasury challenged over plans to close childcare vouchers scheme

The Treasury committee is challenging the government’s decision to close the existing employer-led childcare voucher scheme in October without conducting a review of the impact on families who will then be required to move to the new online tax free childcare (TFC) system

20 Jun 2018

Tax | Property tax confusion hits Bank of Mum and Dad

Attempts by the government to help first-time buyers onto the housing ladder could actually be pricing them out of the market because of anomalies in the way new stamp duty land tax (SDLT) rules operate

20 Jun 2018

Tax | Extra NHS funding will see taxes increase

The government’s announcement that the NHS is to receive increased funding of £20.5bn per year by the end of five years, has signalled future tax increases, with the Prime Minister promising these will be imposed in a ‘fair and balanced way’

20 Jun 2018

Tax | Nunn: ISA spaghetti creates potential minefield for savers

Yvette Nunn, director of Berkeley Associates, warns that advisers need to tread carefully when giving advice on ISAs as they grow increasingly complex, each having their own set of terms which need to be understood

20 Jun 2018

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Personal Tax

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Image for ps33bn tax gap shows avoidance activity decline

Tax | £33bn tax gap shows avoidance activity in decline

Latest HMRC figures show an estimated £33bn tax gap in the UK in 2016-17, amounting to 5.7% of total theoretical tax liabilities and the same level as the previous year, with small businesses responsible for 41% of the tax not collected

15 Jun 2018

Tax | HMRC plans for profit fragmentation are a step too far

Andy White, senior partner at CBW, examines whether the tax authority’s latest attempts to clampdown on tax avoidance through a curb on profit fragmentation are really necessary and, more importantly, how they could fundamentally infringe upon taxpayers’ rights

14 Jun 2018

Tax | AAT calls for scrapping of inheritance tax reliefs

Many of the current exemptions and rules around inheritance tax (IHT) are too complicated, not widely understood and should be scrapped according to the Association of Accounting Technicians (AAT), which says there is a case for getting rid of IHT altogether

12 Jun 2018

Tax | Tax compliance for non-doms becoming UK resident

As tax residency and jurisdiction becomes increasingly political, Chris Downing, tax director at Inspire Accountants, considers the treatment of high net worth individuals coming to the UK, based on the position of a non-domiciled individual becoming resident in the UK for tax purposes

11 Jun 2018

Tax | Curran: why extending offshore limit to 12 years is wrong decision

Government plans to extend offshore time limits for non-tax compliance to minimum 12 years have been met with strong opposition, says CIOT technical officer Margaret Curran CTA

6 Jun 2018

Tax | Predicted Scottish income tax take falls by £209m

There could be a drop of over £200m in the amount of devolved tax the Scottish government collects over the next tax year due to a subdued economy, according to the latest forecast from the Scottish Fiscal Commission

1 Jun 2018

Tax | Tax updates: June 2018

This month's review of tax cases and tax news including IR35 rules set to net private companies, contractor beats HMRC over IR35 dispute, late return penalty thrown out due to lack of evidence

1 Jun 2018

Tax | Number of serious tax evasion cases up 18%

The number of serious tax evasion cases identified by HMRC has jumped 18% in the last year to 3,809, up from 3,216 in 2016/17, driven by the information the tax authority has received under the common reporting standard (CRS), according to Pinsent Masons

30 May 2018

Tax | Number of higher rate taxpayers grows 29% since 2010

The number of higher rate taxpayers in the UK has grown by almost a third, from 3.02m in 2010 to 4.28m for the 2018-19 tax year, according to recent statistics from HMRC, which also show that the number of additional rate taxpayers has grown 39% since the band was introduced in 2010

29 May 2018

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Personal Tax

HMRC

Tax | Dodwell: can we trust HMRC pre-populating tax returns?

Bill Dodwell, partner and head of tax policy at Deloitte, considers the implications of tax returns which are pre-populated with data by HMRC and asks whether taxpayers would check or understand the figures put in front of them

24 May 2018