Personal Tax

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Tax | House sales plunge in April following tax changes

There was a substantial drop in seasonally-adjusted residential property transactions between March and April this year according to the latest HMRC figures, with analysis suggesting the 45.2% decline in the number of houses sold was down to purchasers rushing to beat the introduction of the higher rates of stamp duty land tax (SDLT) on additional properties, which came into effect in April 2016

24 May 2016

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Tax | Pension death benefits: tax planning tips

Mike McAnulty, director at independent financial adviser Central Investment, discusses the tax changes in pension death benefits and why it is critical to have all financial management implemented before death

24 May 2016

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Tax | Trio of free pension advisory services to be merged into single entity

Pension Wise, the free advice service set up to promote and advise on pensions reform and annuity freedoms is to be merged into the other publically funded advice services on pensions, to create a single website and advisory service

20 May 2016

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Tax | HMRC trials changes to reduce mistakes on self assessment online returns

HMRC is running a trial designed to improve self assessment online returns process for taxpayers and iron out problems with the final filing process

19 May 2016

Making Tax Digital

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Tax | Two thirds of countries offer individual tax incentives on charity donations

The majority of countries offer tax incentives to businesses making donations compared to just two thirds offering incentives to individuals while rates of tax breaks vary around the world

17 May 2016

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Tax | Directors loans: beware changes to section 455 rules

A move to curb the use of shareholder and directors' loans under section 455 of CTA 2010 will raise the tax liability for directors, warns Cathy Corns, corporate tax partner at Mercer & Hole. Find out how the changes will hit company owners with a selection of worked examples

11 May 2016

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Tax | Pensions taxation: tinkering with the tax regime

A decade ago, 6 April 2006 (A-Day) saw the introduction of a new ‘simplified’ tax regime for pensions. Ten years on, Jane Beverley, head of research at pensions expert, Punter Southall, reflects on the current tax position on pensions and considers some of the key changes affecting tax liability for pension savers including the lifetime allowance

11 May 2016

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Tax | Searchable database of Panama Papers data to be released

Thousands of documents revealing the extent of the Panama Papers is due to be released later today by the International Consortium of Investigative Journalists (ICIJ), with a searchable database of information on more than 200,000 offshore entities from the files held by Panamanian law firm Mossack Fonseca

9 May 2016

International Tax

Image for hmrc clampdown tax avoidance using gold bullion

Tax | HMRC clampdown on tax avoidance using gold bullion

All that glitters is not gold in HMRC’s eyes, as it announces an immediate clampdown on disguised remuneration schemes using gold bullion as an asset, saying in its view these are categorised as tax avoidance and warning that it plans to crack down on individuals who continue to use them

6 May 2016

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Tax | IR35 review raises concerns about employment status indicator (ESI)

HMRC is to review the tick-box approach to IR35 and the associated employment status issues but will it work this time, asks Howard Royse ACA, sole practitioner at Howard Royse Ltd

4 May 2016

Image for surrey suburbs esher and walton home uks highest taxpayers

Tax | Surrey suburbs of Esher and Walton home to UK’s highest taxpayers

The leafy Surrey suburbs of Esher and Walton are home to the highest taxpayers in the country, according to research by UHY Hacker Young, which showed that nearly nine in ten top paying UK-based taxpayers live in the leafy ‘stockbroker belt’ around London

3 May 2016

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Tax | Tax updates: May 2016

Eclipse loses Supreme Court appeal, private residence and lettings relief denied in Kothari, EIS relief disclosure notices overturned, UK intermediaries swept into Panama Paper leaks and EU plans for country-by-country reporting (CBCR)

3 May 2016

International Tax

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Tax | Employment tax updates: May 2016

Jackie Hall ACA CTA, partner at RSM assesses HMRC moves to include dividend income in PAYE coding notices, a ramped up timetable to introduce a criminal offence for tax evasion and the overhaul of expenses signals end of dispensations

3 May 2016

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Tax | Travel expenses guidance for intermediaries clarified to reflect drafting error

HMRC has issued a clarification on the revised guidance about the treatment of travel expenses for workers providing personal services to clients through employment intermediaries, reflecting a technical interpretation problem in the new rules, effective from April 2016

28 Apr 2016

Law and Regulation

Image for file late self assessment tax returns now avoid ps10 day fine

Tax | File late self assessment tax returns now to avoid £10 per day fine

Daily self assessment filing penalties kick in on 1 May so any taxpayers who have failed to complete and submit a tax return should take immediate action to avoid receiving punitive penalties

27 Apr 2016

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Tax | Tax planning: offshore and local assets

Greater care with tax planning is essential for those holding offshore and local assets but who want to be based in the UK, says Robert Smeath, partner at New Quadrant Partners

27 Apr 2016

International Tax

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