Personal Tax

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Tax | Tax policy disadvantages lowest earners, says CPS

The tax burden is increasingly falling on the poorest fifth, with an imbalance between tax on earnings and benefits paid, as the lowest earners are being taxed and pay NICs at source, while the government is then paying benefits to top up their incomes

30 Jun 2015

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Tax | Editor’s comment: second time lucky for Chancellor at emergency Budget

With the second Budget of the year slated for 8 July, the Conservatives will have the first stab at their own fiscal programme for nearly 20 years, their last solo Budget being Ken Clarke’s in 1997, so the Chancellor needs to make some ambitious decisions to ensure tax policy is progressive, says Sara White

30 Jun 2015

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Tax | ‘Deal or no deal’ on Scottish tax powers

Today sees the second day of the Committee stage of the Scotland Bill debated in the floor of the House of Commons, with the focus on the new tax arrangements and the government warning it is a make or break moment for SNP MPs who support Full Fiscal Autonomy (FFA) rather than the current plan to devolve some tax raising powers

29 Jun 2015

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Tax | HMRC invests £45m to reduce caller frustration as one in four fail to connect

HMRC is to spend £45m to improve customer service as a result of inconsistent call handling across call centres over the last 12 months with some months where over a third of calls only reach an engaged line and are not even added to the call queuing system

26 Jun 2015

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Tax | Dodwell: taxation of savings interest fraught with pitfalls

The reforms to pension savings are welcome but Bill Dodwell, head of tax policy at Deloitte warns that there isn’t much time for HMRC to link interest income for 24.8m individuals with the rest of their tax liabilities

26 Jun 2015

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Tax | Scottish rate of income tax: how it will affect UK businesses

As Scotland mulls the idea of setting its own income tax rates, HMRC has issued draft guidance on how the Scottish Rate of Income Tax (SRIT) will work. Chas Roy-Chowdhury casts his eye over the proposals and highlights some of the potential problem areas for employers and PAYE payrolls

23 Jun 2015

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Tax | Threat to pension tax relief on annual allowance

Elaine McInroy, tax expert at accountants Saffery Champness warns that additional rate taxpayers need to review their pension arrangements in light of the proposed changes to the tax relief on pension contributions for those earning over £150,000

23 Jun 2015

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Tax | Injunction against HMRC enforcing £220k Partner Payment Notice refused

Two individuals who were seeking an injunction to prevent HMRC from issuing or enforcing partner payment notices (PPNs) requiring upfront payment of disputed tax of around over £330,000 pending the outcome of a judicial review of the issues have been refused permission by the court

19 Jun 2015

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Tax | Director's loan accounts under FRS 102: tax implications

Taxing debt will now be largely driven by the FRS 102 requirements for financial instruments, says Peter Rayney FCA CTA, who unpicks the tax implications of the new accounting framework and the impact on director's loan accounts and various loan relationships (LR)

17 Jun 2015

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Tax | Estoppel: inheritance issues and legal claims in the farming sector

Julie Butler FCA asks whether more farms could be lost due to lack of protection together with proprietary estoppel. The recent case of Davies & Another v Davies; [2014] EWCA Civ 568, shows the vulnerability of farms to legal claims by family members

16 Jun 2015

Tax | HMRC extends range of ISA qualifying investments

HMRC has published amendments to the Individual Savings Account (ISA) and the Child Trust Funds (CTF) rules to extend the list of eligible investments which can be held in an ISA or CTF to include more investment trusts and securities issued by small and medium-sized companies

16 Jun 2015

Tax | Tax credits error rate halves, says HMRC

Error and fraud in the tax credits system has been reduced to its lowest level since tax credits were introduced in 2003, virtually halving over the last three years

4 Jun 2015

Tax | IR35 tax investigations fall to five-year low as HMRC fails to tackle avoidance

HMRC has missed its target to open at least 230 tax evasion enquiries per year as part of its strategy to clampdown on disguised employment, and in resolved cases it has only recovered on average £2,240, down from £20,000 a decade ago, according to data obtained by law firm Nockolds

3 Jun 2015

Tax | ATED form guidance updated for enveloped dwellings

HMRC has updated the Annual Tax on Enveloped Dwellings (ATED) guidance on completing an ATED form to reflect legislative changes which came into effect on 1 April 2015

28 May 2015

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Tax | Queen's Speech seals tax lock on income tax and NI for five years

The government has committed to a tax lock on rates for national insurance, income tax and VAT for employers and employees , and will push through plans for a fast-tracked EU referendum by the end of 2017, outlined in the Queen's speech at the opening of parliament today

27 May 2015

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Tax | Marriage allowance: is it really worth it?

The introduction of the ‘marriage allowance’ from 6 April 2015 for married couples or civil partners has added to the complexity of the legislation applying to spouses/civil partners; however the latest relief may not be worth it, warns Robert Pullen, personal tax manager at chartered accountants Blick Rothenberg LLP

21 May 2015

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