Personal Tax

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Tax | OTS calls for HMRC head of partnerships to improve tax approach

The Office of Tax Simplification (OTS) has published a final report - the third on the subject - on the taxation of partnerships which lists 14 recommendations including clear and comprehensive guidance for new partnerships, allowing partners to claim their own expenses, simpler HMRC administration for international partnerships, and extending gift aid to partnerships.

20 Jan 2015

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Tax | Offshore structures: avoiding tax pitfalls for non-doms

Offshore structures remain valuable tax planning vehicles for non-doms, despite efforts to curtail their tax advantages, but be warned that there are pitfalls in excluded property settlements, says Aidan Meade, tax director at Wilkins Kennedy

20 Jan 2015

International Tax

Tax | Government signals draft Scotland Bill to be published this week

This is a landmark week for Scotland as the UK government will be publishing draft legislation to give the Scottish parliament the wider devolved powers, including the ability to set some tax and benefits rates, which were promised following the 2014 referendum result

19 Jan 2015

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Tax | Investing in France: tax implications as 75% top rate is abolished

As France is set to abolish its 75% tax rate for top earners, Didier Hémion, partner and director at Paris-based Primexis, considers whether the changes to the tax landscape will stimulate foreign investment

19 Jan 2015

Leadership & Management

Tax | HMRC sends out 650k email self assessment reminders

HMRC has begun sending out 650,000 email reminders to people who file their tax returns online, but have yet to complete this year’s self assessment tax return or pay what they owe before the 31 January deadline, the first time it has adopted a digital approach to chasing up taxpayers

19 Jan 2015

Tax | Taxpayers overpay £4.9bn due to complex tax rules

UK taxpayers are set to waste as much as £4.9bn this year in unnecessary tax payments as they fail to claim all available tax reliefs due to an increasingly complex set of tax rules and reliefs

19 Jan 2015

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Tax | Horse ownership is viewed as gambling in Hermes case

A doctor who had a share in a racehorse which got ‘bored’ with competing has failed in his attempt to overturn an HMRC decision to disallow his claim to set the losses he incurred through his racing activities against his other income as the tax authorities view it as ‘horse race gambling’

16 Jan 2015

Tax | Women out-perform men in getting tax returns in on time

Latest analysis from HMRC shows that women are more likely than men to send in their tax return on time. For every 10,000 tax returns received last year by HMRC from men, 394 were after either the paper or online deadline, compared to 358 late returns for every 10,000 received from women

12 Jan 2015

Tax | Overhaul of Class 2 NICs planned for self-employed

The new tax year 2015/16 will see a major overhaul of Class 2 National Insurance contributions (NICs) for self-employed taxpayers, marking a significant change in the way self-assessment tax liabilities are collected.

8 Jan 2015

Law and Regulation

Tax | Tax Agent Online Self Serve set for limited beta release, says HMRC

Tax advisers have been told by HMRC that the Agent Online Self Serve (AOSS) service has passed the Government Digital Services (GDS) assessment, reaching the required standard on all 26 counts, which means that the tax authorities plan to move to a live service by 2016

7 Jan 2015

Tax | UK-Canada tax treaty comes into force

The tax treaty between the UK and Canada, signed on 21 July 2014, has now come into force with the enactment of the Protocol and Interpretative Protocol (the Arrangements)

7 Jan 2015

Law and Regulation

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Tax | Entrepreneurs’ relief (ER) abolished on business incorporations

It is fair to say that the removal of entrepreneurs’ relief (ER) on business incorporations was the ‘surprise’ rabbit out of the Chancellor, George Osborne’s hat in last month’s Autumn Statement, says Peter Rayney FCA, CTA

6 Jan 2015

Law and Regulation

Tax | HMRC closing stable door on horsebox sales

HMRC has got the bit between its teeth over purchases of luxury high-end horse boxes amid concerns that some buyers are avoiding tax by failing to pay the correct tax on equipment costing hundreds of thousands of pounds, according to research by UHY Hacker Young

6 Jan 2015

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Tax | Revenue Scotland board announced

The board of the new tax collecting authority, Revenue Scotland, has been announced, coinciding with its official start date of 1 January 2015

5 Jan 2015

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Tax | Don't fall for copycat 'HMRC' websites, warns LITRG

Taxpayers are being warned to make sure they check carefully before completing online self assessment returns to ensure that they do not inadvertently use one of the commercial sites available by mistake, particularly as the HMRC website has been totally redesigned to fall under the general gov.uk website design now rolled out over all government departments.

5 Jan 2015

Tax | Barack Obama’s dog ate my tax return

Out of control pets and even the administrative failings of the US president have been named as reasons for missing previous year’s January deadline for online tax returns, according to information released by HMRC

5 Jan 2015

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