Tax | Budget 2024: immediate hike in CGT rates

The lower and higher rates of capital gains tax (CGT) will be increased from 30 October 2024 which could lead to a mass sale of assets and a huge increase in tax receipts

30 Oct 2024

Tax

Property Tax

HMRC

Tax Planning

Budget

Tax | Budget 2024: higher HMRC interest rates on overdue tax

As part of measures to clamp down on bad payers, the Chancellor said that HMRC will have the power to hike up even further the rates of interest they charge

30 Oct 2024

Tax

HMRC

Tax Compliance

Budget

Tax | Phantom GDPR fines cannot be written off for tax

HMRC tells companies not to use an illegal tax avoidance scheme featuring General Data Protection Regulation (GDPR) provisions to reduce corporation tax

29 Oct 2024

Tax

Business Tax

HMRC

Tax Compliance

Tax | Why do so many R&D tax relief claims fail at tribunal?

Recent tax tribunal cases highlight how important it is to keep records of R&D activities while the projects are actually happening, explains Karen Evans ACA, R&D tax relief specialist at The R&D Community

28 Oct 2024

Tax

Business Tax

HMRC

Tax Compliance

Tax Planning

Tax | Indoor pool annexe not separate dwelling for £81k MDR

The owners of a substantial Berkshire house have lost an appeal to reclaim stamp duty for multiple dwellings relief (MDR) as property did not qualify

28 Oct 2024

Tax

Property Tax

HMRC

Case Reports

Tax | British Virgin Islands tax promotor slapped with stop notice

A British Virgin Islands company selling directors a complex trust scheme to avoid tax has ordered to stop promoting the scheme by HMRC

25 Oct 2024

Tax

Employment Tax

HMRC

Tax Compliance

Tax | 426k calls unanswered by HMRC in August

There have been 800,000 less phone calls to HMRC advisors than 2023 but the number of taxpayers wanting to speak to an adviser being left on hold continues to fall below par

25 Oct 2024

Tax

HMRC

Tax | Warning not to use LLP disguised employment schemes

HMRC is telling companies not to be tempted to use pseudo limited liability partnerships (LLPs) to pay directors to hide standard employment income as these schemes are tax avoidance

24 Oct 2024

Tax

Employment Tax

HMRC

Tax Compliance

Tax | HMRC staff told to return to office three days a week

Civil servants will have to spend 60% of their time in the office or at business related meetings in a turnaround on government plans for default flexible working

24 Oct 2024

Tax

HMRC

HR

Work

Careers

Leadership & Management

Tax | Londoners pay 27% of total UK income tax

London and the southeast of England pay more than a third of annual income tax, with Kensington & Chelsea, Elmbridge in Surrey and northeast Cheshire topping the list

23 Oct 2024

Tax

Personal Tax

HMRC

Tax | Solicitor wins £16k VAT dispute after HMRC error

A self-employed solicitor won her VAT penalty appeal due to incorrect advice from an HMRC advisor, as well her bookkeepers providing the wrong information

23 Oct 2024

Tax

VAT

HMRC

Case Reports

Tax | Tax and NICs receipts up over £11bn

As the ‘painful’ Budget draws closer tax take climbs despite the 4% reduction National Insurance contributions (NICs) introduced by the previous government

22 Oct 2024

Tax

Business Tax

Personal Tax

Inheritance Tax

VAT

HMRC

Tax | One fifth of tax take paid by 100,000 people

Total receipts for capital gains tax (CGT) and income tax rose to £262.6bn in 2022/23, the top 100,000 taxpayers paid one fifth of this with almost £4bn being covered by just 100 people

21 Oct 2024

Tax

Personal Tax

HMRC

Tax | Drop in HMRC service affects 89% of businesses

The number of businesses being negatively affected by HMRC’s poor service has shot up by 23% in less than six months

21 Oct 2024

Tax

Business Tax

HMRC

Tax | HMRC launches multiple agent support for MTD

In a major update to the Making Tax Digital for Income Tax system, HMRC has confirmed it can now handle more than one agent acting for a single client

17 Oct 2024

Tax

Making Tax Digital

Personal Tax

HMRC