Tax Compliance

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Image for 95000 low incomes and no tax liability suffer ps100 penalties

Tax | 95,000 with low incomes and no tax liability suffer £100 penalties

A freedom of information (FOI) request from RSM to HMRC found c.155,000 late filing penalties were initially issued to people earning under £12,570

26 Jun 2024

Image for labour shadow treasury needs answer personal tax questions

Tax | Labour shadow Treasury ‘needs to answer’ personal tax questions

The second in line to the Treasury if Labour are to get into No.10 on 4 July has been questioned around his second income being paid into his personal company

25 Jun 2024

Image for qa tax and company share option plans

Tax | Q&A: tax and company share option plans

In this week’s Q&A, Abigail Bothe, tax adviser at Croner-i, explains the differences between company share option plans (CSOPs) and enterprise management incentives (EMI)

25 Jun 2024

Image for ps15m investment non dom deemed taxable

Tax | £1.5m investment from non-dom deemed taxable

A non-domiciled investment banker has lost his appeal against a £675,000 tax bill after investing £1.5m into his company and using director loans for personal expenses

24 Jun 2024

Tax | Webinar on HMRC R&D enquiries for SMEs

Sign up for our webinar on tips and advice for dealing with HMRC R&D enquiries on 25 June

24 Jun 2024

Image for tax gap hits record ps398bn small businesses not paying tax

Tax | Tax gap hits record £39.8bn with small businesses not paying tax

The tax gap jumped to £39.8bn in 2022-23 up £1.7bn with 4.8% of taxes unpaid as small businesses accounted for nearly two thirds of unpaid tax

20 Jun 2024

Image for lack clarity loans participators charge warns ciot

Tax | Lack of clarity on loans to participators charge, warns CIOT

Tax advisers are calling for urgent clarification on how HMRC interprets the rules on loans to participators over the charge on upstream loans

20 Jun 2024

Image for qa withholding tax royalties india

Tax | Q&A: withholding tax on royalties from India

In this week’s Q&A, Amaira Badat, tax adviser at Croner-i, explains the tax compliance issues for a UK trading company

18 Jun 2024

International Tax

Tax | Webinar on annual share scheme reporting and EMI schemes

Sign up for our webinar on annual share scheme reporting and enterprise management incentive (EMI) schemes to be ready for July deadline

17 Jun 2024

Image for hmrc targets taxpayers busting ps1m badr limit

Tax | HMRC targets taxpayers busting £1m BADR limit

In the latest anti-avoidance campaign, HMRC’s wealth team has sent letters to taxpayers whose business asset disposal relief (BADR) claims exceed lifetime limit

14 Jun 2024

Image for homes under cgt hammer

Tax | Homes under the CGT hammer

Most people selling their homes rely on Private Residence Relief (PRR) to avoid capital gains tax (CGT) but with increases to this on the horizon some may end up with higher tax bills when they move, says Chris Etherington

12 Jun 2024

Image for octogenarians ill health satisfies judges ps175k tax appeal

Tax | Octogenarian’s ill health satisfies judges in £175k tax appeal

An 85-year-old businessman has won his appeal against a £120,000 discovery assessment over an incorrect tax return and a £55,000 penalty for deliberate inaccuracy

12 Jun 2024

Image for 92 year old corrie star settles ps546k tax bill

Tax | 92-year-old Corrie star settles £546k tax bill

After being given 12 weeks to pay his tax debt, Coronation Street actor William Roache has settled the tax debt by the deadline

11 Jun 2024

Law and Regulation

Image for kfc franchiser loses side dip conundrum vat case

Tax | KFC franchiser loses side dip ‘conundrum’ VAT case

A KFC franchiser argued that the dipping pots supplied with certain meals should be separately rated for VAT if sold in a meal

11 Jun 2024

Image for hmrc tips foreign tax authorities 48

Tax | HMRC tips from foreign tax authorities up 48%

The amount of data provided by foreign tax authorities to HMRC about UK taxpayers living abroad has rocketed by 48% in five years

10 Jun 2024

Tax | Register for webinar on P11D expenses reporting

Sign up for our webinar on tips and advice on P11D reporting of expenses, pool cars and trivial benefits

6 Jun 2024

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