| 16 May - RTI: HMRC Giving Out Incomplete NINOs? |
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In its press release yesterday, PAYE for Employers: National Insurance Numbers without Suffixes, HM Revenue & Customs (HMRC) has admitted to sending out a number of NINos without the "A", "B", "C" or "D" suffix at the end. Apparently this is occurring when:
The employer sends... |
| 13 May - Tax Insider Tip: Claim Entrepreneurs' Relief |
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Entrepreneurs’ relief provides relief against capital gains tax on qualifying gains made by an individual on the disposal of all or part of the business, the assets in the business after it has stopped trading and shares in a personal trading company. HMRC Helpsheet 275 has more details on the relief.
Gains that qualify... |
| 12 May - One Tax Case and Two Issues: Property - Trading or Investment Business? And Can HMRC ... |
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In the case Albermarle 4 LLP v Revenue & Customs [2013] UKFTT 83 (TC), the taxpayer(s) achieved a significant “double win”.
The first aspect of the case was that of whether or not the LLP was a trading entity or merely a property... |
| 09 May - HMRC Announces Update to Pension Annual Allowance |
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HM Revenue & Customs has announced a couple of minor changes to the Annual Allowance regime for pensions – specifically where there is an Annual Allowance charge because contributions are ‘excessive’:
Where the individual elects for the charge to be paid by the fund rather than personally, it should not affect the tax treatment of the pension... |
| 08 May - No Safe Havens for Offshore Tax Cheats |
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HM Revenue and Customs (HMRC) confirmed today that it is working with the United States and Australian tax administrations (the IRS and ATO) on data which reveals extensive use of complex offshore structures to conceal assets by wealthy individuals and companies.
The 400 gigabytes of data is still... |
| 05 May - Editorial: In Praise of HMRC - Real Time Information |
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Mark McLaughlin thinks HMRC deserves credit for its handling of the implementation of Real Time PAYE Reporting.
HM Revenue & Customs (HMRC) issued a press release on 2 May regarding the new PAYE reporting system, real time information (RTI) ( |
| 02 May - RTI: One Million Schemes use New PAYE system |
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Over one million employer PAYE schemes have started to report Pay as You Earn (PAYE) in real time since it was launched last month, HM Revenue and Customs (HMRC) announced on 2 May.
The new PAYE reporting system, known as Real Time... |
| 01 May - HMRC Will Notify Agents of Taxpayer Enquiries under New Rules |
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HM Revenue & Customs has long been criticised for failing correctly to notify a taxpayer's agent or accountant, when opening an enquiry - particularly under the new "Single Compliance Process".
While the Single Compliance Process (SCP) will be seen by many as a welcome improvement, in that it aims to
... |
| 01 May - Tax Insider Tip: Agreements On Transfer |
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The transfer of a share in a property business is confirmed by the signing of a written agreement.
To enable a transfer to take place the property needs to be held by the partners as ‘tenants in common’,
thus ensuring that each partner’s share can be disposed of to whomever and in whatever proportion each wishes. The... |
| 30 Apr - Writing to HMRC - Preferred Letter Headings to Improve Post Allocation |
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HMRC has issued an update on its "signposts" or standard letter headings, which it hopes that tax agents and advisers will use, in the hope that this will improve the allocation of post to the correct department - headings are set out below - the primary headings cover the main issue while secondary headings help to... |
| 29 Apr - LITRG Chairman calls for rule of law in tax and equal treatment of all taxpayers |
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LITRG Chairman Anthony Thomas recently spoke at a seminar hosted by the Bingham Centre for the Rule of Law on the subject of the rule of law in tax.
Background
The Bingham Centre for the Rule of Law is an organisation inspired by the late Lord Bingham,... |
| 29 Apr - LITRG welcomes new HMRC telephone helplines |
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After many years’ campaigning for HMRC helplines to be less costly for low-income callers, LITRG welcomes HMRC’s announcement that all four helplines will change to 0300 numbers with immediate effect.
Introduction
LITRG has long campaigned for HMRC... |
| 28 Apr - Editorial: It Would be Funny if it Weren't so Serious... |
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TW Ed picks holes in the PAC's concern over external tax experts advising HMRC.
Well, I imagine you'd be disappointed if I were NOT to mention the Public Accounts Committee's report Tax Avoidance: The Role of Large Accountancy Firms (http://www.publications.parliament.uk/pa/cm201213/cmselect/cmpubacc/870/87002.htm), and the media frenzy which ensued.
I think it... |
| 24 Apr - Renew early, Tax Credit Claimants Told |
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Tax Credit customers are being reminded by HM Revenue & Customs (HMRC) that they must renew their claims by 31 July – or their payments might stop.
HMRC will start sending Tax Credit renewal packs to about 5.8 million people from this week until the end of June. They are urged to... |
| 22 Apr - Tax Insider Tip: Consider Not Claiming Capital Allowances |
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Capital allowances augment a loss. In certain circumstances it may be better not to claim the allowances as this may preserve personal allowances. This strategy will allow higher allowances to be claimed in later years when profits are higher.
Example:
Polly makes a loss of £18,000 in the second year of her business. The loss... |
