07/12/2011, by HM Revenue & Customs, Tax news - HMRC Administration, Practice and Methods
Private tutors and coaches have less than a month left to notify HM Revenue & Customs (HMRC) that they might owe additional tax. (See also our previous TaxationWeb article Teacher, Tutor, Soldier, Spy - Ed).
They were offered a special tax plan ─ the Tax Catch Up Plan ─ in October this year. Registering by 6 January 2012 ensures that tutors and coaches don’t lose out on the best terms to disclose and pay what is owed.
The Tax Catch Up Plan is for people providing tuition or ... Continue Reading
07/12/2011, by HM Revenue & Customs, Tax news - HMRC Administration, Practice and Methods
Following on from the article HMRC Targeted Campaigns Move On to VAT, the deadline for completing the Registration phase is 31 December.
In July this year, HMRC launched its VAT Initiative in which rule-breakers were offered a special plan to put right their tax affairs. The chance to participate, and be guaranteed the conditions contained in the plan, ended on 30 September.
Under the terms of the VAT Initiative, those who have notified their intention to take part must ... Continue Reading
07/12/2011, by Lee Sharpe, Tax news - Business Tax
Channel 4 is currently running a campaign over several nights called The Great British Property Scandal - in the writer's humble opinion, a worthy attempt to highlight the incongruity of demand for housing and arguably unwilling availability.
Last night's episode focused on the 'scandal' of empty flats above commercial properties: flats which have been left vacant for months or even years, at a time when millions are in need of adequate housing.
This is a tax website, so appropriate perhaps ... Continue Reading
03/12/2011, by Tax Insider, Tax article - Property Taxation
The potential benefits of Rent-a-Room Relief by Sarah Bradford, for Property Tax Insider.
Introduction
As the academic year gets under way and teenagers across the country head off to university for the first time, parents may find that their house feels a little empty. With the recession showing no signs of abating and the prospect of rising winter fuel bills on the horizon, the opportunity to earn a little extra income may be very welcome indeed, especially if that income can be received ... Continue Reading
03/12/2011, by Peter Arrowsmith FCA, Tax article - PAYE and Payroll Taxes, National Insurance, NICs
Peter Arrowsmith FCA highlights a selection of NIC matters, and sounds a warning about the potential problems and pitfalls of 'pooled' cars.
Integrating 'the Operation of' Tax and NIC
Following the earlier call for evidence the Treasury has issued a 'Next Steps' document available at Integrating the Operation of Income Tax and National Insurance Contributions - Next Steps
There are to be set up two groups:
to look at bringing the meaning of earnings for the two duties ... Continue Reading
03/12/2011, by Malcolm Finney, Tax article - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Donors need to be aware of an important principle when calculating Inheritance Tax on lifetime gifts, explains Malcolm Finney, author of 'Personal Tax Planning: Principles and Practice'.
Introduction
The Inheritance Tax (IHT) liability (not the additional IHT liability) arising on a Chargeable Lifetime Transfer (CLT) is primarily that of the donor.
The effect of this liability falling on the part of the donor is to increase the actual amount of the transfer of value made by the donor. ... Continue Reading
03/12/2011, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - General
Anthony Margaritelli, chairman of the ICPA, questions HM Revenue & Customs' intentions regarding Business Records Checks.
Taxationweb readers were recently treated to a guest editorial by HMRC’s Director of Local Compliance Richard Summersgill ( Keeping Business Records ) stating how keeping good records is a win-win practice for businesses and the taxman.
From the article one could almost believe, I did say “almost believe”, that HMRC was doing this for the good ... Continue Reading
03/12/2011, by Taxbriefs Financial Publishing, Tax news - Budgets and Autumn Statements
Introduction
One of George Osborne’s early decisions as Chancellor was that there would be no more Pre-Budget Reports. Instead, the tradition of the Autumn Statement was to be reintroduced, allowing the Chancellor to give an interim view of the UK’s finances.
However, the Chancellor’s 2011 Autumn Statement looked very much like a Pre-Budget Report of old. Mr Osborne made a wide range of announcements (and re-announcements) on everything from nursery care for disadvantaged two-year-olds ... Continue Reading
26/11/2011, by Lee Sharpe, Tax article - General
TaxationWeb asks, how can taxpayers and advisers trust HMRC when they can get basic advice so badly wrong?
Introduction
I think it’s good that we let HMRC do Guest Editorials occasionally. It’s important that we operate fairly and let HMRC tell its side of the story. It also means I have less of a guilty conscience when I have a rant. (For which, see below).
And every once in a while, we do get some nuggets in amongst the ‘spin’ which Maths finds so frustrating ... Continue Reading
26/11/2011, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - General
Mark McLaughlin looks at two recent tax cases in which the tax tribunal criticised the actions of HM Revenue & Customs.
Introduction
Taxpayers have recently been successful in a number of appeals before the tax tribunal on the grounds of ‘reasonable excuse’, mainly in respect of late filing penalties. One such case is highlighted below. In addition, the approach of HM Revenue and Customs (HMRC) in a case involving a discovery assessment was criticised by the tribunal, which ... Continue Reading
