19/09/2019, by BKL, Tax article - Capital Gains Tax, CGT
BKL's Geraint Jones warns that HMRC is taking a proactive approach to taxing cryptocurrency gains.
Interest in cryptocurrency is continuing to grow and HMRC is no exception. It has reportedly been in contact with various cryptocurrency exchanges trading in the UK – eToro, Coinbase and CEX.IO – to request data on customers and transactions, as it seeks to claim unpaid capital gains tax (CGT).
Without this data, HMRC faces a challenge in tracking tax liabilities because of the anonymous ... Continue Reading
19/09/2019, by RSM UK, Tax article - Business Tax
RSM UK's George Bull explains why a recent IFS report is wrong to suggest that partnerships should pay more National Insurance Contributions
The title of the recent report by the Institute for Fiscal Studies, The Characteristics and Incomes of the Top 1%, has ensured high levels of public interest. That’s hardly surprising. After all, people are genuinely interested in what share of the nation’s taxable income is received by the top one per cent of adults (the answer is 12 ... Continue Reading
16/09/2019, by RSM UK, Tax news - Property Taxation
RSM UK's Andrew Hinsley has some advice if you have received a "nudge letter", where HMRC suspects undisclosed UK residential property income.
Introduction
Earlier this year HMRC wrote to many individual taxpayers in relation to information held about overseas income or gains. HMRC are now sending letters on residential property owned by overseas companies as a ‘nudge’ to encourage disclosure of rental income and benefits. HMRC are sending two letters:1. To the ... Continue Reading
13/09/2019, by Tax Insider, Tax news - General
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10/09/2019, by RSM UK, Tax news - VAT & Excise Duties
RSM UK's Philip Munn has advice on how best to prepare for a "No-Deal Brexit" from a VAT perspective.
The buying and selling of goods with our EU trading partners has attracted the most attention in since the prospect of no-deal became all too real. For organisations that only trade with EU counterparties at present, obtaining a UK EORI number is the simplest but most important first step to prepare for Brexit. On 21 August, the Chancellor announced that HMRC will automatically allocate more ... Continue Reading
09/09/2019, by Peter Vaines, Tax article - General
Peter Vaines looks at NHS proposals to circumvent the IR35 personal service company rules, and the rights of taxpayers and others to access HMRC information.
IR35: Personal Service Companies
It will not have escaped anybody’s attention that HMRC are seeking to crack down on the use of personal service companies and to extend the reach of the well-known IR35 rules.
HMRC have had mixed success in the Courts in seeking to apply these rules against people in the media, particularly TV presenters. ... Continue Reading
09/09/2019, by Lee Sharpe, Tax news - VAT & Excise Duties
Following last month’s article on the looming train wreck of the VAT Reverse Charge on Construction, HMRC has just announced that its implementation is to be delayed by a year to October 2020.
On Friday 6 September, HMRC surreptitiously dropped Revenue & Customs Brief 10 (2019): Domestic Reverse Charge VAT for Construction Services - Delay in Implementation, announcing that the rollout would be postponed until 1 October 2020. HMRC said that was in response to concerns raised by industry ... Continue Reading
02/09/2019, by Tax Insider, Tax news - General
Stay ahead of the crowd with the latest planning tips and news for accountants and tax professionals.
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Written ... Continue Reading
02/09/2019, by Tax Insider, Tax article - Professionals in Practice & Industry
Stay ahead of the crowd with the latest planning tips and news for accountants and tax professionals.
To celebrate our one year anniversary of the launch of Tax Insider Professional newsletter we’ve brought back our fantastic introductory offer:
£100 discount for the first year
£50 lifetime discount thereafter
BONUS 1 - FREE download of the last 12 issues - over 70 articles
BONUS 2 – FREE ring binder
BONUS 3 – FREE ... Continue Reading
30/08/2019, by Jennifer Adams, Tax article - Property Taxation
Capital Gains Tax (CGT) rules state that any gain made on the disposal of a property is exempt from tax if the property is (or has been at any time during the period of ownership) the owners ‘only ormain residence’ (deemed ‘Principal Private Residence’ - PPR). The property need not be the actual main residence at the date of sale but if it has been for part of the period of ownership then the current rules allow for the last eighteen months ownership to be exempt as ... Continue Reading
