08/01/2011, by Matthew Hutton MA, CTA (fellow), AIIT, TEP, Tax article - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Matthew Hutton, Presenter of the ‘Private Client Monthly Tax Update’ Webinars, highlights a debate among tax professionals on whether an important Inheritance Tax exemption applies in certain circumstances.
Context: the Question
‘I had always understood that regular withdrawals from investment bonds do not count as income for the purposes of the 'normal expenditure' exemption, but at a recent STEP conference I am sure I heard Emma Chamberlain say that they do.
The ... Continue Reading
08/01/2011, by Lee Sharpe, Tax article - Property Taxation
Lee Sharpe looks at the past, present and potential future tax regime for Furnished Holiday Lettings.
Introduction
On 9 December, the government published its ‘response’ to its Technical Consultation earlier in the year, regarding developments in the “Furnished Holiday Lettings” (“FHLs”) tax regime. It is useful, because it also set out how it currently intends for the regime to develop over the next year or so. This article sets out the key issues, ... Continue Reading
07/01/2011, by HM Revenue & Customs, Tax article - Business Tax
HM Revenue & Customs (HMRC) has issued an urgent alert about important changes to Corporation Tax (CT) coming in this April, and a reminder that it is now possible to file both to HM Revenue & Customs and to Companies House in a 'Joint Filing'.
New Online Filing Requirements for Corporation Tax
The changes will require all company tax returns sent in from April 2011 to be filed online, for accounting periods ending after 31 March 2010, in a specified data format known as iXBRL (short ... Continue Reading
07/01/2011, by HM Revenue & Customs, Tax article - General
HMRC warns taxpayers to send in their tax returns soon.
Introduction
If you still haven’t sent in your tax return to HM Revenue & Customs (HMRC), you need to act quickly to avoid a £100 penalty.
Penalties
Any outstanding 2009/10 returns must be filed online by 31 January 2011. If you submit your return after this date, you could receive a £100 late-filing penalty.
Filing Online
Registering for online filing is simple – visit the HMRC website at Online Services. ... Continue Reading
07/01/2011, by HM Revenue & Customs, Tax article - VAT & Excise Duties
HM Revenue & Customs says if you are planning an overseas holiday in the New Year, or spending your Christmas money buying goods online from non-EU websites, you need to know how much you can buy without paying Import Duty or VAT.
Introduction
HM Revenue & Customs (HMRC) Head of Customs Policy, Mike Coussins, said:
“With the New Year sales in full swing, HMRC are keen to remind the general public how much they can bring back from abroad or buy from an overseas website without ... Continue Reading
07/01/2011, by HM Revenue & Customs, Tax article - Income Tax
The Self Assessment Return Filing Deadline is Coming Soon says HM Revenue & Customs
Introduction
Receipts? Check. Invoices? Check. Bank statements? Check. If you spend a few hours getting your paperwork in order now, you’ll avoid a last-minute rush for filing your Self Assessment tax return online. The deadline for filing your return – and paying any tax you owe – is Monday January 31. You can file online at Online Services
Get a User ID Now
If you’re ... Continue Reading
04/01/2011, by Low Incomes Tax Reform Group, Tax article - General
LITRG has long campaigned for HMRC to change their telephone policy to protect the poorest from disproportionate cost. The telephone regulator, Ofcom, seems about to lend a hand.
Introduction
For several years LITRG has been campaigning for HMRC to adopt a telephone policy which does not involve the most vulnerable of their customers in disproportionate cost. Now the telephone regulator, Ofcom, looks set to force public sector bodies to adopt policies that give protection to the poorest.
The ... Continue Reading
26/12/2010, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - Business Tax
Mark McLaughlin CTA (Fellow) ATT TEP comments on a recent case distinguishing a partnership from a joint venture.
Introduction
It will normally be straightforward to identify the existence of a partnership; the parties will invariably deliberately join together to form one. However, in practice life is not always so simple. For example, a joint venture may take on some characteristics of a partnership. HM Revenue & Customs (HMRC) may contend that a business is carried on in partnership, where ... Continue Reading
26/12/2010, by HM Revenue & Customs, Tax article - VAT & Excise Duties
Are you ready for the change in VAT? HM Revenue & Customs warns that the standard rate of VAT goes up to 20 per cent on 4 January 2011 – so it’s worth getting your business ready now.
Introduction
From Tuesday 4 January, you will need to charge the new 20 per cent VAT rate on all standard-rated sales you make from that day onwards.
If you’re in retail, you must use the new 20 per cent rate for all standard-rated takings you receive on or after 4 January. The new ... Continue Reading
26/12/2010, by Matthew Hutton MA, CTA (fellow), AIIT, TEP, Tax article - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Matthew Hutton, Presenter of the ‘Private Client Monthly Tax Update’ Webinars, highlights a potential Capital Gains Tax planning point.
New Regime Introduced by FA 2006 for CGT and Income Tax
Where within a single settlement there is more than one ‘sub-settlement’ or ‘sub-fund’, whether or not with separate trustees, the net gains of those sub-settlements or funds form part of the overall chargeable gains of the main settlement. By way of exception ... Continue Reading
