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Mark McLaughlin CTA (Fellow) ATT TEP reports on two recent tribunal cases highlighting some restrictions on Gift Aid claims. Introduction Gift Aid is a generous relief, particularly in the present tax climate. Its attraction to individuals is that the Basic Rate limit (£37,400) and the Higher Rate limit (£150,000) can be increased by qualifying Gift Aid donations (ITA 2007 ss 10(6), 414(2)). HMRC is seemingly aware of the generosity of the relief, and has previously sought to block ... Continue Reading

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

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

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

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

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

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

Steve Allen of VAT Advisers Limited highlights a further selection of recent VAT cases. Tribunal says New Pitch was a Residual Cost for Rugby Club This case concerns an appeal against an HMRC assessment for wrongly-claimed input tax. The Appellant is a not-for-profit rugby club run by volunteers and a management committee. It has three principal sources of income as follows: Playing and non-playing subscriptions Bar profits Sponsorship/advertising The club had ... Continue Reading

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

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