Enter Your E-mail

HM Revenue & Customs has confirmed that it is aligning the Class II National Insurance contribution payment dates with the Self Assessment system, being 31 January and 31 July.These changes were trailed by Peter Arrowsmith in his monthly NIC update for October NIC Update - October 2010For those who pay quarterly, there will now be just two payments to make; those paying by Direct Debit will see a pause in payments - the 2011/2012 monthly contributions will start in August.For further information, ... Continue Reading

In the eleventh of a series of extracts adapted from his eBook 'Hutton on Estate Planning' (3rd Edition), Matthew Hutton looks at Inheritance Tax (IHT) Will planning, and post-death rearrangements to remedy Wills which may have been overtaken by events. Wills On death a person can secure that his possessions go to intended recipients by means of a validly made and executed Will. Remember the trap that neither of the two required witnesses must be a beneficiary, as otherwise they will ... Continue Reading

The Provincial Tax Pratitioner laments practical difficulties in dealing with HMRC on behalf of his clients. Tax advisor: Doctor, I think I’m being ignored. Doctor: Next! I Think, Therefore I Am I doubt French philosopher Descartes would ever have come up with his succinct proof of individual existence if the poor chap had encountered the 17th century equivalent of the 21st century HMRC. It seems to me that the more I think - I am doing things correctly - the less I appear ... Continue Reading

Mark McLaughlin looks at the new tax 'Error or Mistake' Relief. Introduction Tax advisers will doubtless be familiar with ‘error or mistake’ claims. These claims broadly arise if a taxpayer has paid (or been assessed to) tax which they believe is not due. Error or mistake claims were sometimes referred to as ‘section 33 claims’, because the statutory reference for the claim was in TMA 1970 s 33. The replacement rules are in TMA 1970 Sch 1AB ('Recovery of ... Continue Reading

The Chartered Institute of Taxation is hosting a survey open to all tax agents about filing tax returns.   As part of the Working Together initiative, the Chartered Institute of Tax is hosting a survey to find out more about how agents file their clients' Income Tax Self Assessment Returns, and to understand what barriers there are, to filing returns evenly throughout the filing period, or filing online generally. The survey is anonymous and is open to all tax agents, not just ... Continue Reading

Ahead of the next deadline for filing online Self Assessment returns, HM Revenue & Customs’ Brian Redford gives you tips on how to get your clients’ returns right first time. Introduction Ensuring you have all your clients’ information ahead of time will help you file early for the January 31 deadline for online Self Assessment tax returns, and miss the last-minute rush. File Early Filing early will ensure your clients are not at risk of paying a penalty for ... Continue Reading

Peter Arrowsmith FCA highlights a selection of NIC matters, and offers a tip for employers based in the UK and other EU countries who send workers abroad in certain circumstances. Pension Age to Reach 66 by 2020 In the Spending Review on 20 October, the Chancellor announced that the State Pension Age (SPA) will rise for both men and women to 66 by 2010. At present, the SPA for women is due to reach only 65 by 2020 and the increase to 66 for both sexes was scheduled to take place ... Continue Reading

In the tenth of a series of extracts adapted from his eBook 'Hutton on Estate Planning' (3rd Edition), Matthew Hutton looks at Inheritance Tax (IHT) mitigation issues for non-UK domiciliaries. Excluded Property: the IHT Exemption for Non-UK Domiciliaries Where the deceased was domiciled or deemed domiciled in the UK at death, the estate will be liable to IHT regardless of where the assets were situated. If he was not so domiciled, IHT will apply only to assets situated in the UK. The ... Continue Reading

Julie Butler FCA reports on a recent tax case which provides encouragement for some landlords. Introduction The UK landlord has perhaps always felt something of a tax victim. The Entrepreneurs' Relief (ER) lifetime limit, with an effective 10% tax rate, increases to a tantalising £5 million but let property does not generally qualify for ER, whereas in many cases, let property did qualify under the previous Business Asset Taper Relief (BATR) which also resulted in a 10% rate of Capital ... Continue Reading

As an estimated 6 million people are receiving PAYE tax calculations, LITRG looks at how students in particular can find the system struggles to keep up with their working patterns.   Introduction To help fund course fees and living expenses, increasing numbers of students are working during term time. The often erratic nature of such work, to fit in with studying, exams and so forth can leave the tax system struggling to keep up with them. For example, you might be doing ... Continue Reading