08/08/2010, by The Provincial Tax Practitioner, Tax article - General
The Provincial Tax Practitioner has some unpleasant experiences with ‘Chris’ from HM Revenue & Customs. A Prophet of Doom called ChrisThe annoying yet familiar ‘ping’ warned me of incoming: an email from Chris. Chris? I don’t know a Chris. Was it yet another Viagra salesman masquerading as an acquaintance of mine? Apparently not. It purported to be from HMRC, but its source address was a bit too chummy for my liking, and I was on my guard after those spoof, tax refund emails. Closer inspection ... Continue Reading
08/08/2010, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - General
Mark McLaughlin highlights the demise of Extra Statutory Concessions (ESCs)IntroductionExtra Statutory Concessions (ESCs) have been with us for decades, but are now slowly disappearing. This follows the House of Lords' decision in R v HM Commissioners of Inland Revenue ex p Wilkinson [2006] STC 270, which raised issues about the validity of ESCs and the extent of HMRC’s discretion to make and apply them under its care and management (now ‘collection and management’) powers in TMA 1970 s 1(1).The ... Continue Reading
07/08/2010, by HM Revenue & Customs, Tax article - Property Taxation
HM Revenue & customs wants your opinion on proposals to change the special tax rules for furnished holiday homes which are let out commercially during the year.Furnished Holiday Lettings Tax ReliefsFurnished Holiday Lettings currently benefit from various tax reliefs, normally only available to people carrying on a trade, such as the ability to claim allowances on items such as furniture, kitchen fittings and household appliances used in the property.Consultation on Furnished Holiday Lettings Tax ... Continue Reading
06/08/2010, by Low Incomes Tax Reform Group, Tax article - Income Tax
With tougher penalties, HMRC increasingly mislaying papers and most now filing online, how can HMRC continue to justify not providing receipts for hand-delivered paper returns – often by the most vulnerable?Then and nowIn December 2005, without prior consultation, HMRC announced that their Enquiry Centres would no longer issue receipts for hand-delivered tax returns – a change in policy which impacted most on the unrepresented. Times have moved fast in the tax world and the 2005 landscape was ... Continue Reading
03/08/2010, by Low Incomes Tax Reform Group, Tax article - General
LITRG reports that, from 1 January 2011, National Minimum Wage regulations will change, preventing low-paid workers from participating in travel and subsistence expenses ‘schemes’ used by some employment businesses. IntroductionEarlier this year, a consultation proposed a change to the National Minimum Wage (NMW) regulations to counter the use of certain travel and expenses schemes in the context of low-income workers, as the Government felt they primarily served to give some employment businesses ... Continue Reading
03/08/2010, by HM Revenue & Customs, Tax article - General
HM Revenue & Customs has launched a consultation on how to improve the PAYE System.IntroductionHM Revenue & Customs (HMRC) wants to hear your views on how the Pay As You Earn (PAYE) system can be improved to make it more efficient for millions of taxpayers. Real-Time Reporting and Centralised DeductionsIn particular, HMRC is looking at how more frequent or “real-time” PAYE information could support the tax and welfare system.Exchequer Secretary David Gauke said:“The PAYE system needs to respond ... Continue Reading
02/08/2010, by Low Incomes Tax Reform Group, Tax article - General
LITRG draws attention to some topical issues including student tax, self assessment tax returns and tax payments, tax credits renewals and child trust fund changes. IntroductionWith press coverage of recent Budget measures and continued attention on further tax changes, tightening of public services budgets and review of benefits, you might be confused about what you need to think about now. As part of our monthly series of reminder articles, we therefore focus on some topical issues under four main ... Continue Reading
02/08/2010, by Steve Allen, Tax article - VAT & Excise Duties
Steve Allen of VAT Advisers Ltd highlights a recent case on what constitutes a 'document' and HMRC access.HM Revenue & Customs' Rights of Access to DocumentsA recent judicial review case has once again raised the issue of the data kept on business computers, and HMRC’s right to access it in the course of their enquiries.In Glenn & Co (Essex) Ltd, the High Court rejected an application to judicially review HMRC's powers to ‘inspect’ computers. The Appellant was a registered dealer in excise ... Continue Reading
02/08/2010, by Julie Butler, FCA, Tax article - Business Tax
Julie Butler considers the possible implications for businesses if they engage workers who are re-categorised from self-employed to employed, under the new penalty regime. IntroductionThe question of the employed/self-employed argument is a very “old chestnut” but perhaps the diificulty in interpretation of the ‘grey’ areas of the tax legislation surrounding the status of workers is emphasised by the concern over new penalties where PAYE remittances are late. Does the new penalty system ... Continue Reading
25/07/2010, by Matthew Hutton MA, CTA (fellow), AIIT, TEP, Tax article - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Matthew Hutton MA, CTA (fellow), AIIT, TEP, presenter of 'Monthly Tax Review', reports on a recent talk by Gill Steel 'IHT & CGT - Some Particular Problems', concentrating on 'Reservation of Benefit'.1. Reservation of Benefit Avoidance: Pre-Owned Assets Valuations in a Falling MarketTo apply the Pre-Owned Assets Tax (POAT) charge the asset has to be valued. The SI 2005/724 Regulations were issued on 18 March 2005 (as envisaged by para 4(5) of the Schedule) to confirm the basis of valuation as 6 April ... Continue Reading
