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Ian Wright of Butler & Co offers some helpful tips for individuals facing a possible Capital Gains Tax liability.Capital GainsIt is quite possible for some people to have a capital gain even in the aftershock of a recession. These gains may be made by:-Selling some shares you acquired when the share price was really lowSelling a ‘buy to let’ property you acquired well before the housing slumpSelling your businessSelling that painting you inherited from granny 20 year agoPlan ahead!It is ideal ... Continue Reading

Andrew Needham of VAT Specialists Ltd explains why online VAT registration may not always be as fast and efficient as expected. IntroductionThe VATman has happily encouraged businesses to use his on-line VAT registration services as it is, according to him, faster and more efficient. In reality the main saving is only the time it takes to post the form to him.  The Truth Behind On-Line RegistrationUnder the original on-line application process a number of automatic checks were carried out that speeded ... Continue Reading

Kelly Sizer of LITRG reports on the Public Administration Select Committee’s calls for all facets of government to say what they mean in a way individuals can understand. Confused?Have you ever received a letter from a government department that you did not understand? Or telephoned HMRC only to find yourself more confused after the call than you were before? If so, you are not alone, as highlighted in a new report – Bad Language: The Use and Abuse of Official Language - from the Public Administration ... Continue Reading

If you ring HMRC you should keep a note of all details of the call in case a later dispute requires proof that a call was made.Background Increasingly, HMRC are encouraging taxpayers and tax credit claimants to deal with them by telephone, often through contact centres. The tax credits helpline is a prime example; claimants can ring up to check entitlement, renew their claims, notify any changes of income or circumstances, or simply ring for advice. While business by telephone makes HMRC more accessible ... Continue Reading

HMRC have published new advisory fuel rates, which take effect from 1 December 2009.The new rates are as follows: Engine size Petrol Diesel LPG  1400cc or less11p 11p 7p  1401cc to 2000cc14p11p8p  Over 2000cc20p 14p 12p After discussions with the relevant trade bodies, the month's notice previously given by HMRC has been withdrawn for this change.Employers are not obliged to reimburse their employees for business fuel at these rates as long as they do not exceed them overall. Employers ... Continue Reading

HMRC are giving taxpayers with offshore income and assets more time to come forward under the New Disclosure Opportunity. LITRG hopes HMRC will use the time to update their website. BackgroundLITRG warned in its article of 25 November, Tax Disclosure Warning on Overseas Income,  that the deadline for disclosing offshore misdemeanours was fast approaching. HMRC has now announced a New Year Offshore Extension, postponing the deadline until 4 January 2010. Information on HMRC website Having examined ... Continue Reading

Brian Redford, Deputy Director Intermediaries and External Communication, Business Customer Unit, HM Revenue & Customs explains how HMRC is committed to making the tax system simpler. Introduction - and an InvitationOur aim is to improve our customers’ experience and contribute to improving the UK business environment. We will reduce the administrative burden of the tax system on business and make changes that will make a noticeable difference to business.We are committed to reducing the administrative ... Continue Reading

Malcolm Finney looks at Inheritance Tax planning involving the transferable Nil Rate Band between spouses and civil partners.IntroductionInheritance tax (IHT) at 40% on death is somewhat penal. Very few changes to the laws governing the levying of IHT are favourable to the taxpayer. However, one favourable change is the introduction of the so-called Transferable Nil Rate Band, or TNRB.Every individual is entitled to a Nil Rate Band (NRB). On death the first £325,000 (if death in the tax year 2009/10) ... Continue Reading

Julie Butler FCA of Butler & Co looks at woodlands in the context of Agricultural Property Relief. IntroductionGuidance on the matter of forests and Inheritance Tax (IHT) has been given in both Chapter 24 of HMRC's IHT Manual (IHTM) and in the recent Earl of Balfour case where in the statement of facts it was assumed forestry qualifies for Agricultural Property Relief (APR). Perhaps then the question should be asked – when does a woodland become a forest and perhaps vice-versa? In the meantime, ... Continue Reading

Steve Allen, Director of VAT Advisers Ltd, describes a specialised check performed by HM Revenue & Customs (HMRC) during VAT inspections of businesses.IntroductionClients sometimes ask what sort of checks HMRC make when they come to visit, as they sometimes ask for documents that you wouldn’t normally expect.Apart from the usual checks on annual accounts, purchase and sales records, etc., HMRC also have a number of specialised checks they carry out on certain business sectors. These checks are ... Continue Reading