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A new LITRG report suggests government agencies could make the lives of bereaved people much easier when someone dies if they shared information and offered a joined-up service.IntroductionA report launched today at the House of Lords by LITRG, supported by research and data from the advice charity TaxHelp for Older People (TOP), suggests how bereavement could be better handled by government departments. The Government has promised improvements but has yet to deliver in practice.The report The report considers ... Continue Reading

HMRC's warning on YouTube about the New Disclosure Opportunity isn't backed up by clear information on their website, argues the Low Incomes Tax Reform GroupIntroduction LITRG is supportive of initiatives which catch people who are evading tax and then bring them fully within the UK tax fold. But at the same time we believe that HMRC have an obligation to explain to people what they expect of UK taxpayers (indeed the new Charter endorses that view - see HMRC Launch New Charter).HMRC have made an ... Continue Reading

Pensioners who have overpaid tax on the interest from savings could be eligible for a tax refund, explains Jane Frost, head of HM Revenue & Customs’ Individuals Customer Directorate.Are You Paying Tax When You Don't Have To?The economic downturn means that times are tough for many pensioners. At HM Revenue & Customs (HMRC) we are keen to make sure that people aren’t paying tax when they don’t need to. One significant group is pensioners, who may have overpaid tax on the interest from their ... Continue Reading

Malcolm Gunn FTII, TEP elaborates on the tax advantages available with private investment companies.IntroductionThe compliance obligations for all companies are being tightened over the next year or two. For a start, the filing deadline for accounts is being shortened from ten months after the accounting date to nine months and there will be much higher penalties for late submission. On top of this, HMRC will require Corporation Tax Returns to be filed electronically, and together with Companies ... Continue Reading

Julie Butler FCA of Butler & Co highlights Tax Considerations for those involved with the Online Gambling Industry.IntroductionThe betting “exchanges”, i.e., online gambling involves mind-boggling turnover and, clearly, a large proportion of the UK population. It is fair to say that the sophistication of online gambling and now the gamblers and online service providers develops as quickly as the design techniques of the “iPhone”. The gambling is not restricted to horse racing – every sport ... Continue Reading

Andrew Needham, Director of VAT Specialists Ltd, highlights some tips and pitfalls in respect of the VAT Flat Rate Scheme.  IntroductionChanges to the Flat Rate Scheme for small businesses have been covered in previous articles, however, we thought that it was time to point out many pitfalls of the scheme that can catch out the unwary.Quick RecapThe basics are quite simple, providing that the taxable element of the total turnover should be less than £150,000 you can join the Scheme. Rather than ... Continue Reading

The German Federal Tax office is currently reviewing the local activities of over 500 foreign insurers.  With a limited response from insurers to date, there remains open the possibility of action in conjunction with the FSA and HMRC.The tax authorities are looking to ensure that any foreign insurers writing business in Germany are correctly applying and collecting German insurance premium taxes.  It is part of a pan-European trend for tax authorities to scrutinise the activities of Freedom of ... Continue Reading

The Government’s announcement that they plan to abolish tax relief on childcare vouchers actually means different things to families with different incomes, but not all will realise that.IntroductionTax relief on childcare vouchers may help high earners, but families on low to middle incomes are generally better off claiming tax credits. Yet there is precious little information to help people make the right choice. Victoria Todd of LITRG explains the pitfalls to help parents decide.Over 75,000 ... Continue Reading

Visitors to Braintree in Essex during half-term were surprised to see some very real and quite mischievous witches at work.  For brave souls there was a change to join in with some of the magic disappearing and spooky tricks.For younger wannabe witches and wizards there were fun craft sessions with making hoppy paper frogs and squishy glue balloons.The colourful magic stall complete with fiery pumpkins and a talking skull was set up by Tax Attic, the new independent tax consulting business.Natalie ... Continue Reading

HMRC have launched two new toolkits to help agents avoid common errors when filing clients’ returns.The free toolkits cover the following taxes:Capital Gains Tax (land and buildings); andPersonal and private expenditure.The toolkits are easy to use, have been designed with the help of the agent community, and contain useful information, including:checklists and explanatory notes;links to online guidance for more detailed information; and examples of the most common errors and explanations on ... Continue Reading