14/02/2009, by James Bailey, Tax article - Property Taxation
James Bailey highlights a topical issue for property investors. IntroductionThe current crash in house prices and the nervousness of the lending institutions has not stopped the market for buy-to-let properties entirely, and indeed some pundits are saying that now is the time to buy. Certainly, for hard pressed property developers, now seems to be the time to sell, as evidenced by the quantity of unsold properties sitting on new developments and representing “dead” capital for their developers.It ... Continue Reading
14/02/2009, by Julie Butler, FCA, Tax article - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Julie Butler FCA considers a recent Land Tribunal case and the importance of obtaining accurate and up-to-date valuations for Inheritance Tax purposes. BackgroundA recent Land Tribunal case, Tapp v HMRC 2008 EW Lands TMA/284/2008 has highlighted the importance of market value of property at date of death and interaction with the state of repair.In the Tapp case the District Valuer (DV) only visited the property two years after the date of death.Market ValueThe basis of valuation for inheritance ... Continue Reading
14/02/2009, by Andrew Needham, Tax article - VAT & Excise Duties
Andrew Needham, Director of VAT Specialists Ltd, highlights a further selection of recent VAT cases. Tribunal says HMRC was right to disallow use of margin scheme due to poor recordsThe appellant operated a second-hand car dealership which ceased trading by May 2007. The case concerned an appeal by the appellant against an assessment by HMRC for £73,384 in VAT on sales of second-hand cars over a three-year period. The appellant accepted that accounting errors had led to an underpayment of VAT (and ... Continue Reading
12/02/2009, by Sarah Laing, Tax news - Business Tax
HMRC have reported that over 60,000 businesses have agreed time to pay tax arrangements totalling more than one billion pounds. The Business Payment Support Service (BPSS), which was announced by the Chancellor in the November 2009 Pre-Budget Report, provides a fast track service that offers support to businesses needing more time to pay their tax bills. The taxes covered include corporation tax, VAT, PAYE, income tax and national insurance contributions and applicants can quickly agree terms ... Continue Reading
12/02/2009, by Sarah Laing, Tax news - HMRC Administration, Practice and Methods
The Chancellor of the Exchequer has announced that he will deliver his Budget to Parliament at 12.30pm on Wednesday 22nd April 2009. Continue Reading
10/02/2009, by Sarah Laing, Tax news - Business Tax
HMRC have launched an e-learning module covering the new framework for compliance checks which come into force from 1 April 2009.The module, originally used by HMRC staff, demonstrates how HMRC officers will check the tax position of individuals, companies and VAT-registered bodies.The changes will affect how HMRC manage compliance checks for:Income Tax;Capital Gains Tax;VAT;PAYE;The Construction Industry Scheme; andCorporation Tax.The new compliance checks legislation is designed to make the tax ... Continue Reading
10/02/2009, by Sarah Laing, Tax news - HMRC Administration, Practice and Methods
The rights and responsibilities of individuals and businesses dealing with HMRC have been published in a draft consultation document. It contains a one-page, draft Charter which sets out: the role of HMRC; what customers can expect from HMRC; what HMRC expects of its customers; and where customers can find information when things go wrong. The consultation document, containing details of the Charter and seeking views on its contents, has been published on the HMRC website at: http://charterconsultation.hmrc.gov.uk ... Continue Reading
10/02/2009, by Sarah Laing, Tax news - HMRC Administration, Practice and Methods
HMRC have launched a new podcast explaining forthcoming PAYE changes for large employers.The five-minute podcast features HMRC's Stephen Banyard explaining the new online filing requirements, which will affect large employers filing P45s and other in-year PAYE forms from April 2009 onwards. As well as setting out who's affected, the podcast offers help and advice on preparing for the changes. You can listen to the free podcast, or download it to your computer, by visiting the HMRC podcast pages at ... Continue Reading
07/02/2009, by Low Incomes Tax Reform Group, Tax article - General
John Whiting of the Low Incomes Tax Reform Group reports on a recently-issued summary of the New Zealand tax system, and asks whether it could provide the blueprint for an equivalent document in the UK. IntroductionAlthough inevitably a much smaller economy than the UK's, New Zealand faces many of the same tax problems. Its ways of solving problems of tax administration have often been innovative and influential on UK thinking. A recent 'State of the Nation' paper gives further food for thought.The ... Continue Reading
07/02/2009, 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 (MTR), reports on an important forthcoming deadline for pension purposes.Context: the election deadline – 5 April 2009 The deadline for pension schemes to apply for enhanced and/or primary protection is rapidly approaching. For those with large pension schemes, this is an invaluable area of planning which could save significant tax recovery should their funds be above the lifetime allowance of that at retirement (currently ... Continue Reading
