16/10/2008, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax news - Professionals in Practice & Industry
Tim Good, one of the country's leading tax presenters, has announced the launch of his latest venture; web based accountancy and tax courses, called Now Training.Interactive TrainingNow training provides interactive computer-based short training courses for the accountancy and tax professions. The first courses launched cover Money Laundering and Entrepreneurs' relief and are proving a big hit with the first users.“We've had very positive feedback since the launch in September from ... Continue Reading
14/10/2008, by Sarah Laing, Tax news - Income Tax
HMRC have announced that they will not be opening new formal enquiries on income tax self assessment between Monday 20 October 2008 and Friday 31 October 2008 to support tax agents and advisers in the approach to the new paper filing deadline.The embargo will be for this year only and all HMRC staff have been notified of this instruction.HMRC say they have taken this decision as this year has been one of massive change for self assessment (including the introduction of the 31 October paper filing ... Continue Reading
14/10/2008, by Sarah Laing, Tax news - HMRC Administration, Practice and Methods
HMRC Chairman Mike Clasper has confirmed the approved appointment of Lesley Strathie as the Chief Executive Officer of HM Revenue & Customs.Lesley Strathie, who is currently Chief Executive of Jobcentre Plus and Second Permanent Secretary at DWP, will take up her new post in early November. In making the announcement, Mike Clasper said "I am delighted to welcome Lesley Strathie to HMRC. She is an inspirational leader and has an excellent track record for good management and ... Continue Reading
13/10/2008, by Sarah Laing, Tax news - Business Tax
Charities and community organisations across the United Kingdom have until 12 November to bid for a share of a £2.33m funding pot to help vulnerable people reduce debt and get the right benefits and tax. Voluntary and community organisations, charities, social enterprises, mutuals and co-operatives can apply.HMRC is in the third year of funding projects lasting for more than one year. In two years' time the department would expect that the Grant in Aid (GIA) funding programme will have ... Continue Reading
13/10/2008, by Sarah Laing, Tax news - Business Tax
Charities and community organisations across the United Kingdom have until 12 November to bid for a share of a £2.33m funding pot to help vulnerable people reduce debt and get the right benefits and tax. Voluntary and community organisations, charities, social enterprises, mutuals and co-operatives can apply.HMRC is in the third year of funding projects lasting for more than one year. In two years' time the department would expect that the Grant in Aid (GIA) funding programme will have ... Continue Reading
10/10/2008, by Peter Arrowsmith FCA, Tax article - PAYE and Payroll Taxes, National Insurance, NICs
Peter Arrowsmith FCA highlights a selection of NIC matters, and provides a tip about employees remaining in employment after reaching state retirement age.Securities and options acquired before Royal AssentUp until Royal Assent to what is now Finance Act 2008, the law as it stood previously was in full force. After Royal Assent, the wider application of the changed ITEPA 2003, Part 7 rules (reflecting changes to residence rules and introducing the remittance basis charge) for tax and, by knock-on, ... Continue Reading
10/10/2008, by Andrew Needham, Tax article - VAT & Excise Duties
Andrew Needham, Director of VAT Solutions (UK) Ltd, offers some tips arising from a VAT Tribunal case concerning an ambiguous letter from HMRC. {mosimage}IntroductionIn a recent VAT Tribunal case, we lodged an appeal on behalf of our client, PTE Plc t/a ‘Physique’ (MAN/08/0265 – VTD 20,722), against the imposition of a default surcharge of nearly £20k for the submission of a late return for the period 11/07. We were successful in the appeal, and the ... Continue Reading
08/10/2008, by Sarah Laing, Tax news - HMRC Administration, Practice and Methods
The government has announced a package of measures aimed at rescuing the banking system that makes available some £400bn.Initially, the extra capital will be available to eight of the UK's largest banks and building societies in return for preference shares in them. Preference shares pay a fixed rate of interest instead of a dividend, which has to be paid before other shareholders receive anything, but they do not carry voting rights.Taxpayers may end up making a profit from this type of ... Continue Reading
03/10/2008, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - Income Tax
Mark McLaughlin CTA (Fellow), ATT, TEP considers the application of the income tax anti-avoidance rules on settlements to dividend waivers{mosimage}They think it’s all over … it is now! This will be a familiar quotation to football loving readers (or the more senior ones, anyway), being the famous words from Kenneth Wolstenholme’s BBC TV commentary in the closing moments of the 1966 World Cup, in which England beat West Germany 4-2 after extra time to win the final. When I hear ... Continue Reading
03/10/2008, by Low Incomes Tax Reform Group, Tax article - General
Kelly Hayworth reports on the Low Incomes Tax Reform Group's ( www.litrg.org.uk ) input to the development of a new 'Taxpayer's Charter'.IntroductionIn June, HMRC began consulting on developing a new Charter to replace the old ‘taxpayers’ charters’ formerly published by the Inland Revenue and Customs and Excise prior to their merger.Our response looks at how a properly developed, maintained and enforced Charter could improve the experience of HMRC’s low-income ... Continue Reading
