04/04/2008, by Arthur Weller & Amer Siddiq, Tax article - Property Taxation
Arthur Weller and Amer Siddiq outline a tax-efficient strategy for property investors with a mortgage on their main residence. IntroductionNow, doesn’t that sound like a great idea – getting tax relief on the mortgage interest that you pay on your main residence?Well, you will be pleased to hear that it is possible by following a simple (and relatively unknown) tax relief and some creative financial planning. The BasicsAs most property investors are aware, it is not possible to ... Continue Reading
04/04/2008, by Low Incomes Tax Reform Group, Tax article - General
A tip for low income taxpayers who receive penalty and surcharge notices from HMRC, and comment on HMRC's recent consultation on collecting tax on benefits and expenses under PAYE, by LITRG.HMRC penalties and surcharges - check before you pay upThe deadline for submitting tax returns for 2006-07, and for paying the remainder of any tax due for that year, was 31 January 2008. Since then, HMRC’s systems have been generating £100 fixed penalty notices for tax returns filed late. ... Continue Reading
04/04/2008, by Andrew Needham, Tax article - VAT & Excise Duties
Andrew Needham, Director of VAT Solutions (UK) Ltd, comments on the recent House of Lords decision in the Fleming and Conde Naste cases affecting claims for VAT refunds. [The following article was produced before the Budget on 12 March. Please refer to Budget Note 78 for details of proposed changes affecting VAT repayment claims - see also the previous two articles published in the VAT section last month].Andrew NeedhamSignificant caseOn 23 January, the House of Lords (HoL) gave judgment in the joint ... Continue Reading
04/04/2008, by Sarah Laing, Tax news - Business Tax
Payroll year end is just around the corner. With thousands of accountants in the UK providing a payroll bureau service for their clients, it’s likely that at least a few will be having some sleepless nights in the coming weeks! In order to help reduce the stress, Sage – a leading supplier of business management software, has pulled together some top tips for this time of year.According to Lesia Gibbons, Sage UK’s Payroll Year End Manager, if you’re prepared and know where ... Continue Reading
02/04/2008, by Sarah Laing, Tax news - Professionals in Practice & Industry
The Chartered Institute of Taxation (CIOT) has announced details of its latest communication channel: ‘CIOT News’ on Twitter.Twitter is a free service which can be accessed on the web or on a mobile phone. It allows an individual or organisation to send a brief message to all those who have signed up to ‘follow’ their chosen Twitter. To subscribe to the CIOT news feed on Twitter go to www.twitter.com and search for CIOT News. ‘CIOT News’ will act as ... Continue Reading
01/04/2008, by Sarah Laing, Tax news - Income Tax
HMRC have announced details of new legislation introducing revised penalties for errors on tax returns and documents.Following a period of consultation, HMRC are introducing one of the first pieces of cross cutting tax legislation designed to make the tax system simpler and more consistent. It establishes new penalties, which aim to help those who try to comply, and come down hard on those who don’t. HMRC have always charged financial penalties for incorrect returns or documents. ... Continue Reading
29/03/2008, by BKL, Tax article - General
BKL Tax comment on the effect of changes in the capital gains tax regime for share option holders, and warn that time is running out for spouses and civil partners to ‘lock in’ indexation allowance.Keeping Your Options OpenThe changes in the capital gains tax regime that were announced last autumn and confirmed by the Chancellor in the budget have moved the goalposts for those employees who currently hold options over shares under the EMI option arrangement. The capital gains changes ... Continue Reading
28/03/2008, by Rajesh Kohli, Tax article - Property Taxation
Rajesh Kohli BSc ACA introduces taxpayers to accounting concepts relating to the taxation of rental income. The Principle of Trade: Taxation Treatment of Property Rental IncomeThe taxation treatment of UK property rental income is not always clear. As more and more UK residents hold more than just the one property and expand their investments to overseas property holdings, including selling properties in their portfolio, the taxation treatments concerning these income streams can sometimes seem like ... Continue Reading
27/03/2008, by Sarah Laing, Tax news - Income Tax
Regulations have been published which will increase the threshold under which self assessment taxpayers do not need to make payments on account from £500 to £1,000.The Income Tax (Payments on Account) (Amendment) Regulations 2008 (SI 2008/838) will come into force on 6 April 2009 and take affect for the 2009/10 tax year and subsequent years.The Regulations contain the necessary machinery to enable the threshold below which taxpayers do not need to make in-year payments on account ... Continue Reading
27/03/2008, by Sarah Laing, Tax news - HMRC Administration, Practice and Methods
The sheer volume and intricacies of the 2008 Finance Bill, published today (26 March 2008) by the Government, adds to the UK’s tax complexity, says ACCA (the Association of Chartered Certified Accountants).Chas Roy-Chowdhury, ACCA’s head of taxation, says: “The Treasury’s explanatory notes for the Finance Bill alone run into 1,148 pages but the actual Bill is 113 sections long and approximately 440 pages in total. “Every year, the Bill becomes more complex and the volume ... Continue Reading
