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Kevin Kernan has just taken up his new appointment as head of ACCA (the Association of Charted Certified Accountants) Ireland. Mr Kernan joins ACCA from his previous role as director general of Engineers Ireland, formerly the Institution of Engineers of Ireland. As director general, his achievements included the development and implementation of the organisation’s strategic plan, the re-branding of the organization to Engineers Ireland and extensive lobbying of government and opposition parties ... Continue Reading

HMRC have published a summary of the changes to the car benefit rules, which take effect from 6 April 2008.The car benefit charge for a full year is obtained by multiplying the price of the car for tax purposes (in most cases, its list price plus accessories less capital contributions) by the 'appropriate percentage'. A more detailed guide is available for employees in the HMRC Self Assessment help sheet IR203, and for employers in HMRC booklet 480.The 'appropriate percentage' is ... Continue Reading

HMRC have announced details of a new Agent-Dedicated phone line in each taxes Contact Centre.Responding to feedback from Tax Agent Representatives at the Working Together Steering Group Meeting on 5 December 2007, HMRC Contact Centres agreed to introduce a new Agent Dedicated Line in each taxes Contact Centre. The new line will be introduced to each Contact Centre on a rolling basis.The line is now operational in East Kilbride and Bradford Contact Centres abd will shortly be extended to the ... Continue Reading

Peter Arrowsmith FCA highlights a selection of NIC and payroll matters and an interesting practical point for employers with student workers.Payrolling benefits in kind and expensesWe were, on PBR day, promised amongst other things a consultation on putting benefits in kind, etc through the payroll and abolishing P11Ds, P9Ds, P11D(b)s and P46(Car)s. The document - 'Including Benefits in Kind and Expense Payments in the Payroll - A Fresh Approach' was published on 14 December. The earliest ... Continue Reading

Mark McLaughlin CTA (Fellow) ATT TEP highlights a future change in approach when winding up owner-managed business, and some related tax issues. Mark McLaughlinForthcoming changesWinding up owner-managed companies was the subject of ‘Points of Practice’ in Busy Practitioner a year ago (Issue 52, December 2006). A popular approach to ending such companies has generally been to apply Concession C16, subject to approval by HM Revenue & Customs (HMRC). This is despite the fact that, under ... Continue Reading

Toby Harris LLB CTA TEP comments on recent developments affecting inheritance tax planning, and comments on pre-owned assets a year or two down the line since its introduction.Introduction Actually, a considered study of Finance Act 2006 does not show that the position of the moderately wealthy family has been prejudiced excessively by Finance Act 2006. It would be better to say that a number of established loopholes have been closed and that, more than ever before, it will be worthwhile for ... Continue Reading

The Government's plans to develop a new Taxpayer's Charter have been welcomed by the Chartered Institute of Taxation (CIOT).The announcement by Jane Kennedy MP, Financial Secretary to the Treasury, that HMRC will be "...taking forward work with interested parties to develop a Taxpayers' Charter" has been warmly welcomed by the CIOT.Rob Ellerby, CIOT President, said: "The CIOT has long argued that a Taxpayers' Charter is necessary in the UK. With the ongoing wide-ranging ... Continue Reading

Tax professionals are being driven out of London by high house prices and long commutes, says international recruitment consultancy GRS.According to research, 2007 saw tax professionals migrating west out of London on a hitherto unknown scale - a trend that is set to continue.  Although tax practitioners are being drawn to destinations across the West Country and the most westerly corners of the South East, the stand-out tax relocation hot-spots are the high growth southern cities of Bristol ... Continue Reading

New rates of interest on direct and indirect taxes and national insurance contributions paid late and overpaid, took effect from 6 January 2008.The rate of interest charged on income tax, national insurance contributions, capital gains tax, stamp duty, stamp duty land tax and stamp duty reserve tax paid late, tax credits overpayments in cases of fraud, neglect and on penalties charged, and on tax charged by an assessment for the purpose of making good to the Crown a loss of tax wholly or partly attributable ... Continue Reading

A new rate of interest for inheritance tax (IHT) purposes has been announced.The rate of interest on underpaid inheritance tax has been reduced from 5 per cent to 4 per cent with affect from 6 January 2008.LinkHMRC: Inheritance tax rates   Continue Reading