04/01/2008, by Matthew Hutton MA, CTA (fellow), AIIT, TEP, Tax article - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Matthew Hutton MA, CTA (fellow), AIIT, TEP, author of Capital Tax Review, comments on a recent change of view by HM Revenue & Customs, and explains why he considered their original view to have been incorrect. Matthew HuttonContextHMRC have announced a change in their view, so that lettings relief can apply in a dependent relative relieved case. HMRC have amended the guidance in their Capital Gains Manual where a private residence is occupied by a dependent ... Continue Reading
04/01/2008, by Steve Allen, Tax article - VAT & Excise Duties
Steve Allen, Director of VAT Solutions (UK) Ltd, reports a further selection of recent VAT case decisions.Steve AllenTribunal says HMRC caused the surcharge on missed VAT return after stagger change The Appellant wrote to HMRC in July 2006 requesting a change of VAT stagger from normal calendar quarters to periods ending January, April, July, October. HMRC responded on 11 October approving the request. The letter also pointed out that a return may be issued under the old arrangements in which case ... Continue Reading
03/01/2008, by Sarah Laing, Tax news - Income Tax
With the 31 January self assessment filing deadline only weeks away, HMRC have issued yet another reminder urging people to file their returns online and on time.Last year, almost 2.9m people filed their SA return online. That represented a 40 per cent increase on the previous year. HMRC strongly believe that online filing is the best way to submit tax returns. It is safe, secure and convenient and has a number of other benefits including: the tax calculation is automatic; customers receive an ... Continue Reading
31/12/2007, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - General
Mark McLaughlin CTA (Fellow) ATT TEP highlights possible sources of help and information for taxpayers with tax debts.Mark McLaughlinHelp is out there! In my capacity as a consultant to tax debt management specialists TaxDebts, I am sometimes asked where taxpayers (and advisers) can find help and information on tax debts. Fear and anxiety over tax debts is often the result of not knowing what is likely to happen when a tax bill cannot be paid on time. Will HM Revenue & Customs (HMRC) come knocking ... Continue Reading
31/12/2007, by Matthew Hutton MA, CTA (fellow), AIIT, TEP, Tax article - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Matthew Hutton MA, CTA (fellow), AIIT, TEP, author of Capital Tax Review, comments on HMRC's latest guidance on Accumulation and Maintenance Trusts.Matthew HuttonContextIn the most recent HMRC guidance, in which the following was stated at para 1.7:‘All the points above apply to section 71D trusts set up by Will and to accumulation and maintenance (‘A&M’) trusts which are converted to fall within s 71D before 6 April 2008 (or before a beneficiary has attained an interest ... Continue Reading
23/12/2007, by Sarah Laing, Tax article - General
Sarah Laing brings seasonal cheer with some simple tax saving ideas.Sarah LaingIntroductionCurrent speculation suggests that family finances are set to take a heavy battering in the New Year. More than one million families will face a mortgage-repayment shock next year when they come to the end of cheap fixed rates, and there are growing signs that fuel bills are set to rise too. Now is perhaps a good time to remind your clients how they can take a few simple steps to minimise their tax bill. The ... Continue Reading
22/12/2007, by Jan Tish CTA, Tax article - General
Jan Tish CTA, of the Low Incomes Tax Reform Group, highlights some important tax and state benefit issues for the disabled.Introduction The Low Incomes Tax Reform Group is not a disability organisation and does not seek to provide general advice to disabled people.Our brief is to focus on tax matters as they affect the unrepresented, including disabled people on low incomes. The next three paragraphs provided by Disability Alliance demonstrate the need to focus on the particular difficulties ... Continue Reading
22/12/2007, by Peter Arrowsmith FCA, Tax article - PAYE and Payroll Taxes, National Insurance, NICs
Peter Arrowsmith FCA highlights a seclection of NIC matters and advises on a potential opportunity for some women to improve their state pension entitlement.National Insurance Contributions Bill 2007The expected Bill was presented and received its First reading in the Commons on 12 November.There are only seven clauses and they cover only the changes already expected - the ability to increase the 2009/10 Upper Earnings Limit (UEL) above the rate of inflation (that for 2008/09 is within current tolerances) ... Continue Reading
22/12/2007, by Sarah Laing, Tax news - Income Tax
As the deadline for filing self assessment (SA) tax returns looms, people thinking of filing online this year can now watch a HMRC video podcast to show them how it's done.The short film, which can be downloaded onto an iPod or viewed online, shows the main features of the SA online system, and shows how much easier it is to file online than on paper. It is the first time a Government Department has used a video podcast to give practical guidance on how to use its services. Viewers are taken ... Continue Reading
20/12/2007, by Sarah Laing, Tax news - Professionals in Practice & Industry
The Chartered Institute of Taxation (CIOT) is calling for the Government to delay any changes to the current capital gains tax (CGT) rules for at least one year.The Institute has made recommendations to the Government that any changes to CGT do not come into force until April 2009 and that, in the intervening period, a full consultation on the proposals is carried out. This will enable entrepreneurs to plan their affairs with a greater amount of certainty and make decisions for commercial reasons ... Continue Reading
