TAX
HMRC scrapping credit card payments
Please be aware that if you are planning to settle your tax bill by using a credit card, you will only have until 12 January 2018 to do this. HMRC have announced that they...
HMRC register for Trusts and Complex Estates
Any new trusts which incur a charge to tax and complex estates that will sell assets for proceeds in excess of £500,000 in a year (if the death was after 5 April 2016), or...
Payment of taxes
From 15 December 2017 it will no longer be payable to pay any taxes at the Post Office.
Interest rates for late payment of taxes
Following the increase in the Bank of England base rate from 0.25% to 0.5% earlier this month, the rate of interest charged on the late payment of taxes increased from 2.75%...
Almost £1.5bn UK tax relief claimed on individuals’ charity gifts
An article in The Times has stated that almost £1.5bn UK tax relief was claimed on individuals’ charity gifts last year. Around 50% of the donations declared were made by...
Further attack on personal service companies to come?
Governments have historically challenged tax avoidance through the use of “Personal Service Companies” (PSCs), but so far nothing substantial has been enacted to counter the...
Have you paid too much tax on your pension income?
For deaths after 5 April 2018 there is a welcome simplification. From the date of the account holder’s death they will retain their tax free status. So there will be no...
Do Company Directors need to file self assessment tax returns?
A recent case which was heard at tribunal looked at the question of whether a company director is required to file a self assessment tax return, in relation to an appeal...
Common Reporting Standard (CRS)
HMRC’s latest drive against tax evasion has placed the onus on tax professionals to write to clients, forwarding a copy of a letter from HMRC. As we were threatened with a...
Corporation Tax Payslips
Due to the problems experienced by some companies and their agents following HMRC’s decision to cease issuing Corporation Tax payslips, the CIOT asked HMRC if they could...
In-Year Adjustment (IYA) and In-Year Restriction (IYR) coding adjustments
HMRC are planning to introduce new deductions to tax codes, trying to better use information available to them in real time, and therefore to ensure that the correct tax will...
A friend in need is a friend indeed!
You can now nominate a family member or friend to help with your personal tax affairs through the GOV.UK portal. This does not change or replace the system for authorising...