The Financial Ombudsman Service (FOS) has ordered Advance Mortgage Funding to compensate a couple after it gave incorrect advice on Stamp Duty Land Tax (SDLT), which resulted in them having to find an additional £30,000. Prior to the purchase of their new home the couple concerned had asked their broker whether they would need to […]
HMRC has apologised for the length of time it has been taking to process R&D tax relief claims, which in some cases has been three times longer than the 28 days indicated. We understand the current lack of resources within HMRC’s R&D processing unit is thought to be partially to blame, but this is now […]
In the 2018/2019 tax year HMRC opened investigations into 5,537 inheritance tax returns submitted, according to figures gained from a freedom of information request by wealth managers Quilter. This represents 23% of the 22,000 estates on which inheritance tax was due. This number of investigations is 3.4% higher than in the previous year and 7.8% […]
If you were to make a gift of money or assets would you be aware of the inheritance tax rules that might apply? HM Revenue & Customs (HMRC) polled 2,090 people and found that only 25% of those who recently made a gift had a working knowledge of the rules. Less than half (45%) were […]
The number of landlords living overseas who have come forward to voluntarily disclose tax avoidance on UK buy-to-lets has risen by over 60% in the past year. HM Revenue & Customs (HMRC) as part of its ‘Let Property Campaign’ has sent out thousands of letters to those living abroad who may have British tax liabilities, […]
From 6 April 2020, anyone selling a residential property will be required to settle any Capital Gains Tax (CGT) charges within a new 30-day payment deadline. Taxpayers will no longer be able to pay any tax charges as part of self-assessment. Somewhat ironically, the tax payment date for a property sold between now and April […]
HM Revenue & Customs (HMRC) has a new £100m weapon to help identify individuals who may not be declaring all of their income, and therefore not paying enough tax. The new supercomputer ‘Connect’ uses information from a range of Government and website sources to create a profile of a taxpayer’s total income, as opposed to […]
Stamp Duty Land Tax – latest HMRC Avoidance Case Victory Based on previous recent verdicts, the latest First Tier Tribunal judgment in favour of HMRC against an annuity-based Stamp Duty Land Tax (SDLT) avoidance scheme was no real surprise. Although the taxpayer (himself a self-proclaimed property tax specialist, who had implemented the same scheme for […]
Where employees were provided with taxable benefits and expenses in 2018/19, these must be notified to HM Revenue & Customs (HMRC). The reporting requirements depend on whether the benefits were payrolled or not, taxable benefits that were not payrolled in 2018/19 must be reported to HMRC on form P11D. Payrolled benefits should not be included […]
Where an employee or Director has received shares or share options in their employing company in the tax year to 5 April 2019 these will, in most cases, require reporting to HM Revenue & Customs by 6 July on a separate tax return. In addition to the acquisition of shares, the company must consider its […]
