Some employers find it more useful to operate a carpool making a number of cars available for use by employees when they have to make a business journey, as opposed to allocating specific cars to selected employees. Provided certain conditions are met, no benefit in kind tax charge will arise where an employee makes use […]
HM Revenue & Customs (HMRC) now have an increased number of trained investigation specialists who are using the latest technology including HMRC’s Connect System to maximise tax revenues – and anyone can be selected – no one is immune! We are aware that: Aside from any penalties received for failing to pay tax, the process […]
The number of estates paying inheritance tax has risen by 15% in recent years, as the UK government’s receipts for the tax climbed to a record £5.4bn. Figures released by HM Revenue & Customs last week showed the number of UK deaths resulting in an IHT charge has been rising steadily since 2009/10 but between […]
Company cars have become less attractive to businesses over recent years, partially due to increased taxes. However, from 2020 it may be more cost effective for businesses to offer a company car, if they are electric. Company cars are taxed on a benefit in kind (BIK) value, which is based on the list price of […]
A First Tier Tribunal (FTT) has found the work of BBC presenters Joanna Gosling, David Eades and Tim Willcox fell within IR35, so tax and NIC are due on payments made to them by their personal service companies (PSCs). This is a significant win for HMRC involving over £300,000 in tax, adding to the confusion […]
Recent research undertaken by Intuit QuickBooks indicates that around 45% of SME employees have paid too much tax due to errors in their payroll, and would benefit from the services of an accountant! The same research shows 77% of SME employees believed, incorrectly, that it was not their responsibility to check they are paying the […]
HM Revenue & Customs (HMRC) have been accused of keeping people who face the controversial “loan charge” in the dark after settlements were put on hold pending a review. The loan charge, which came into effect on 6 April applied to anyone who used disguised remuneration schemes. The legislation added a 45% non-refundable charge on […]
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% […]
