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 […]
Parents affected by the High-Income Child Benefit Charge (HICBC) can be forgiven for thinking that there is no point in registering for child benefit if they may have to give back everything they receive in the form of a tax charge. The HICBC applies where the parent claiming child benefit or their partner has income […]
HM Revenue & Customs (HMRC) has notified the Tax Faculty that it has started to issue the £100 late filing penalties for 2017/18 self assessment returns that were not filed by 31 January 2019. The penalty notices are being issued later than usual to free up staff in HMRC call centres and back office for […]
The breakfast TV presenter Lorraine Kelly has won an appeal at a First Tier Tribunal (FTT) over a £1.2m demand for unpaid income tax and National Insurance contributions (NICs) arising from a challenge to her employment status under IR35. Judge Jennifer Dean ruled that Lorraine was performing the role “of a friendly chatty and fun […]
With Brexit continuing to dominate the headlines, the Chancellor’s Spring Statement arrived under quieter fanfare this year. Keeping to the brief of only having one major fiscal event per year, it was low on immediate impact. Instead it referenced previously trailed measures approaching introduction, together with sowing the seeds for forthcoming changes, which we might […]
The main rate of corporation tax is set to reduce from 19% to 17% from 1 April 2020. At the same time the availability of the 100% annual investment allowance on capital expenditure will also increase from £200,000 to £1 million from 1 January 2019 until 31 December 2020 on all qualifying expenditure. As a […]
HM Revenue & Customs (HMRC) has announced the launch of a new ‘profit diversion compliance facility’ designed to encourage Multinational Enterprises (MNEs) to disclose mistakes and/or non-compliance related to profits diverted from the UK through incorrect transfer pricing arrangements. HMRC are aware that some companies with international operations are diverting profits overseas that should be […]
