News

HMRC’s requirement to correct

21/02/2018 – The new requirement to correct (RTC) legislation was introduced by the Finance (No.2) Act 2017. The legislation created a new statutory obligation for taxpayers with undeclared UK tax liabilities that involve offshore matters to disclose any relevant information to HMRC by 30 September 2018. The RTC applies to any person with undeclared … More...

More on inheritance tax shakeup

21/02/2018 – The Office of Tax Simplification (OTS) provides advice to the Chancellor on simplifying the UK tax system. In a letter dated 19 January 2018 the Chancellor Philip Hammond wrote to the OTS to request a review of inheritance tax (IHT) regime and asking to hear any proposals for simplification. The Chancellor was particularly interested in … More...

Living abroad and selling UK home?

21/02/2018 – A capital gains tax (CGT) charge on the sale of UK residential property by non-UK residents was introduced in April 2015. Only the amount of the overall gain relating to the period after 5 April 2015 is chargeable to tax. In certain circumstances private residence relief may apply where a property is the owner’s only or main residence. … More...

What is reasonable care?

21/02/2018 – HMRC expects that taxpayers take ‘reasonable care’ over their tax affairs and do everything reasonably within their power to ensure that tax returns and other relevant documents are accurate. There is no legal definition of reasonable care from a taxation standpoint and HMRC will take your individual circumstances into account when … More...

Beware capital allowance claw-back when you sell an asset

21/02/2018 – Capital allowances is the term used to describe the tax relief businesses can claim on certain capital expenditure and thereby reduce the amount of taxable profits. Most ‘capital’ items, such as equipment, vehicles, machinery etc last for a reasonably long time and the tax rules do not allow you to automatically deduct the full cost of … More...

Dormant company obligations

21/02/2018 – If a company has stopped trading and has no other income then HMRC should be informed for corporation tax purposes. HMRC can also send a notification if they think a company is dormant. This notice will state that a company or association is dormant and is not required to pay corporation tax or file company tax returns. A company is … More...

Campaign to promote shared parental leave

19/02/2018 – In its “Good Work” response to the 2017 Taylor Review of Modern Working Practices, the government stated that, as part of its commitment to raising awareness of employment rights, it was to instigate a campaign to encourage more working parents to take shared parental leave (SPL) in their baby’s first year. That campaign, called “Share … More...

Tax Diary March/April 2018

19/02/2018 – 1 March 2018 - Due date for corporation tax due for the year ended 31 May 2017. 2 March 2018 – Self assessment tax for 2016/17 paid after this date will incur a 5% surcharge. 19 March 2018 - PAYE and NIC deductions due for month ended 5 March 2018. (If you pay your tax electronically the due date is 22 March 2018) 19 March 2018 - … More...

Appealing to a tax tribunal

14/02/2018 – There are a number of different options open to taxpayers that disagree with a tax decision issued by HMRC. The first step is to make an appeal to HMRC against the tax decision. If taxpayers do not agree with HMRC’s appeals review, there are further options available which include making an appeal to a tax tribunal or using the … More...

Does a charity pay tax?

14/02/2018 – The tax treatment of charities can be very complex. As a first step any charity hoping to benefit from any beneficial treatment needs to be recognised as a charity for UK tax purposes by HMRC as well as meeting other criteria. A recognised charity may qualify for a number of tax exemptions and reliefs on income and gains, and on profits … More...

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