I recently signed the following e-petition: http://epetitions.direct.gov.uk/petitions/68384 The epetiton was created by Mike Truman, the editor of “Taxation” magazine which we, sad people, in the tax profession get and (usually) read every week. It asks the Government to withdraw their existing proposals to be able to dip directly into taxpayers bank accounts and take tax […]
There are various levels of HMRC investigation ranging from a simple phone call telling you that you have miscalculated your tax liability all the way to a criminal prosecution. At the top of the list is Code of Practice 9 or COP9 for short. A COP9 is where HMRC write to you and tell you […]
HMRC has released a Brief in respect Members’ golf clubs and other non-profit making sports clubs HMRC’s brief outlines their revised policy following the recent CJEU decision in Bridport & West Dorset Golf Club. HMRC now accepts that supplies of sporting services to both members and non-members of non-profit making sports clubs can qualify to […]
The Inheritance and Trustees’ Powers Act 2014 was given Royal Assent on 14 May. Its aim is to simplify and modernise intestacy and administrative issues. Here are the main points: Intestacy The changes are in respect of married couples: Married/Civil Partnership with no children Where someone dies intestate leaving a spouse/civil partner and no children, […]
HMRC has recently launched a Let Property Campaign. This is part of a focus on individuals that let out residential property and do not declare income tax on the rental profit or capital gains tax when they sell a second property. HMRC have launched an online tutorial as part of this Let Property campaign. The […]
Our new and improved excel spreadsheet is now available for recording your business transactions. It contains a number of improved functions such as: a) A profit and loss account which updates automatically as you enter data. This also includes an estimate of the business tax you are likely to have to pay based on the […]
An elderly man with poor memory had a reasonable excuse for sending his tax return late, a tribunal has ruled. Michael Selway, who is 78 and managing director of Award Framers International Limited (Award Framers International Limited v HMRC) argued that a penalty of £1,127 for paying VAT three days late was disproportionate. Selway said […]
rovided a property was actually your only or main residence at some time in the past, prior to 6 April 2014, the last 3 years would automatically be treated as your main residence even where factually it was not. This was partly to allow you time to sell the property and find another home. From […]
Growth Vouchers programme This government programme helps small businesses get expert advice on: finance and cash flow recruiting and developing staff improving leadership and management skills marketing, attracting and keeping customers making the most of digital technology Some businesses will be randomly chosen to get a voucher for up to £2,000 to help finance specialist […]
If your pension savings are projected to be valued in excess of £1.25 million by the time you reach retirement, then you urgently need to consider whether to register for ‘Fixed Protection’. This may sound a lot of money and seem only to be relevant for the very wealthy but if you have a decent […]
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