Tax

‘Flesh and blood’ wins over computer

A judge has warned HMRC that a tax official rather than a computer program should make assessments for any fines. The surprise judgement comes in the case of Khan Properties Limited, and there is real concern that this ruling could lead to a surge in successful appeals, costing the public purse millions of pounds in lost revenue. Khan Properties appealed

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HMRC needs your help: Are your self-employed clients also tax credits claimants?

When speaking to your clients about their Self Assessment (SA) returns please remind them to update the Tax Credits Office with their final income details to ensure they get the right benefits.  Tax credit claimants who make an SA return need to provide the net profit figure from that return before 31 January 2018. If they have other income, for

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HMRC criticised over customer service measures

HMRC has come under fire over its failure to deliver its transformation programme as planned, disparities in the treatment of high net worth individuals (HNWI) compared with other taxpayers, and a lack of clarity in its customer service. In its review of HMRC’s performance 2016-17, the Public Accounts Committee (PAC) found that HMRC’s transformation programme is not deliverable as planned

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New HMRC powers ‘a worry’

Tax expert David Redfern has warned that new HMRC powers could spell disaster for many taxpayers. From April 2019, HMRC will be able to take additional tax revenue immediately from PAYE taxpayers where they have calculated that there has been an underpayment of tax by changing their tax code, rather than waiting until the end of the tax year to

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Tax changing in Wales

The Welsh Government and the National Assembly for Wales is to become responsible for some of the taxes paid in Wales in April 2018. Three taxes in Wales will be affected: Stamp Duty Land Tax; landfill tax; and income tax. Land transaction tax From 1 April 2018, land transaction tax (LTT) will replace Stamp Duty Land Tax (SDLT). LTT will

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HMRC Talking Points sessions – January 2018

HMRC’s regular Talking Points meetings provide ongoing information, guidance and tips, helping you to understand tax issues. Please find further details of future scheduled online meetings below: Trade Losses: Looking at the different ways trade losses may be relieved. Friday 5th January – 1pm to 2pm: Register now We‌dn‌esd‌ay 17 Ja‌nu‌ar‌y – 1p‌m to 2p‌m: Register now Income from Property minimising

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Corporation Tax: check if you must amend your Company Tax Return

HMRC has issued the following guidance about some Corporation Tax legislation which changed in the Finance (No 2) Act 2017. Although the changes received Royal Assent on 16 November 2017 they’re effective from 8 March 2017 for appropriation to trading stock and 1 April for some other areas. This means some Company Tax Returns that included accounting periods ending between 8

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HMRC issue further guidance on the SA302 tax calculation

On 5 September HMRC changed the way they deal with requests, from agents, for copies of the Self Assessment Tax Calculation (sometimes referred to as the SA302). HMRC will no longer send a paper copy of the calculation to the agent if the SA return has been filed online.  There are exceptions, for example where it is either not possible

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Autumn Budget 2017 – Highlights

In a Budget statement he described as a “vision for Britain’s future”, Chancellor Philip Hammond opened his speech by pledging £3bn more for Brexit – so Britain was “prepared for every possible outcome”. The ‘rabbit out of the hat’ this time was the abolition of stamp duty for all first-time house buyers for properties up to £300k, meaning an effective

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