Personal tax

Tax / Finance Bill (No.2) 2017 documents released

The Treasury has confirmed the details for the second, post-election, 2017 Finance Bill, which includes provisions for new non dom rules and restrictions on the amount of interest deductible for corporation tax, and purposes, among other updates

Tax / HMRC collects over £4bn from APNs

More than £4bn has been collected through accelerated payment notices (APNs) under the ‘pay now, dispute later’ rules for people who have used a tax avoidance scheme, according to HMRC

Tax / Deadline looms for client notification letters about offshore tax compliance

Anyone with offshore bank accounts, overseas income and assets needs to get up to speed with the new rules on international tax compliance, which will see accountants and tax advisers liable to notify clients about automatic exchange of financial information and disclosure rules by 31 August, says Meg Wilson CTA

Tax / HMRC forces trusts and estates to register online by 5 October

All trusts and estates with a tax liability must register online via the HMRC trusts and estates online service by 5 October following the withdrawal of paper form 41G (Trusts)

Tax / Seattle launches first income tax on high earners

The US city of Seattle, home to Amazon, Starbucks and Microsoft, has set in motion plans to levy an income tax on wealthy residents with the aim of making the tax structure fairer to the lower paid

Tax / Tips and advice: using the personal allowance in 2016–17

On 6 April 2017, the government introduced a tax-free personal savings allowance (PSA) for savings income and changed the tax-free dividend calcuations with the dividend tax allowance (DTA). This means that preparing year-end self assessments has become more complicated, says Stan Dencher FCA CTA, specialist tax writer at Wolters Kluwer

Tax / Pension planning: lifetime allowance and final salary pensions - part 3

In part three of our series on pensions and the lifetime allowance, Kay Ingram, director of public policy at LEBC, finds the complex nature of the annual allowance recovery charge makes it a stealth tax for some final salary scheme members

Tax / HMRC claims victory in Rangers EBT ‘big tax case’

HMRC has won a seven-year legal battle over the use of employee benefit trusts (EBTs) as a means of paying players and staff at Rangers football club, with the Supreme Court handing down a ruling that the payments should be classed as ‘earnings’ rather than loans, and are therefore taxable under PAYE

Tax / Netherlands: overhauling dividend withholding tax on non-residents

The Dutch government is planning to exempt withholding tax on dividends paid to non-resident shareholders from January 2018. Paulus Merks, partner, Jian-Cheng Ku, legal director, and Tim Mulder, associate, from DLA Piper explain the changes to the rules and provide examples

Tax / Salary sacrifice: getting to grips with post April 2017 rule changes

Salary sacrifice can still be a useful tool for employers wanting to recruit and retain key employees, but the new rules introduced from April 201 may add complexity for those employers who still choose to use such schemes, warns Meg Wilson CTA

Tax / HMRC to scrutinise those capitalising on summer sports events

As Wimbledon commences, and with other summer sporting events such as cricket tests at Lord’s on the horizon, HMRC is looking to clamp down on undeclared income

Tax / Tax filing deadlines: Jul-Dec 2017

The key HMRC filing deadlines from July to December 2017 including deadline for expenses and benefit forms P11D(b), P9D and P11D, online CIS returns, PAYE settlement agreement

Tax / Nunn: Filing tax returns ought not to be a saga

Yvette Nunn describes the difficulty she faced in filing her personal tax return, and looks forward to being furnished with a digital account in the future

Tax / OTS to focus on digital and gig economy after first annual report

The Office of Tax Simplification (OTS) has released its first annual report, stating that digitisation of the tax administration means its remit ‘has never been more important’

Tax / Taxpayer has late filing penalty cancelled due to special circumstances

A taxpayer’s appeal against several late filing penalties from HMRC has been partly allowed, with the First Tier Tribunal cancelling a 12-month penalty due to special circumstances but ruled that there was no reasonable excuse for fling the tax return late