Personal tax

Tax / Dodwell: resentful acceptance of Making Tax Digital

Plans to roll out quarterly reporting under Making Tax Digital will raise admin and compliance costs but businesses are facing up to the reality of the overhaul in tax reporting requirements. Bill Dodwell, partner and head of tax policy at Deloitte, considers potential pitfalls, particularly with one-off payments

Tax / Burke: HMRC deal with footballers over tax and image rights up for renewal

More footballers could soon find image rights claims kicked into touch as HMRC launches a clampdown which could have implications for other groups, warns Brian Burke, director of business restructuring firm Quantuma

Tax / Tax-free childcare rollout from 28 April

The government’s tax-free childcare scheme will begin for parents of the youngest children on 28 April with general rollout for parents with children under 12 throughout 2017, as government launches a Childcare Choices website allowing parents to pre-register to join the scheme

Tax / HSBC chief loses closure notice bid over non-dom status

The tax status of Stuart Gulliver, HSBC group chief executive, has been put in the spotlight again following a procedural ruling at First Tier Tribunal (FTT), which found that HMRC is not bound by an earlier decision regarding his non-UK domicile status when considering his more recent tax returns

Tax / Rules introduced on cash equivalent of assets as benefits

HMRC has set out details of new rules for calculating the taxable value of the benefit of an asset provided to an employee, member of their family or household, for private use, in circumstances where ownership of the asset is not actually transferred

Tax / Lewis: probate fees set to hit £20k for larger estates

The government recently announced that probate fees will rise, in some cases by substantial amounts, with the stated aim of helping to fund the modernisation of the courts and tribunals service. Anne Lewis, partner at Cripps, considers the potential pitfalls for high net worth individuals

Tax / Making Tax Digital penalty system out for review

With 12 months to go until the start of quarterly reporting under Making Tax Digital, the government has set out three options for the new penalty regime for non compliance ranging from a points-based system to annual HMRC compliance checks although the fines, which could be up to £3,000 for those who keep no financial records, will not kick in immediately

Tax / Cut in money purchase pension allowance limit to £4k effective 6 April

The Treasury has confirmed it will go ahead with plans to slash the money purchase annual allowance (MPAA) scheme for pension transfers to £4,000 with less than a month until the new limit comes into force, reports Sara White

Tax / Tougher penalties for hidden economy tax evaders planned

The government plans to introduce tougher penalties to curb those operating in the black economy with a more robust ‘failure to notify’ regime as part of its overall review of the HMRC penalties system as well as focused HMRC activity to crack down on tax evaders

Tax / Changes made to alignment dates for making good on benefits in kind

Draft guidance has been released by the government for changes to the tax treatment of benefits in kind where an employee 'makes good' the benefits in kind from 2017 to 2018 tax year

Tax / Guidance released for tackling disguised remuneration

Guidance has been released in the draft Finance Bill 2017 outlining changes made to the measures to tackle disguised remuneration tax avoidance schemes since Autumn Statement 2016

Tax / Hammond U-turns on Budget plan to increase NICs for self employed

Chancellor, Philip Hammond has abandoned plans to increase self employed Class 4 National Insurance Contributions (NICs), announced as part of the spring budget last week, after he received criticism for breaking a 2015 manifesto pledge

Tax / Trump’s leaked 2005 tax return reveals £31m bill

President Donald Trump’s partial tax return, which was leaked to a US television network on 14 March, shows he paid $38m (£31m) in tax on more than $150m (£123m) of income in 2005

Tax / Enablers of tax avoidance: penalties regime

HMRC is turning up the heat on users and enablers of tax avoidance, but what does it mean for advisers? Gary Ashford CTA, partner, non lawyer at Harbottle & Lewis LLP, considers the impact of the proposed penalty regime and the clampdown on abusive tax arrangements defeated at tax tribunals

Tax / Budget 2017: implementation dates effective April 2017 onwards

Our essential snapshot of the key measures announced in Budget 2017, Finance Bill 2017 and NICs Bill, including NICs hike for self employed, dividend tax-free allowance slashed to £2k, overseas pensions transfers (QROPS) face potential 25% tax surcharge and Making Tax Digital rollout delayed for smallest companies and landlords sub-VAT threshold
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