Tax compliance

Tax / HMRC inheritance tax calculator reflects nil-rate band

HMRC has updated the inheritance tax (IHT) calculator to include details on the nil-rate band for inheritance tax, which came into effect in April and gives married couples and civil partners a higher IHT allowance, set to reach £1m by 2020

Tax / Messi’s ‘red card’ for tax fraud confirmed

Spain's Supreme Court has confirmed a 21-month jail term for Barcelona striker and Argentinian football international Lionel Messi, for charges of tax fraud, but the player is unlikely to be sent off the pitch to serve time in prison

Tax / HMRC disputes own calculations

HMRC has won a £3.1m case at a First Tier Tribunal (FTT) where part of the argument centred on whether or not the tax authority could challenge calculations derived from third party software developed to meet its own technical specifications, which may have implications for Making Tax Digital implementations

Tax / Kroijer: don't over-invest in property to build pension pot

Looking for low risk, high returns alternatives to tradtional pensions savings is one of the big worries these days but is property such a safe bet anymore? Investment expert Lars Kroijer considers the options for investors, warning that over-reliance on property assets is not always the best policy or a sure fire profit income

Tax / Gold bullion disguised remuneration still marketed despite HMRC clampdown

A year on from a concerted clampdown by HMRC, disguised remuneration schemes involving gold bullion are still being marketed to clients

Tax / Tax issues when disposing of a UK rental property

With the buy-to-let market still holding up despite a raft of potential tricky tax changes, many people will dispose of a rental property in their lifetime. Lynsey Lord, tax manager at Mercer & Hoe, explores some of the factors which can affect the tax position on such a sale

Tax / EU agrees double taxation dispute resolution system

The European Council has agreed on a new system for resolving double taxation disputes within the EU, in a bid to reduce the difficulty and the tax burden of doing business across borders

Tax / Hallam: take VAT responsibility post-Brexit

There is a growing tendency for EU tax authorities to attempt to ‘responsibilise’ third parties for the failures of clients and partners to meet VAT obligations, Accordance chief executive Nicholas Hallam warns

Tax / 31 May deadline for filing automatic exchange of information (AEOI) returns

The deadline for submitting automatic exchange of information (AEOI) returns for the year ended 31 December 2016 is 31 May 2017 for financial institutions, and that this is the first year for common reporting standards (CRS) filing

Tax / Push for manufacturers to claim R&D tax relief

The manufacturers’ representative organisation EEF has announced a partnership deal with R&D tax relief specialist Jumpstart, with the aim of providing expert advice for members to secure their full entitlement of R&D tax relief

Tax / CJEU says member states should stop tax ‘fishing’ requests

The Court of Justice of the European Union (CJEU) has handed down a ruling that the courts of one member state may review the legality of requests for tax information sent by another member state, but cannot conduct ‘fishing’ requests which are devoid of any foreseeable relevance to the tax investigation concerned

Tax / Temple: HMRC confusion over expenses advice

Changes to expenses rules mean that some contractors have received incorrect expenses advice from HMRC call centres. Crawford Temple, CEO of Prism, claims that rules for workers have become so complex, with the introduction of IR 35, that even HMRC is getting confused

Tax / Case: no evidence information notice was sent and it was not valid anyway

In Anstock [2017] TC 05784, the First Tier Tribunal (FTT) allowed a taxpayer’s appeal against an information notice, finding that there was no evidence that the notice had been sent or received and it did not contain precise, clear and unambiguous requests for information so was not valid

Tax / Case: ‘Excalibur’ tax avoidance scheme fails before FTT

A First Tier Tribunal (FTT) has dismissed an appeal against HMRC’s refusal of claims to a capital loss and to relief against income tax in respect of that loss, but allowed the appellant’s appeal against HMRC’s conclusion that a loan waiver, to wind up a scheme, was subject to income tax

Tax / Case: daily penalties cancelled due to lack of evidence

In Islam t/a Zainub Takeway [2017] TC 05814, the First Tier Tribunal (FTT) allowed a taxpayer’s appeal against daily late filing penalties because of a lack of evidence, but dismissed the appeal against the initial £100 late filing penalty because the taxpayer did not have a reasonable excuse