Personal tax

Tax / BBC still to resolve tax issues for freelancers

The BBC has unresolved issues relating to the tax status of dozens of its on-air presenters and others hired through personal service companies (PSCs) which may have future financial implications for the broadcaster, a National Audit Office (NAO) inquiry has found

Tax / HMRC sees 62% hike in disputed tax collected through mediation

HMRC saw a 62% rise in disputed tax collected through the use of mediation last year, collecting £40.8m, up from £25.2m in 2016/17, according to analysis by RPC

Tax / Offshore time limit change 'unnecessary and undesirable' say Lords

Lord Forsyth has written to the Chancellor on the subject of the changes to offshore time limits, expressing misgivings about the lack of consultation at early stages and the impact it will have on honest taxpayers

Tax / Reducing inheritance tax main reason individuals set up trusts

HMRC research has found that the main reason individuals set up trusts is to reduce their inheritance tax (IHT) liability through the use of the nil rate band although tax advisers disagree stating that trusts are not set up primarily for tax reasons

Tax / Budget 2018: implementation dates effective November 2018 onwards

Our essential snapshot of the key measures announced in Budget 2018, Spring Statement 2018 and Autumn Budget 2017, including digital services tax, SDLT first time buyers relief extension, amendments to diverted profits tax, off payroll working rules in the private sector reformed

Tax / Parents face fines due to tax-free childcare payment delay

Around 22,000 tax-free childcare payments have been delayed by up to one week, following an issue with HMRC’s payment system, resulting in some parents facing late payment fees from childcare providers

Tax / Insolvency will not afford tax evasion excuse from 2019

The government is to press ahead with legislation in 2019/20 to allow HMRC to make directors and other persons involved in company tax avoidance, evasion or phoenixism jointly and severally liable for tax liabilities that arise from those activities where the company becomes insolvent, following a consultation on the issues

Tax / GAAR clamps down on salary payments using loans

The independent general anti-abuse rule (GAAR) advisory panel has issued two rulings setting out its views on abuse of employee and contractor loan agreements which are used to reduce tax liability

Tax / HMRC to ramp up guidance on online platform tax compliance

Following a consultation on addressing tax compliance for those who use online platforms for selling, HMRC is to enhance its guidance and is working with international agencies to improve data collection from platforms hosted overseas

Tax / Simplification of tax return amendment process planned

The government is planning to review the complicated process for amending tax returns to make it more transparent and easier for taxpayers to use, with a possible move to a single digital tax amendment service

Tax / CIOT criticises Budget for lack of coherence

CIOT has expressed concerns about the way that last week’s Budget was delivered, noting the lack of prior consultation and the number of measures announced as completed with little opportunity to explore their scope and operation

Tax / Probate fees to rise to £6K for largest estates

Plans to hike the cost of probate with the introduction of banded fees will see estates valued at over £1m paying £4,000 in fees from April 2019

Tax / Q&A: professional gamblers and taxable winnings

Croner taxwise tax advisor Vivienne Cheung looks at the income tax liabilities of a professional poker player with no other earnings

Tax / HMRC delays late payments penalty reforms

Planned reforms to HMRC’s penalty regimes for late submission and payment of tax due are to be further delayed while the department considers how best to communicate the changes, with papers published following the Budget indicating there are unlikely to be any change before April 2021 at the earliest

Tax / Selling your home and principal private residence relief

Yet again in Budget 2018, second home owners were targeted with a number of changes to the principal private residence (PPR) relief rules such as halving the exempt period to nine months from April 2020. Courtney Halifax CTA ATT, tax manager at Mercer & Hole, examines the tax implications for anyone selling property
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