Tax planning

Tax / HMRC clarifies process for paying unpaid tax for deceased landlords

HMRC has updated its Let Property Campaign Service, which allows landlords to disclose and settle any unpaid tax bills, to include information on how to make a disclosure on behalf of someone who has died

Tax / Late tax form returners risk daily charges

Anyone who has yet to submit their 2016/17 self-assessment tax return form is being urged to do so before the end of this month to avoid daily penalties of £10 accruing

Tax / Updated directors’ loan accounts agent toolkit available

HMRC has published the directors’ loan accounts agent toolkit for 2017-18, which is aimed at helping and supporting tax agents and advisers by providing guidance on errors that commonly occur in relation to directors’ loan accounts

Tax / HMRC updates tax-free inherited imports appeals guidance

HMRC has issued an update to the notice explaining how to import inherited goods into the UK free of duty and VAT, with changes to the section detailing what to do if an individual does not agree with a HMRC decision

Tax / Dividend versus bonus: tips and pitfalls for directors

Stephen Relf CTA FCA, lead tax writer at Croner-i, examines the pros and cons of dividend payments versus bonuses for owner managed businesses including the implications of cash flow, potential tax savings and profit extraction options

Tax / HMRC in pensions website advice blunder

HMRC has been forced to temporarily remove an online calculator which gave incorrect information about annual pension allowances, following complaints from Royal London

Tax / VAT: issues of single and multiple supply

Stanley Dencher, senior technical writer at Croner-i, examines various recent tax cases where questions have arisen over whether a deal should be treated as single supply or multiple supply for VAT

Tax / HMRC publishes BEPS multilateral instrument listing

HMRC has published a proposed revised list of UK reservations and notifications to be included in the multilateral instrument (MLI) which will implement tax treaty related measures to prevent base erosion and profit shifting (BEPS)

Tax / Q&A: transfer of property income to spouse

Croner Taxwise tax adviser Alexandra Fielding examines the tax implications of giving income from investment property to a spouse

Tax / OTS wants action on ‘patchwork’ of business tax reliefs

The Office of Tax Simplification (OTS) is calling for an urgent overhaul of what it calls ‘the complex patchwork’ of tax charges and reliefs which apply at various points in the business lifecycle to reduce complexity, make reliefs more accessible and to encourage UK businesses to fulfil their potential

Tax / 75% of MPs call for increase in HMRC funding

Two out of three MPs believe that government should be clearer on its tax strategy, while three-quarters have called for increased investment in HMRC, according to research from the Association of Accounting Technicians (AAT) and ACCA

Tax / Call for devolved VAT in Scotland

The Scottish parliament should be given responsibility for setting VAT rates post-Brexit as existing legal obstacles to VAT devolution will no long apply, according to Reform Scotland, an independent, non-party think tank, which says Scotland needs to widen its tax base

Tax / Consultation on electric car workplace charging tax exemptions

HMRC has launched a technical consultation seeking comments on workplace charging tax exemptions for electric and plug-in hybrid vehicles which were announced at Autumn Budget 2017

Tax / Faster CGT payments may prove problematic for landlords

HMRC proposals to speed up capital gains tax (CGT) payments for residential property sales could cause cashflow and compliance issues for landlords, individuals and investors, warns Nimesh Shah, partner, Blick Rothenberg

Tax / HMRC seeks views on insolvency regime abuse

HMRC is exploring ways to tackle those who deliberately abuse the insolvency regime in trying to avoid or evade their tax liabilities, including through the use of phoenixism, and is seeking feedback on a discussion document