Tax planning

Tax / HMRC clarifies loan charge settlement arrangements

HMRC has published further details on how it will implement the loan charge in relation to the use of disguised remuneration tax avoidance schemes where the tax due has not already been settled, emphasising there will be no special settlement terms

Tax / Q&A: gift relief on appreciated assets

In our regular Q&A series, Croner Taxwise adviser Vivienne Cheung clarifies how gift relief can be applied when handing over an asset which has increased in value, how will this affect the capital gains tax levied on the gift?

Tax / CGT take hits record £9.5bn

HMRC raised a record £9.5bn of capital gains tax (CGT) in 2018-19, up by 6% on the previous year, with most of the tax raised paid by the small number of taxpayers who make the largest gains

Tax / OTS plans public webinar in September

The Office of Tax Simplification (OTS) is holding a public webinar next month to mark its tenth anniversary, covering its past and future contributions to the development of tax policy

Tax / Tax incentives hit £25.6bn record high

Savers urged to capitalise on record-breaking savings and investments tax incentives, as the Treasury is looking for ways to cover the public spending cost of Covid-19

Tax / HMRC scores as football tax probes triple in one year

The number of HMRC investigations into the tax affairs of professional football players has hit nearly 250, with focus on image rights deals, UHY finds

Tax / Unexpected tax bills on horizon from coronavirus grants

Depending on how businesses and self-employed individuals prepare their accounts, there could be unexpectedly large tax bills for those that have received small business or retail, hospitality and leisure grants during the pandemic as early as this tax year, explains RSM’s Caroline Hulse

Tax / Finance Bill 2020-21: legislation and consultations announced

On 21 July, the government released draft legislation for this year's Finance Bill, plus details of the consultations first trailed at the Spring Budget, Accountancy Daily has consolidated these announcements with full details below

Tax / Amazon hikes UK seller fees in response to digital services tax

Online marketplace Amazon is to increase fees for UK sellers next month by 2%, in response to the introduction of the UK’s digital services tax (DST), in a move which is likely to increase costs for small businesses and traders who use the platform

Tax / HMRC’s let property campaign yield below expectations

An HMRC campaign targeted at increasing the tax take from properties which are let out is making slow progress, so far producing under a third of the yield expected, and with only a handful of landlords coming forward to make a disclosure, according to analysis by Saffery Champness

Tax / Covid-19: tax-free childcare extended

Tax-free childcare has been extended to 31 October for parents who may have fallen below the minimum income requirement, and critical workers who may have exceeded it

Tax / Consultation on expanding qualifying expenditure for R&D tax relief

The government is consulting on the scope of qualifying expenditures for R&D tax credits, focusing particularly on whether expenditures on data and cloud computing ought to qualify for relief

Tax / VAT updates: August 2020

In this month’s VAT updates, Graham Elliott reviews the changes to hospitality supplies, DIY housebuilder claims and child car seats

Tax / Inheritance tax receipts drop for first time in 10 years

Inheritance tax receipts (IHT) have dipped for the first time in a decade, reversing a long term trend, and prompting renewed calls for a change to the regime

Tax / Tackling the £31bn tax gap: what’s next?

As HMRC reveals a shrinking tax gap, BDO’s Dawn Register and Tom Palmer investigate where and how the tax collector can find the missing billions, from a focus on offshore and the wealthy to those that simply do not pay