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Current Tax Issues.


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Current Hot Tax Topics include the following:

    Budget 2008 There was some interesting stuff in here. Give us a call if you would like to discuss it, see contact us. For an off-site summary, you could start at http://www.accountingweb.co.uk/budget/
    Posted on 12 April 2008

    Non Domicile Where do you stand, today? Should you be doing something? Draft legislation. See Residence and Domicile.
    Posted on 11 March 2008

    Income Shifting Will the proposed new legislation affect you? Call us for a free chat. See How to Contact Us.
    Posted on 19 February 2008

    HMRC gets bugging powers ... and will not need to seek external authorisation for any of its surveillance activities. How do you feel about that? Click for more.
    Posted on 18 February 2008
    Source AccountingWeb.

    Taxman Given Intercept Go-ahead Visit Accountancy Age to read this at www.accountancyage.com/accountancyage/news/2209068/taxman-given-intercept-ahead-3811901.
    Posted on 7 February 2008
    Source Accountancy Age .

    Residence and Domicile etc The changes are on the way. See provisional suggestions at Residence and domicile: Further details and new proposals.
    Posted on 23 Jan 2008
    Source AccountingWeb.

    CIS Monthly Return Penalties - Amnesty Ends Contractors must make monthly returns even if the return is a 'nil' return. Penalties have not been levied, to date, but at 20 October 2007 a penalty will be levied for each outstanding return. Also, a lot of employers are forgetting to sign the forms.
    Posted on 12 October 2007

    Inheritance Tax nil band up to £1,000,000? George Osborne says Tories will raise the Inheritance Tax nil rate band to £1,000,000.
    Posted on 2 October 2007

    Tax Relief on £50,000? Consultation suggests that small businesses may benefit from an initial annual allowance of up to £50,000 - spent on assets (not cars). If you would like up to date details, please contact us.
    Posted on 2 October 2007

    600,000 Pensioners have been given the wrong tax code The problem covers periods going back to 1983. 420,000 have underpaid tax. 180,000 have overpaid tax. If this is causing you a problem, please contact us.
    Posted on 5 September 2007
    Source TAXline

    Is Your Financial Adviser Regulated ? See www.fsa.gov.uk/pages/register to check if your financial adviser is regulated. In a recent case, a financial adviser conned his clients out of over £2 million to pay for his gambling. He had been unregulated since 1997.
    Posted on 26 August 2007
    Source Which?

    Contractors with subcontractors A reminder: verification is not an employment status check. Verification and employment status are not the same. Being on the list as verified is not evidence that HMRC is granting guaranteed self employment status.
    Posted on 19 August 2007

    Arctic Systems The full text of the judgement can be found on the House of Lords website at: http://www.publications.parliament.uk/pa/ld200607/ldjudgmt/jd070725/jones.pdf
    Posted on 5 September 2007

    Arctic Systems On the 25 July the House of Lords judgement was in favour of the taxpayers in Jone v Garnett [2007]. On 26 July HM Treasury announced that legislation will be introduced to reverse the effect of the decision.
    Posted on 19 August 2007

    Offshore Bank Account? Want to take advantage of the HMRC 10% Incentive? Give us a ring. The deadlines are very tight.
    Posted on 18 May 2007

    Undeclared Tax Liability? Want to take advantage of the HMRC 10% Incentive? This applies to many situations, not just the highly publicised Offshore Accounts. Give us a ring. The deadlines are very tight.
    Posted on 18 May 2007

    Use of Home by the self employed. HMRC new guidance is here.
    Posted on 23 January 2007
    Source AccountingWeb.

    CIS Deduction Rate now 20% ... from April 2007 the new rates of CIS deduction are to be 20% (currently 18%), and 30% for unregistered contractors (as expected).
    Posted on 23 January 2007

    Composite Companies ... Managed service companies – first in the firing line! Time to think?
    Posted on 2 January 2007
    Source AccountingWeb.

    eBay traders reminded over registering with the Revenue (HMRC) ... don't get caught by the £100 penalty.
    Posted on 2 December 2006
    Source AccountingWeb 2006.

    Company Vans, again. Should you pay tax on your company van? www.hmrc.gov.uk/vans/van-facts.htm
    Posted on 13 November 2006

    The New Construction Industry Scheme - New Guidance from HMRC - www.hmrc.gov.uk/new-cis/new_guidance.htm

    Childcare Vouchers - Warning: it is possible for some employees to be worse off by taking vouchers. The figures need to be looked at in each case. The interaction of childcare vouchers with tax credits can be hideously complex. Considerations include whether they are taken as part of a salary sacrifice scheme, the employees tax credit position, and their marginal rate of income tax. See some examples at www.litrg.org.uk/news/index.cfm?id=354
    Source TAXline September 2006.
    Posted on 10 November 2006

    Use of Home HMRC to issue guidance on use of home claims for the self-employed.
    Posted on 6 October 2006

    Tax Efficient Childcare: from 6 April 2005 employers will be able to pay up to £50 a week tax and NIC free to employees to meet the costs of childcare for children up to the age of £15. For more details, please contact us.
    Posted 18 September 2005

    Company Van Changes: escaping tax and paying tax on a company van.
    Posted 18 September 2005

    Civil partnerships: Same-sex couples have the chance from 5 December 2005 to register a civil partnership. Good news and tax-traps.
    Posted 12 September 2005

    Arctic Systems: Tax Faculty calls for clarity: or Settlements or Sec.660. If you have a limited company you must read this.
    Posted 25 May 2005

    Tax Credit Errors: The Chartered Institute of Taxation has reminded tax credits claimants that they may be able to keep overpaid credits that the Inland Revenue seeks to recover.
    Posted 16 September 2004

    A few notes on the recent budget.
    Posted 26 March 2004

    More prosecutions for tax credit fraudsters.
    Posted 15 February 2004

    Good news for Adult Placement Carers. A new non-statutory tax relief for those who care in their homes for vulnerable adults.
    Posted 14 February 2004

    Working from home? Tribunal makes working from home less taxing. Plus, Revenue guidelines to expenses & benefits for homeworkers.
    Posted 6 February 2004

    Tax Cheats: thinking about divorce? Beware, your lawyer may have to turn you in.
    Posted 29 October 2003

    Your Mobile Phone: If your employer pays the bill will you get this benefit tax free? Check this out! If you get it wrong you won't benefit. This includes people who control their own company, which in turn employs them. (Something for nothing if you control your own company?)
    Posted 15 October 2003

    Your True Tax Rate: Does anyone pay tax at just 22%? How many rates of tax are there?
    Posted 24 July 2003

    Tax Credits are for everyone - almost: Should YOU claim Tax Credits NOW?
    Posted 15 May 2003

    Innocent businesses to suffer under VAT fraud crackdown.

    NIC increase of 1%. How to claw the money back, a joke.

    You Can Run, But You Can't Hide! A woman in Perth, Western Australia, received a tax demand from the (UK) Inland Revenue for £1.04. The postage on the envelope amounted to £1.12.
    Source The Daily Telegraph, March 2003.

    100% capital allowances on your next new car. April 2002.

    Get A FREE Pension! Definitely worth a browse. It's not often that you appear to be able to get something for nothing.

    The Right to Know. 24 October 2001.

    Check out our money-back price guarantee.

    Funny? A case was reported of an actress in a meeting with a tax inspector. When the inspector showed her a piece of paper containing incriminating evidence, the actress asked if it was the only copy. Foolishly the inspector replied that it was. The actress then promptly snatched the item and ate it!
    Source:
    TaxZone




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