Tax

Electric car

Everything you need to know about electric company cars and tax

Jul 22, 2019

The number of electric cars in Britain recently hit the 200,000 milestone, indicating that the UK is finally coming round to the inevitable idea of an emission-free future. But why wait until then? Electric car owners are already experiencing the cost-saving ...

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VAT Reverse Charge for building and construction services – What you need to know

Jul 18, 2019

In an attempt to tackle fraud in the construction industry, HM Revenue & Customs (HMRC) is be introducing a domestic reverse charge which will take effect from October 2019. The reverse charge legislation will now place the responsibility on a contractor ...

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HMRC defeated in latest high profile IR35 case

Jul 15, 2019

A radio presenter has become the latest high profile person to win an IR35 tribunal case against HM Revenue & Customs (HMRC). The latest case involved Paul Hawksbee, a presenter on Talksport radio, who appealed an IR35 determination over a £140,000 ...

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Could the IHT seven-year rule on gifts be cut to five?

Jul 08, 2019

At present, when someone dies within seven years of passing on money, property or possessions to loved ones, tax of up to 40 per cent must be paid. However, the Office of Tax Simplification (OTS) has recently suggested that this deadline ...

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HMRC issue incorrect CGT allowance to thousands of taxpayers

Jul 01, 2019

HM Revenue and Customs (HMRC) has recently issued nearly 350,000 incorrect short tax returns, indicating an error in taxpayers’ capital gains allowance. CGT is payable on the overall gain from the sale of an asset such as a business, second home, ...

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HMRC refunds £1.8 million child benefit tax penalties

Jun 10, 2019

HM Revenue and Customs (HMRC) has issued £1.8 million in refunds after reviewing cases where families were hit with penalties for failing to register for a charge relating to their child benefits. Thousands of penalties have been cancelled as a result ...

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HMRC backs down from pension tax case

Jun 03, 2019

HM Revenue and Customs (HMRC) has recently withdrawn an appeal in a key court case over a 55 per cent charge it wanted to levy. As a result, this could mean savers who have accidentally breached their lifetime allowance fixed protection ...

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Are you aware of the inheritance tax risks associated with gifting?

May 20, 2019

According to new research conducted by the National Centre for Social Research (NatCen) and the Institute for Fiscal Studies (IFS), only one in four people who make financial gifts are aware of the inheritance tax (IHT) risks. The research found that ...

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Workers could be missing out by not checking personal tax accounts

May 16, 2019

According to the latest research from the Post Office, just under half (46 per cent) of workers have never checked their personal tax accounts. In 2015, HM Revenue & Customs (HMRC) introduced the Personal Tax Account to try and make it ...

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HMRC reveals inheritance tax payments have hit a record high

Apr 29, 2019

According to data released by HM Revenue & Customs (HMRC) inheritance tax (IHT) payments have hit a record high. In the 2018-19 tax year, IHT receipts grew by £160 million to a total of £5.4 billion. During the next two years increases ...

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