The response to a Freedom of Information (FoI) request has revealed that as many as one in four estates that are liable for IHT are investigated each year. In 2018-19, more than 5,500 investigations were launched by HMRC into the approximately 22,000 estates that had to pay the tax. Despite the introduction of the Residence…
The start of the next tax year in April 2020 will see key changes come into effect in respect of Principal Private Residence Relief (PPR) and Lettings Relief, both of which can be used to soften the impact of Capital Gains Tax (CGT) on property disposals. From next April, Lettings Relief will be restricted to…
At the moment businesses and charities of all sizes can benefit from Employment Allowance. However, from the start of the new tax year in April 2020, the allowance will only be available to employers with a secondary National Insurance Contributions bill in the current tax year of less than £100,000. Employers need to ensure that…
The Government wants to remind working parents that they could be entitled to up £2,000 per child per year to help with the costs of childcare, including regulated holiday clubs during the school holidays. The six weeks summer holiday can often be a strain for working families who rely on childcare, but the Government says…
From April 2020, the date at which Capital Gains Tax (CGT) must be paid on a second home property disposal is changing. After this date, taxpayers will only have 30 days to file their return and make an advance payment towards their tax bill. This differs drastically from the current rules, which allows people to…
Businesses in the construction industry now have only a matter of weeks left to prepare for the new VAT domestic reverse charge regime. These new rules will be enforced from 1 October 2019, significantly changing the VAT affairs and tax liabilities of companies in the construction industry. The domestic VAT reverse charge will apply to…
After much anticipation, the Government has now published its draft legislation for the off-payroll working (IR35) rules, which will be enforced in the private sector from 6 April 2020. The latest policy document for the private sector shares a number of similarities with that already in force in the public sector. However, it does introduce…
Any person or business can be selected for an HM Revenue & Customs (HMRC) investigation at potentially any time – meaning you never know when an enquiry might be just around the corner. If you are selected for a tax investigation, you will receive a letter from HMRC notifying you of this. In most cases,…
Entrepreneurs’ Relief (ER) entitles a business owner to significant relief from Capital Gains Tax (CGT) on the disposal of their business, often halving the consequent tax bill. To qualify for ER, the company must normally have been the business owner’s personal company for the whole of the last two years and they must have been…
Research by law firm, Pinsent Masons, has found that more than 150 chief financial officers and other senior finance executives have been fined personally by HM Revenue & Customs (HMRC) in relation to tax accounting issues during the last financial year. This is an increase of 22 per cent on the previous year when 125…