NEWS
Latest Insights
January 2016
HMRC reveals worst SA penalty excuses
HMRC has published some colourful excuses that were all used in unsuccessful appeals against penalties for late returns,
including: my dog ate my tax return; and I had an argument with my wife and went to Italy for five years.
Principal private residence relief is not automatic
To claim PPR there must be a 'main residence', however there is the small problem in that the term 'main residence' is not defined in TCGA 1992. The only reference is in s222 TCGA 1992 'Relief on disposal of private residence', which states that relief from a CGT charge will be given 'so far as attributable to the disposal of, or of an interest in—
(a) a dwelling-house or part of a dwelling-house which is, or has at any time in his period of ownership been, his only or main residence'.
News
HMRC to replace Annual Returns
The annual return will soon be no more. From 30th June it is being replaced by the ‘Confirmation Statement’.
Renting a second house as an office
18 January 2016
Revenue reverses Montpelier APN decision
HMRC has withdrawn up to 2,000 accelerated payment notices demanding payment of disputed taxes.
18-01-2016
HMRC quietly alters taxpayer charter
The new HMRC charter advisory committee have made their opening gambit, quietly overseeing the release of a tweaked version of the HMRC tax payer charter last week.
October 2015
Annual Investment Allowance To Be Lowered To £200,000
Annual Investment Allowances (AIA) is currently set at £ 500,000 for any 12-month accounting period.
Chancellor George Osborne announced in July that the AIA would instead be pegged at £200,000 from 1 January 2016.
11-11-2015
Ministers discuss £400m IR35 crackdown
Up to 100,000 professionals could face a hefty tax rise after it was revealed that ministers are discussing tightening rules around personal service companies before the Chancellor’s Autumn Statement on 25 November.