Sage Inspire Me: MTD edition

Get all the latest information and support to guide you through MTD for ITSA

Policy submission: concern over tax compliance and filing deadlines

In December 2020 ACCA wrote to HMRC about members' concerns over the approaching self-assessment filing deadline.

Ten common tax elections and claims

We look at some of the more common elections and claims that are useful tax planning or compliance tools

Technical factsheet: treatment of benefits in kind – P11D guidance

There are special rules relating to certain kinds of benefit. However, in the absence of specific rules, the methods ‘cost to the employer’ and ‘money’s worth’ can be used to calculate the taxable value of benefit in kind.

Budget 2020

ACCA has a host of webinars and support available to help you and your practice understand Budget 2020

It’s not personal – HMRC wins entrepreneurs’ relief case

The qualifying conditions for entrepreneurs’ relief continue to evolve

Taxing times for children?

A detailed look at taxation and the under-18s

To file or not to file?

HMRC’s U-turn on the requirement to file tax returns by directors

Can a child own shares in a private company?

A look at the key considerations of giving shares to minors

Pensions for self-assessment

Make sure your client gets the correct tax relief for 2017/18

Do all landlords need to complete a tax return?

An examination of when an individual does not require to complete a tax return for their rental income

Declaring rental income on jointly owned properties

A 50/50 split may not be tax efficient for your clients

Restrictions on claiming income tax reliefs on trade losses

A look at restrictions, including worked examples

Spring Statement 2019 briefing

Six areas of focus for accountants, plus a guide to share with clients

HMRC casts a spell over Harry Potter actor’s tax return

Wizardry couldn’t help Rupert Grint win an appeal

PPR changes explained

Proposed changes may have an impact on the decisions clients will take over the coming year

Tax allowances available when working from home

Employees and the self-employed can claim certain reliefs

Pension scheme lifetime allowance protection

Understanding options around pension allowances

Preparing tax return accounts at the last minute for a client?

Will cash accounting ease the pressure?

Nothing exotic about this dancer's tax return

We revisit the court case that revealed what can – and cannot – be deducted as expenses

Allowances for property are back

Businesses spending money on property structures can obtain tax relief

Lifetime allowance charge with worked examples

Examining the rules around the lifetime allowance charge

Loss relief options available to a sole trader

There are a number of ways a trading loss can be relieved

Welsh rates of income tax (WRIT)

The Welsh rates of income tax (WRIT) will come into effect from 6 April 2019

Reporting payroll: non-banking days

What to do when you pay your employees at a different time

Self-assessment exclusions

There are ongoing problems with the SA tax calculator

HMRC podcasts

HMRC has launched a suite of podcasts

Self-assessment filing issues

There are ongoing problems with the SA tax calculator

Jointly owned property and form 17

Guidance on how and when to use form 17 with regards to jointly owned property

Finalising clients’ tax returns

Browse our ‘aide memoire’ of common and quirky issues/errors/omissions

Personal income tax – interest on qualifying loans

Under Income Tax Act 2007 (ITA) s383, interest paid on ‘qualifying loans’ is deductible in the tax computation

Interest on loans from residential property income

A new measure will restrict relief for finance costs

Tax changes affecting buy-to-let properties

Tax changes for holding a rental property as an individual, or in a limited company, will need to be carefully considered by landlords

Allowable expenses when using home as office

Tips to benefit from – and traps to avoid

Badges of trade

A side-by-side comparison of badges of trade between circumstances pointing to trade or investment

Income and expenses helpful hints for tax return

Understanding taxable and non-taxable receipts

Offline options for paying HMRC

Fewer options available for those who choose not to pay online

Paying a self-assessment liability via PAYE code

It could pay to get the details right

Top five most popular self-assessment questions

HMRC has revealed the most popular questions - and answers

IR35 – how to calculate the deemed employment payment

IR35 applies to individuals who would be employees of their clients if they didn’t use a service company

End of year payroll routines

A summary of the main payroll routines to complete and the deadlines which need to be complied with

Making tax digital: September 2016 update

Following several months of anticipation, HMRC has produced a suite of six consultations on Making Tax Digital

Tax avoidance

HMRC provides tools to help you spot signs of tax avoidance

Alignment of taxes

The Office of Tax Simplification has set out seven steps for aligning income tax and national insurance contributions

Employment allowance

The new regulations increase the employment allowance

Reasonable excuse - tax returns

You can remove tax return-related penalties if there is a reasonable excuse for not sending the return in on time

Making tax digital

The government's plans continue to cause concern

Farmers' averaging profits

A look at the rules relating to the averaging profits of farmers

Consultations and discussion documents

A number of consultations and discussion documents have been issued

State pension top up

State pension top up is now available

Penalties –  what HMRC is saying

Read HMRC's statement on the issue of penalties

Peer-to-peer bad debt relief

Lenders can set loss against income received on other P2P loans

Subscriptions and flat-rate deductions

The list of allowable fees and subscriptions, including journals for professional organisations has been updated

Expenses and benefits

A number of changes came into force on 6 April

HMRC sets out payroll penalties approach

Employers that have received an in-year late filing penalty for the period 6 October 2014 to 5 January 2015 and were three days late or less should appeal online.

Tax penalty regime, mitigation, suspension and current developments

HMRC is examining its tax penalty regime. Learn how and have your say.

Finance Bill 2015

A summary of the key provisions included in the Finance Bill 2015 and measures that have an immediate effect.

Consultation: penalties

HMRC has issued HMRC Penalties: a Discussion Document which is open for comment until 11 May.

Double taxation

This page brings together information on double tax treaties in force, along with details of recent changes.

Self Assessment Hints and Tips

This article pulls together various items from the Technical Advisory website which may prove useful in the run-up to the self assessment filing deadline.

What is FATCA?

FATCA (Foreign Account Tax Compliance Act) is an American provision enacted in March 2010 and aimed at foreign financial institutions. It is part of a larger piece of legislation: Hiring Incentives to Restore Employment Act, designed to ensure that American citizens are fully disclosing their worldwide income to the US Internal Revenue Service.

Clamping down on tax avoidance

The Finance Act 2014 contains a number of measures to minimise tax avoidance.

Tax return white space

The tax return white space is the innocuous looking ‘any other information’ space at box 19 of the main SA100 tax return. It is more important than it looks, as the case of Charlton and Others v HMRC illustrates.

High income child benefit charge

The high income child benefit tax charge is a unique tax, in that it seeks to claw back a state benefit, namely child benefit through the self-assessment tax system.

Accrued income scheme

Understanding the accrued income scheme.

Ten common tax elections and claims

How to make claims under common tax elections.

Annual Allowance of Pension Contributions

A tax charge may arise to an individual if the amount saved in that individuals’ various pension schemes exceeds the annual allowance for that year.

Self-assessment tax return – HMRC useful links.

A list of most relevant HMRC links that includes:How to fill in your tax return, residence, remittance basis etc. notes,Capital gains summary notes, UK property notes, Additional information notes, and many more

HMRC turn its attention to horsebox owners

Owners of high-end horseboxes are a new target for HMRC in their march against tax evasion.

Solicitors Tax Campaign

In this campaign solicitors have until 9 March to contact HMRC and tell them they want to bring their tax affairs up to date.

Scottish taxpayers

Residence for Scottish income tax purposes.

Gift Aid: which donations can charities and community amateur sports clubs (CASCs) claim relief on?

New HMRC publication outlines the types of payment that Gift Aid can and cannot be claimed on.

Tax inquiry closure: HMRC consultation

HMRC consultation Tax enquiries: closure rules proposes a change from the current joint taxpayer/HMRC referral to first tier tribunal by allowing HMRC a right of sole referral.

Contractors loan settlement opportunity

The opportunity to disclose loan settlements has been extended to 30 June with HMRC stating that any settlement “should be agreed by 30 September 2015 at the latest.

Draft Finance Bill 2015 published

The government has published the draft 2015 Finance Bill.

HMRC agent updates

HMRC issues regular updates for accountants, or tax agents. The latest (number 42, published in July 2014) and previous issues are available here.

State pensions

Changes are coming on state pensions.

National Insurance contributions and under 21 year-olds

From the 6 April 2015, for certain employees under the age of 21, an employer will no longer need to pay employer Class 1 secondary NICs for them.

Scottish Taxpayers

As previously highlighted, when the Scottish Rate of Income Tax is introduced in 2016 the focus will be on where that individual resides.

Revenue Scotland

The Revenue Scotland website is up and running with its initial focus on the administration of Land and Buildings Transaction Tax (LBTT) and Scottish Landfill Tax (SLfT).

Autumn statement highlights

A collection of snippets from the Autumn Statement.

HMRC Let property campaign - The first 12 months

HMRC issues report on "first 12 months" of let property campaign.

Limit on income tax relief takes effect

New legislation limited to amount of income tax relief available from tax year 2013-14 onwards.

Legal fees and Court costs

We go 'back to basics' as we examine what can be allowed in terms of legal costs.

Collecting overdue tax through tax codes

From April 2015 HMRC is increasing the amount of overdue tax it can recover through a taxpayer's Pay As You Earn (PAYE) tax code.

HMRC direct debt recovery - Additional safeguards announced

Following consultation, HMRC announces additional safeguards as part of the controversial direct debt recovery proposals.

IR35: HMRC withdraws business entity tests

HMRC is to withdraw the IR35 Business Entity Tests after the IR35 forum concludes that they are little used and not fulfilling their intended purpose.

Offshore tax evasion

The government continues its crackdown on those seeking to illegally evade their UK tax liability by using offshore tax shelters.

Office of Tax Simplification report on the competitiveness of the UK’s tax administration

The OTS has published the final report on its review of the competitiveness of UK tax administration, making 50 recommendations for improvements.

The changing landscape around tax avoidance

How accountants can guard against claims from clients surrounding tax avoidance issues. [Simon Mason - Partner in DWF Fishburns]

HMRC Agent Online Self Service Strategy Update

Throughout the summer the Agent Online Self Serve (AOSS) project team has been conducting interviews with agents to inform the initial design and development of an alpha prototype. Here’s an update on this work and our progress with the developing Agents Strategy.

Pension Schemes, Relaxing of the Rules

Pension “death tax” to be abolished.

Employee benefits trusts - settlement opportunity

HMRC has announced that the settlement opportunity will close for applications on 31 March 2015, with settlements to be finalised and payments made by 31 July 2015.

Tax return reminder - travel costs

A reminder of the effects of the Samadian case on travelling costs.

Tax return reminder - Fees and Subscriptions

What fees and subscriptions are allowable for an employee for tax purposes?

Autumn Statement

The Autumn Statement will take place on Wednesday 3 December 2014.

HMRC withdraws concession on remittance basis

In August changes took effect around how money brought into the UK or used in the UK under a loan facility secured by foreign income or gains is treated.

Offshore loan schemes

Offshore loan schemes used by contractors are under attack by HMRC, following the successful outcome for HMRC in the case of Philip Boyle v HMRC at the First-Tier Tribunal.

Jointly owned property and form 17

Guidance on how and when to use form 17 with regards to jointly owned property.

Construction Industry Scheme consultation

A Summer consultation is on the way which will consider ways to improve the CIS scheme.