Tax
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HM Revenue and Customs (HMRC) has recently withdrawn an appeal in a key court case over a 55 per cent charge it wanted to levy.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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Making tax digital is live today, yet one million businesses are not registered
Apr 01, 2019
As of today, UK based businesses that have a taxable turnover above the VAT threshold of £85,000 will be required to switch to the new digital tax service to report earnings and calculate VAT owed. HM Revenue and Customs (HMRC) had previously ...
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HMRC reveals MTD registration takes seven working days
Mar 21, 2019
HM Revenue & Customs (HMRC) has warned that registration for Making Tax Digital (MTD) for VAT will take up to seven days to complete and will not be a real-time service. In the latest piece of guidance for businesses who need ...
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Many businesses unaware of the criminal offences associated with tax evasion
Mar 18, 2019
Three-quarters of businesses are unaware of the corporate criminal offences relating to activity which is seen to facilitate tax evasion. On 30 September 2017, the Criminal Finances Act was introduced; which meant companies and partnerships can be found liable for failing ...
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Shakira to face tax fraud accusation in Spanish court
Mar 04, 2019
The Colombian singer, Shakira whose estimated wealth is £176 million, is being investigated on suspicion of committing six separate counts of tax fraud against the Spanish Treasury totalling more than £12.5 million (€14.5 million). Consequently, in June, Shakira is set to ...
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