As an influential report criticises the taxman’s track record of tackling aggressive tax avoidance schemes, HMRC has stepped up its game by sending letters to 1,500 users of one particular scheme, in a ‘pre-emptive strike’.
[continue reading…]
hmrc
With the deadline for submitting paper tax returns having just expired, limited company owners have until 31st January 2013 to submit their self assessment returns for the 2011/12 tax year, together with any taxes they owe.
[continue reading…]
From January 2013, new rules come into force which will make Child Benefit means-tested for the first time. The controversial changes mean than a couple earning £50,000 each could keep the benefit, but a couple with one single earner on £60,000 would lose the benefit entirely.
[continue reading…]
The Treasury’s much-hyped clampdown on ‘tax avoidance’ might not end up being as effective as officials originally planned, with so many experienced HMRC investigators likely to retire over the next five years.
[continue reading…]
HMRC received nearly 60,000 complaints from UK taxpayers in the 2010/11 tax year, and found in the taxpayer’s favour in 57% of cases.
[continue reading…]
The Treasury has published a consultation document on the introduction of a General Anti-Abuse Rule (GAAR) which will target specific tax avoidance schemes, some of which may be used by professional contractors.
[continue reading…]
The controversial use of limited companies by some high profile public sector workers has resulted in new Government proposals to reduce the number of ‘off payroll’ assignments across all departments.
[continue reading…]
HMRC has published its much-anticipated IR35 business test online today, together with a set of typical IR35 scenarios, in an attempt to help taxpayers assess their risk of being caught by IR35.
[continue reading…]
With HMRC’s much discussed IR35 business test due to be published shortly, early copies of the test are unlikely to impress professional contractors, or business organisations, as from first inspection, the vast majority of individuals would be at a high risk of being caught by IR35 if the current scoring methods are retained.
[continue reading…]
Until April 2013, all employers (even companies with a sole employee) were required to file an Employer Annual Return by 19th May following the end of the previous tax year, consisting of forms P14 and P35. The Real Time Information (RTI) changes, implemented on 6th April 2013, have changed the way payroll data is communicated with HMRC in future tax years.
[continue reading…]
The minutes of the most recent IR35 Forum meetings reveal that the body expects to publish an IR35 business test and typical scenarios to help establish the risk any given professional services company has to being caught by the IR35 rules.
[continue reading…]
The Extra-Statutory Concession C16 enables limited company owners to distribute any remaining company funds during the winding up process to shareholders as a capital gain. To clamp down on perceived tax avoidance, a £25,000 cap will be applied to capital gains made after 1st March 2012.
[continue reading…]
