Tax

Tax Insider April 2019

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Included in this month’s article:
– GOVERNMENT CONSULTS ON NEW STAMP DUTY SURCHARGE
– THOUSANDS FACE HUGE TAX AVOIDANCE BILLS
– MINISTERS GIVE THUMBS-UP FOR PROBATE REVAMP
– APPRENTICESHIP ‘STARTS’ FALL BY A QUARTER

TQOTW: DEEMED DOMICILE & AUTOMATIC REMITTANCE

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My client is a long-term resident of the UK for tax purposes. However, she is non-domiciled and has been using the remittance basis for her foreign income as it is below £2,000. As she will now have been here for 15 of the previous 20 tax years, will she be caught by the Deemed Domicile rules?

TQOTW: THE NATIONAL MINIMUM WAGE AND NATIONAL LIVING WAGE

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Our pay period runs one week in arrears and we are due to pay employees on Friday 5th April for the work that they did during the week 25th – 31st March. What rate of pay should they be paid at, as we are aware that the National Living Wage rate has increased?

TQOTW: Irrecoverable Loans

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My client has made a directors loan to his personal company (he is the majority shareholder) which now cannot be repaid. Is there a loss for CGT and if so, is it a ‘clogged loss?’

TQOTW: Electric Car Charging

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My client is an expanding local mobile care business and they are increasingly aware of the pollution that cars emit into the environment. With this in mind, they have been asked by their team whether they can look at changing the company cars to hybrid or electric cars and whether there are any incentives to do so.

Here we look at some of the recent changes and existing exemptions that may help them to make their minds up.

The politics of tax breaks

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If there’s one thing accountants love, it’s identifying obscure tax reliefs to which you may be entitled and using them to reduce your tax bills.

Tax reliefs, or tax breaks as they are sometimes called, aren’t without controversy, however. There are too many of them, say critics, and they deny the public purse much-needed funds.

Read the full aeticle here.

March 2019 Tax Insider

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Included in this article:

– HMRC error hits early-paying self-assessment taxpayers
– Minimum contributions rise to 3% for employers in April
– Making Tax Digital for VAT: one month to go
– Government launches service to prepare firms for EU exit

Read the full article here.

TQOTW: NEW PAYSLIP LEGISLATION

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My client has asked me about the new legislation regarding payslips that comes into effect in April 2019. Can you shed some light on this?

TQOTW: SELF-ASSESSMENT PENALTIES

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Now that the self-assessment filing date of 31 January has passed once again, I would like to be able to understand and explain to clients the penalty regime that will apply if their returns have not been filed on time.

February 2019 Tax Insider

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Included in this months issue:

– Auto-enrolment fines rise 146%
– Dual-registration service passes 200,000 milestone
– Partners hit by avoidable ISA tax charge
– Think tank proposes tax changes to save £7bn

The Risks of a Tax Investigation

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It’s a fact – humans are bad at assessing risk. We’re terrified of things that rarely happen (plane crashes, power station meltdowns) but relatively blasé about things that are statistically more likely to harm us, such as unwashed lettuce.

The likelihood of HMRC swooping to investigate your business’s tax affairs seems to be a particularly difficult risk to quantify.

January 2018 Tax Insider

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Included in this months article:

– Businesses getting to grips with apprenticeship levy
– R&D investment grows to £23.7bn in 2016/17
– OTS calls for inheritance tax system to be digitised
– Critics urge delay in rollout of MTD

Read The Full Article Here

December 2018 Tax Insider

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Included in this month’s article:
– Annual investment allowance to rise to £1m
– Small retailers get business rates boost
– IR35 reforms to be extended to the private sector
– Higher-rate earners hit by national insurance rise

Read the full article here

November 2018 Tax Insider

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This months edition includes:

– Most small businesses receive funding boost
– Small firms not ready for no-deal Brexit
– Budget 2018: Tax and business round-up
– Government announces apprenticeship levy reforms

TQOTW: PROFESSIONAL GAMBLING

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My client’s son is a professional poker player and wins around £4,000 a month from playing poker. This is all he does and has no other earnings. Are the winnings taxable if playing poker is his profession?