HMRC review HICBC failure to notify penalties

HMRC’s announcement that they would review certain cases where penalties were charged on taxpayers who had failed to register for the high income child benefit charge (HICBC), and refund them where there was a reasonable excuse for the failure, is unusual in that the taxpayer normally has to take the initiative in pleading reasonable excuse.. Read more

The disguised remuneration loan charge: ‘No legal or moral basis’ or a fair anti-avoidance measure?

The loan charge is an attempt to tax certain so-called ‘disguised remuneration’ schemes under which employees, workers or contractors are paid not through wages or salary subject to payroll taxes, but by means of a loan, usually routed through a third party such as an employee benefit trust or kindred vehicle. In practice, such loans. Read more

There’s No Time Like the Present To Get Prepared for Making Tax Digital (MTD)

Making Tax Digital (MTD) will become effective from 1 April 2019. It’s a government initiative that requires businesses with an annual turnover above the VAT threshold (£85k) to submit their accounting information digitally every quarter and means that all VAT returns, and the digital records of the VAT return, will need to be submitted via MTD. Read more

Can HMRC guidance be relied upon?

The Office of Tax Simplification (OTS) has published a timely report entitled ‘Guidance for taxpayers: a vision for the future’. The report’s vision is for guidance geared to the needs of users, graded according to whether the user seeks basic, more advanced or specialist technical levels of help, with systems to direct users to the. Read more

October Online Service Updates

What’s new in our plethora of tax online services? Steve Savory summarises the highlights. Although it seems like only five minutes ago that the new 2018/19 editions of the tax annuals appeared, they are already receiving their first round of online updates. Each of the annuals has a page summarising all the most recent changes. Read more

The Finance Bill: here we go again!

Mark McLaughlin highlights some important provisions in the latest Finance Bill and notes some other measures still to come. Another cycle of new tax legislation has begun. The latest Finance Bill was published on 7 November 2018. Its official title is Finance (No. 3) Bill 2017-19, but it could perhaps be less confusingly described as. Read more

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