Category: Tax

Chancellor Philip Hammond described his first and last Spring Budget as one that “takes forward our plan to prepare Britain for a brighter future”. The following report summarises the announcements made by Chancellor Philip Hammond during the Budget 2017 on 8 March 2017. For a copy of our full Spring Budget 2017 report please see our … Continued

The government is to go ahead with plans to move from the current flat fee for applications for a grant of probate to a banded structure where fees increase in line with the value of the estate, up to a maximum of £20,000, Currently, a £215 flat fee applies if probate is applied for by … Continued

Firms prepare for Making Tax Digital Businesses will be given at least 12 months to prepare for the transition to digital tax accounts. Businesses, self-employed people and landlords will need to submit quarterly updates to HMRC and keep their records digitally by 2020, but this will be phased in. The current plan is to start … Continued

Fee Protection Service HMRC finds landlords an easy target to investigate because of the depth and variety of information it receives and gathers. When selecting a landlord for enquiry, HMRC can check: The Land Registry records to find out when a let property was bought and how much for. Voters List entries to confirm whether … Continued

Fee Protection Service Small and medium enterprises (SMEs) are blamed for over half of the UK’s tax gap. The tax gap is the difference between the amount of money HM Revenue & Customs (HMRC) actually collects and the amount it believes is due. HMRC believes the current tax gap is £36bn and SMEs are responsible … Continued

Fee Protection Service To be or not to be self-employed, that is the question! At least it is the question HM Revenue & Customs (HMRC) is wrestling with, as it sets about targeting the ‘gig economy’ to determine whether people are genuinely in business. The number of people who work for themselves in the UK … Continued

Fee Protection Service High Net Worth Individuals (HNWIs) with a net worth > £10m attract particular attention from HM Revenue & Customs (HMRC). The High Net Worth Unit (HNWU) monitors the 8,500 richest individuals in the UK, who fit into this wealth bracket. The National Audit Office recently concluded a thorough review of the HNWU … Continued

  The Government initiative ‘Making Tax Digital’ (MTD) intends that the vast majority of businesses, self-employed people and landlords will be required to keep track of their tax affairs digitally and to update HMRC on-line at least quarterly within 30 days of the quarter end via their digital tax accounts. HMRC has been consulting on … Continued

Do You Have Enough Shares To Qualify For CGT Entrepreneurs’ Relief? Entrepreneurs’ Relief reduces the rate of CGT to 10% on the first £10 million of gains on the disposal of qualifying business assets. This would include sole traders disposing of their business and partners disposing of their interest in a partnership carrying on a … Continued

New Government Savings Scheme Starts in April 2017 From April 2017,adults under the age of 40 will be able to open a Lifetime ISA (LISA) and pay in up to £4,000 each tax year. They will be able to continue making contributions up to the age of 50. The government will add a 25% bonus … Continued