Rewarding long service
The rise of portfolio careers – where workers regularly change job and sometimes spend time self-employed – makes long service an uncommon thing, but one worth rewarding. The traditional gift for long service – defined by HMRC as more than 20 years continuous employment at a company – is a watch, or clock for the […]
The increasing burden of property ownership
Some changes are about to take place that will affect how UK resident and nonresident individuals who own property personally, or through a company, pay tax. Payment window for gains From April 2020, you must make a payment on account of capital gains tax (CGT) when you dispose of a residential property situated in the […]
Defining your employment status for IR35
The way HMRC applies the off-payroll working rules has been successfully challenged in a tax tribunal appeal, with implications for contractors and the socalled IR35 regime generally. The tribunal decision came as HMRC launched a consultation on tackling non-compliance with the IR35 rules in the private sector. The tribunal ruled in favour of an IT contractor […]
Don’t end up in hot water over VAT
VAT mistakes can be very expensive, and a recent First-Tier Tribunal case shows just how easy it is to get things wrong. The way VAT is charged on hot food was changed in 2012 when the then Chancellor, George Osborne, was forced into a U-turn over his proposed ‘pasty tax’. The result is one of […]
Looking offshore at your investments
Requirement to correct deadline nears Taxpayers will find themselves facing serious penalties if they haven’t fully declared any income tax, capital gains or inheritance tax liabilities relating to offshore matters by 30 September. The disclosure requirement covers periods up to 5 April 2017, with the objective of getting taxpayers into a compliant position before new, […]
What a personal tax account can do for you
HMRC are encouraging individuals to sign up for a personal tax account as a way of getting greater transparency and control over tax records. The personal tax accounts are part of HMRC’s move towards digital services and offer a single place to access key tax affairs affecting you. With your account you can: check your […]
Top earners increase their share of tax payments
HMRC’s latest statistics provide an insight into the income tax paying population. The figures reveal changes in the distribution of tax revenue over the last decade, with a growing share now coming from higher earners. The pie chart shows the proportion of 2018/19 tax expected to be paid by taxpayers in various bands of income. […]
The gifts that keep on giving
Gifts make for a powerful tool when it comes to minimising your inheritance tax (IHT) bill. As well as helping you reduce any tax payable on your estate, they also let you support your family and share in the support that gives them. It’s important to understand how HMRC looks at gifts because the rules […]
The implications of consent for GDPR
It has been just over a month since the GDPR deadline passed in a whirlwind of consent requests and preference updates, but HMRC has already fallen foul of the new rules. HMRC has revealed, in response to Freedom of Information requests, that it has taken 5.1 million taxpayers biometric voiceprints through its VoiceID scheme since […]
Never give up!
In the light of two recent tax cases, our tax team at Ward Goodman has highlighted the benefit of taking a hard look at the facts and fighting HMRC if they have not applied rules fairly, even if you have not had timely advice. The team explained:“In the Scowcroft v Revenue case, the overseas […]
