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Off-payroll reforms into review

Following months of disquiet, the government has announced a review of the extension of the off-payroll taxation rules into the private sector. But it may be too late to prevent implementation. The rules, known as IR35, are intended to tighten non-compliance with off-payroll working regulations by shifting responsibility for determining the tax status of contractors […]

Don’t get caught short – the cost of paying tax in arrears

MTD Changes

Nearly 700,000 individuals and firms have entered into tax payment plans after getting into arrears on their tax payments. Research from UHY Hacker Young, backed up by HMRC data, showed that by the end of 2018/19 well over half a million companies and individuals were on ‘time to pay’ arrangements. The major factors cited for […]

What price tax reliefs?

When you look at your annual tax statement, have you ever wondered about the overall cost of the tax reliefs you enjoy? HMRC has published its latest annual assessment of the cost of various tax reliefs, and there are some eye-opening numbers.  If you were the Chancellor of the Exchequer, looking for a way to […]

Are you missing out on R&D credits?

A significant rise in the number of research and development (R&D) tax credit claims among SME firms highlights how useful the credits can be for business development. But many older firms are not taking advantage of their potential. R&D reliefs are among the most generous tax breaks for UK businesses. The latest figures from HMRC […]

Is it time to scrap entrepreneurs’ relief?

Does tax relief really help encourage business investment? As the political parties gear up for their election manifestos and tax and spending plans, recent research highlights not just the cost of entrepreneurs’ relief to the government, but also questions its effectiveness in promoting business growth. The report from the Institute for Fiscal Studies (IFS), published […]

Probate fee increases abandoned

Wills

The planned reform of probate fees in England and Wales has been scrapped. A year ago the government tabled proposals to increase the level of probate fees in England and Wales. The idea was to move from the current single fee approach (£155 via a solicitor, £215 otherwise) to a sliding scale, based on estate […]

Who are the top 1% of income tax payers?

A recent report looking at who pays the most income tax reveals some interesting findings. The Institute for Fiscal Studies (IFS) published a briefing note in early August with a detailed answer to the question of what it takes to enter the 1% club. Around 310,000 people make up this cohort, with some predictable and […]

Cracking down on compliance pays for HMRC

Inheritance

New figures show HMRC’s “customer compliance” efforts are yielding substantial sums.   In early August, HMRC issued its annual report and accounts for 2018/19. While not everyone’s choice of holiday reading, it did contain some eye-opening information about the “compliance yield” – how much HMRC raised from its work in countering tax avoidance schemes, tax […]

How do you feel about taking a pension at 75?

Pensions

Is a state pension age (SPA) of 75 looking more likely? Recommendation The SPA should better reflect the longer life expectancies that we now enjoy and be used to support the fiscal balance of the nation. The SPA in the UK is set to rise to 66 by 2020 (Pensions Act 2011), to 67 between […]

Probate delays affecting estate settlements

Probate Fees

There are currently long delays in gaining probate on the estates of the recently deceased. Late in 2018, the government issued a written statement announcing its intent to go ahead with controversial increases in probate fees for England and Wales. Instead of the current flat fees of £155 for applications through a solicitor and £215 […]

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