Personal tax

Tax / Tax revenues up £35.6bn as CGT and stamp duty bite

HMRC’s tax take has seen its biggest jump since the recession in the last year, rising by £35.6bn, with a 10% hike in revenue from national insurance contributions (NICs) while higher rates of property tax have raked in £1.1bn in additional revenue

Tax / HMRC consults on draft guidance on enabler rules for tax advisers

HMRC is consulting on draft guidance covering new legislation on enablers of defeated tax avoidance schemes which will be introduced once Finance Bill (No.2) 2017 receives Royal Assent, and which could see accountants and lawyers liable for penalties as a result of providing contentious advice in this area

Tax / IRS to require health coverage details with annual tax returns

The US Internal Revenue Service (IRS) has announced it will not accept electronically filed tax returns for taxpayers who do not include information about the health coverage requirements of the Affordable Care Act (ACA), starting from the upcoming 2018 filing season

Tax / HMRC races to update IT system to handle dividend tax change

HMRC’s own computer systems have been unable to deal with the slew of changes to dividends and interest income introduced for the year ended 5 April 2017 so it is having to take swift action to address the problems, warn RSM head of tax risk and investigation Mike Down and tax manager Sarah Saunders

Tax / Partnership taxation: chargeable tax and profit allocations

The imminent overhaul of tax rules for all types of partnerships will have a wide-reaching impact, particularly on the bare trust/beneficiary approach. Mark Cawthron LLB CTA outines the key changes and sets out potential pitfalls for partners to consider

Tax / Treasury committee to scrutinise student loan system

The Treasury Committee is launching a new inquiry into the student loan system and related financial implications, including the repayment threshold, interest rates, tuition fees, and the impact on university finances

Tax / HMRC to research views of UK’s wealthiest on tax compliance

HMRC is planning a research project looking at tax compliance behaviours amongst the very wealthiest individuals, which it concedes are a ‘hard to reach group’, with a view to investigating ways to improve it

Tax / Higher taxes cut inequality without damaging the wealthy, says IMF

The International Monetary Fund (IMF) is calling for developed countries to consider introducing higher income tax rates for the wealthiest, arguing the evidence suggests this would help reduce inequality without having an adverse impact on growth, contrary to received thought

Tax / HMRC simple assessments: what you need to know

As the first HMRC simple assessments are sent out, Meg Wilson CTA explains how they work for affected taxpayers including new pensioners and anyone who has underpaid PAYE and what action they need to take as they are pulled into the first wave of implementation, effectively seeing the abolition of their annual tax return

Tax / European Commission gets go-ahead to improve tax dispute rules

The European Commission has been granted permission from EU member states to introduce rules to improve tax dispute resolution as well as cover issues relating to double taxation which can be a major obstacle for businesses

Tax / MPs call for protection of £30K tax-free redundancy bonus cap

MPs have laid an amendment to Finance Bill (No.2) to ensure that the Treasury will not be able to reduce the £30,000 cap on redundancy bonus payments without consultation

Tax / Termination payments – tax rule change from April 2018

Major changes to the tax calculations for termination payments are set to come into effect from April 2018 which will hit high earners and affect tax calculations. Sarah Bradford ACA CTA (Fellow) explains the changes and the affect on redundancy payouts

Tax / Bull: UK tax base becoming too narrow

The country’s tax base is becoming too small and is causing yields to suffer, says RSM senior tax partner George Bull, who is calling for a rethink to help the public purse recover

Tax / 63% of agents not confident explaining simple assessment to clients

Out of the 800 tax agents in HMRC’s latest webinar, 504 (63%) admitted to not feeling confident when helping clients understand the aspects of HMRC’s simple assessments, however this number dropped to 3% after experts from the tax authority outlined the new tax returns

Tax / Free software for Making Tax Digital not viable, says Xero

Accountancy software provider Xero has said providing free programmes for Making Tax Digital quarterly reporting is not practical and should not be expected as the costs to build the software and provide a good service to taxpayers are too high, reports Amy Austin