Tax and Financial Planning News

COVID-19 Crisis Forces Change to UK IHT Payments and Returns Processes

June 11, 2020

HMRC are scrapping cheques for the payment and repayment of Inheritance Tax (IHT) and temporarily accepting printed signatures on IHT returns, as a ...

Always Take Independent Professional Advice Before Investing Your Money

May 26, 2020

Fraudulent investment schemes are perennially tempting to the unwary and it really does make sense to take independent professional advice before ...

Inheritance Tax Mitigation Scheme Ends in Abject Failure

April 16, 2020

If offered the opportunity to shelter their homes against future Inheritance Tax (IHT) liabilities whilst retaining the right to live in them rent ...

When Is a Property 'Completed'? DIY House Builder Wins VAT Rebate

April 2, 2020

DIY house builders are entitled to refunds of VAT they pay on materials used in their projects. However, as a decision of the First-tier Tribunal ...

Still Time to Stay Ahead of CGT Changes

March 13, 2020

New rules surrounding the payment of Capital Gains Tax (CGT) on profits made on the sale of a residential property are now just weeks ...

Off-Plan Flat Buyer Wins Full CGT Relief in Test Case

January 29, 2020

Can a purchaser of a property be said to 'own' it after contracts are exchanged but before the transaction is completed? The Court of Appeal's answer ...

Failing to Keep Accurate Accounts is Like a Red Rag to the Tax Authorities

January 8, 2020

Failing to take professional advice and keep accurate accounts is like holding a red rag up to the HM Revenue and Customs bull. In a case on point, ...

Employee or Contractor? Broadcast Journalist Receives £400,000 Tax Bill

December 23, 2019

Establishing a company to act as an intermediary between yourself and the clients to whom you provide your services can have substantial tax ...

Facing a Tax Investigation? Don't Bury Your Head in the Sand!

November 12, 2019

If you are facing an investigation by the tax authorities, your very first step should be to seek professional advice. One taxpayer who sadly chose ...

HMRC Miss Tax Avoidance Target By Raising Assessments Too Late

October 29, 2019

When HM Revenue and Customs (HMRC) find out that tax has been under-declared, the response is normally to raise a 'discovery assessment' to collect ...

Pension Scheme That Failed to Consider Wife's Claim Called to Account

September 8, 2019

It is usual for occupational pension schemes to allow the spouse or partner of a scheme member to receive a reduced pension in the event that the ...

Tax Investigations - Judge Authorises Disclosure of Credit Card Bills

August 18, 2019

To what extent are the tax authorities entitled to delve into what would otherwise be your private financial information? The High Court tackled that ...

Wealthy Online Investor in Bitcoin Futures a 'Consumer'

August 7, 2019

Can someone who trades in cryptocurrency futures or other sophisticated products via an online platform be viewed as a consumer? In a crucial ...

CGT Loss Occurs When Payment Made, Not Before

July 17, 2019

When a personal guarantee has to be given in order to give a lender the security it needs, the guarantor hopes that the guarantee will never be ...

Appealing Against a Tax Bill? Make Sure You Get a Fair Hearing!

June 13, 2019

If you dispute a tax bill, you are entitled to a fair hearing of your appeal and specialist advice will ensure you get just that. In a case that ...

Share Sale Tax Avoidance Scheme Fails the Reality Test

May 30, 2019

Judges interpret tax statutes in the real world and are experienced at looking beyond the detailed provisions of intricate transactions to discern ...

Overcautious Approach Means Compensation for Pension Scheme Member

March 27, 2019

With significant losses being reported in 'pension transfer scams', it is no surprise that when the administrators of a pension scheme receive a ...

Ignorance Not a Reasonable Excuse for Tax Disclosure Failure

February 20, 2019

When an 18-year-old woman bought a derelict end terrace property in London in 2006 and sold it to developers the following year, she made no entry on ...

CGT Net Tightens for Homeowners

January 21, 2019

The recent Budget contained an announcement that will be unwelcome news for some property owners. The sale of a person's principal private residence ...

Relief for Families as Missing Persons Act to Come Into Force

December 21, 2018

Legislation that will give families of people who go missing the ability to administer their affairs is to come into effect: but not until July 2019. ...

Grand Design Couple Triumph in Capital Gains Tax Test Case

November 9, 2018

Those who make a profit on the sale of their principal private residence do not have to pay Capital Gains Tax (CGT) on it. However, as a test case ...

Time to Review Your Discretionary Trust?

October 22, 2018

When the Finance Act 2006 came into force, it introduced a ten-year charge on discretionary trusts containing 'relevant property'. Most discretionary ...

HMRC Stick to Limited Period for CGT Payment on Residential Property Gains

September 17, 2018

Despite strong representations from the professional community, HM Revenue and Customs (HMRC) have decided that they will stick with a 30-day initial ...

Under Financial Pressure? Don't Fall Into Dodgy Lenders' Arms!

June 14, 2018

Financial pressure can easily lead the unwary into the arms of unscrupulous lenders. One High Court case, in which numerous borrowers found ...

Be Careful Who You Trust With Your Finances

June 3, 2018

Giving someone else power of attorney over your finances can be a useful means of ensuring that your affairs will be properly managed if you lose the ...

Non-Residents Beware - Ignorance of UK Tax Law is No Excuse

March 26, 2018

About 900,000 UK citizens are long-term residents abroad, and it is no particular surprise that they may be less careful about managing their UK tax ...

Non-Residents Beware - Ignorance of UK Tax Law is No Excuse

March 26, 2018

About 900,000 UK citizens are long-term residents abroad, and it is no particular surprise that they may be less careful about managing their UK tax ...

What Do Points Make? Tax Penalties

March 9, 2018

The automatic penalties attaching to late filing of tax returns have long been an unpopular issue for taxpayers. The system involves fixed penalties ...

ISAs in Estates to be Tax Exempt

February 21, 2018

One of the issues that proves difficult for executors of deceased persons who have Individual Savings Accounts (ISAs) is that the interest on them is ...

Tax Net to Loosen for Trusts, Tighten for Offshore Affairs

January 22, 2018

In the recent Budget, the Government committed itself to a review of the operation of trust taxation in the UK. Since reforms were introduced in ...

Minor Drafting Error Corrected - £1 Million Saved

January 10, 2018

Under Inheritance Tax (IHT) law, certain types of trust have a ten-yearly charge to IHT on the value of the trust assets. The legislation, which ...

Planning to Participate in a Tax Avoidance Scheme? Read This First!

December 21, 2017

Anyone tempted to participate in a tax avoidance scheme would be wise to take note of one case in which a businessman complained in vain that he had ...

HMRC Fail in IHT Challenge on Livery

December 7, 2017

HM Revenue and Customs (HMRC) have challenged a number of property-based trading businesses, seeking to deprive them of the Inheritance Tax (IHT) and ...

HMRC Aren't Always Right

November 9, 2017

According to the Government's GOV.UK website, if you are a company director, you have to file a tax return every year. It says that every UK company ...

HMRC's Tough Approach to Penalty Rejected by Tribunal

August 8, 2017

Just how tough HM Revenue and Customs (HMRC) can be was illustrated by a recent case in which they imposed a penalty of £1,300 for the late ...

HMRC Provide Calculator for New IHT Relief

July 23, 2017

Like many pieces of tax legislation, the 'additional threshold' (AT) for Inheritance Tax (IHT) – which, in simple terms, limits the potential ...

HMRC Provide Calculator for New IHT Relief

July 23, 2017

Like many pieces of tax legislation, the 'additional threshold' (AT) for Inheritance Tax (IHT) – which, in simple terms, limits the potential ...

Your Right to Claim Tax Relief on Losses Dies With You

July 9, 2017

You can claim tax relief if assets that you have acquired become worthless or loans that you have advanced prove to be irrecoverable. However, in a ...

Your Right to Claim Tax Relief on Losses Dies With You

July 9, 2017

You can claim tax relief if assets that you have acquired become worthless or loans that you have advanced prove to be irrecoverable. However, in a ...

Have You Checked Your Investment Adviser's Credentials?

June 22, 2017

Investment advice is best obtained from authorised professionals and it is unwise to rely on friends' recommendations, no matter how trustworthy they ...

Have You Checked Your Investment Adviser's Credentials?

June 22, 2017

Investment advice is best obtained from authorised professionals and it is unwise to rely on friends' recommendations, no matter how trustworthy they ...

Tax Law No Respecter of (Cultural) Tradition

June 8, 2017

An argument that assets which HM Revenue and Customs (HMRC) said belonged to a deceased man (and were thus subject to Inheritance Tax) were actually ...

Tax Law No Respecter of (Cultural) Tradition

June 8, 2017

An argument that assets which HM Revenue and Customs (HMRC) said belonged to a deceased man (and were thus subject to Inheritance Tax) were actually ...

Financial Advice to Become More Common?

May 22, 2017

We have often written about the dangers of taking advice from unqualified and/or unregulated advisers. A recent change in the regulations surrounding ...

Financial Advice to Become More Common?

May 22, 2017

We have often written about the dangers of taking advice from unqualified and/or unregulated advisers. A recent change in the regulations surrounding ...

Bank Mistake - HMRC Still Levy Penalty

May 9, 2017

When a taxpayer named Mr Coomber sent his cheque by post to HM Revenue and Customs (HMRC) to settle his tax demand, he thought that would be the end ...

Bank Mistake - HMRC Still Levy Penalty

May 9, 2017

When a taxpayer named Mr Coomber sent his cheque by post to HM Revenue and Customs (HMRC) to settle his tax demand, he thought that would be the end ...

Tax Penalties Avoided for Those Affected by IT Glitch

April 20, 2017

With HM Revenue and Customs (HMRC) pressing ahead with plans to make 'customers' deal with them only digitally, it is good to see that when a system ...

Tax Penalties Avoided for Those Affected by IT Glitch

April 20, 2017

With HM Revenue and Customs (HMRC) pressing ahead with plans to make 'customers' deal with them only digitally, it is good to see that when a system ...

Woman Aged 96 Wins £223,000 for Negligent Investment Advice

April 5, 2017

The complexities of financial advice can be bamboozling, particularly for the elderly, but one High Court case – in which a 96-year-old woman ...

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