T.A.N.K
The Tax Advice Network Knowledge base is where members share articles and knowledge that they expect will be of interest to users of our website. You are welcome to contact the relevant member via their profile, via our local rate central phone number 0845 003 8780 or our landline number 01635 574 160. Our professional operators will put you straight through.
Articles
Q & A on Domicile and ResidenceThis article by Bill Stevenson will give you the links for accessing HMRC's questions and answers on the developing residence and domicile rules.
New Deadlines for Online Filing of Tax returnsThere are important changes ahead for Personal Taxpayers / Employers / and CT Return filers in relation to online filing - along with taxfree incentives - and earlier return enquiry window closures
Tax newsletter 11 March 2008It's Budget day tomorrow so we are publishing this week's newsletter a couple of days earlier than ususal to avoid the post Budget commentaries that will appear from every quarter.
In the meantime payroll departments are starting to plan their year end PAYE returns and P11D submissions. This week we look at some of those nitty-gritty PAYE issues that crop up at this time of year.
- Subsistence rates
- Maternity pay
- Annual and Nil returns.
As ususal, there's also a tax fun(!) item at the end of this newsletter.
In years past there would be a period of quiet in the tax world just before the Budget while the Chancellor prepared his speech and the Inland Revenue ceased all announcements. The Budget will be presented next week on 12 March but in the mean time it's business as usual as the tax related announcements are still coming thick and fast.
This week's 3 practical topical issues are derived from two sets of proposed legislation and another HMRC initiative.
- Entrepreneurs' relief
- Employee status settlements
- Students' tax week
Just an idea, but this article is meant to set you thinking how you can help your client to cut his interest costs by 22% if basic rate and 40% if higher rates apply - or get that special item the client has always wanted but never known where to get the money.
Tax newsletter 28 February 2008HMRC are changing the way they deal with taxpayers and the tax advisers or accountants that represent them. This week we explore three new HMRC initiatives that could affect you and your clients.
- Letters to landlords
- Informants' data
- Working with agents
Bill Stevenson says that the UK's tax authority has confirmed that it has paid an informant for data regarding British citizens who have accounts in tax haven Liechtenstein.
In the wake of the SPC actions for UK Offshore Banks HMRC have now gone to subterfuge to penetrate the secrecy of the Liechtenstein banking system
So you thought your client could escape abroadThis article by Bill Stevenson touches on the potential for your clients getting caught for unexpected Capital Gains Tax when they return to the UK after a period abroad. No doubt they thought (or heard it over a pint) that it was safe to depart our shores to escape the tax net on the disposal of assets - without of course having asked for advice from their accountant - who like yourself now - was clued up after having read this article. This can be a useful aide memoir for any professional who gets landed with awkward questions from their clients just as they are going - or more likely just as they have returned to the UK.
Clarification on Non-Domicile & Remittance BasisThe Acting Chairman of HMRC, Dave Hartnett, has issued a letter clarifying some issues regarding the current Residence and Domicile Consultation and you can see the outline in the text. If you need any advice please feel free to consult Bill Stevenson or any other T.A.N. specialist if you have doubts about your client's position. See also the earlier article by Erika Holden
Tax newsletter 8 February 2008The personal tax self-assessment season ended in chaos for some, as the HMRC computer system went into melt-down. This week's newsletter contains an update on how this situation may allow you to appeal against a late filing penalty, and news on two other topical tax administration issues.
- How to appeal against a late filing penalty
- NIC class 4 refunds
- Changes to businesses operating under the CIS
In addition we have a number of new items in the TANK on our website - including an article that highlights the changes we will see in the personal tax returns for 2007/08.
Tax newsletter 14 February 2008
This week, in honour of St. Valentine we have quick summary of the tax implications of getting married. Less romantically we look at the HMRC powers to revoke gross payment status for CIS registered businesses, and the problem of deferring gains into 2008/09 or later.
- Tax and marriage
- CIS gross payment status
- Deferring gains
If the recent press comments about the non dom rules make you more inclined to read up on this than previously, you can find past articles and comments in the TANK on our website.
Tax newsletter 21 February 2008
For many accountants February is the month when you bill clients, pay outstanding practice expenses, and generally have a financial tidy-up. As this urge to spring-clean the debtor's ledger may extend to your clients, we focus this week on loans, from a purely practical perspective:
- Directors' loans
- Student loans
- Deferring the state pension (a loan to Government)
You will also find further comments and advice on our blog and in our articles TANK.
Reasonable Excuse for Late Filing of ReturnsHMRC have recently issued a note regarding the relaxations in the terms of the extension of enquiry window and late filing penalties where the tax return was filed late owing to HMRC online difficulties. The full text is laid out in the article but remember that reasonable excuse can also arise in many ways and if you are in any way doubt as to whether there is a chance of your clients other reason being a reasonable excuse feel free to consult Bill Stevenson or any other T.A.N. specialist.
Q&A about the Tax Advice NetworkThe tax editor of AccountingWeb interviewed Mark Lee for a feature item on their website. The full Q&A session is reproduced in this article.
The joys of spring ...
Attending a Commissioners meeting can be a daunting process particularly when there is not exactly an even playing field.
Thinking of next yearChanges have been made to the self assessment returns for 2007/08; this article by Ros Martin considers those changes and the possible impact.
Tax newsletter 31 JanuaryBy the time you read this I guess you will have filed any last minute personal tax returns. It's hard to believe that the first January filing deadline was as far back as 1998 after which many of us hoped we could avoid the nightmare repeating!
As promised when you registered on our website this newsletter contains a practical tax update specifically written for accountants in general practice. This week we have highlighted three tax issues that will need your attention before 6 April:
- The new CGT entrepreneur's relief
- Residence and remittances
- PAYE settlements
This article outlines the pilot that you might come across that started in November and is due to end in April 2008 with regard to Full and Aspect enquiries by HMRC. Remember that you should not restrict your consideration to the limited reasons for opening the enquiry and be alive to the possibility that your client may need to advise you of irregularities.
Just because they tell you the reason for opening the enquiry do not be lulled into a false sense of security. There is nothing better than full and complete preparation for both the agent and the client before deciding to attend a meeting with HMRC. Also bear in mind that not attending a meeting cannot be taken as a sign of non-cooperation (except in COP9 cases of course)
If you need any assistance (back up or frontline) with the managing of your enquiries please feel free to contact Bill Stevenson or any other T.A.N. Enquiry specialist
CGT - more changesA summary, provided by Ros Martin, of the new rules for CGT and partnerships announced last week. This will impact on any partner introducing chargeable property into partnerships.
Draft Legislation on Residence and DomicileOn Friday 18th January the draft legislation on residence and domicile was published. Tax Advisors have been waiting for this since before Christmas. As well as affecting non domiciled individuals the draft legislation is far reaching and affects offshore companies and offshore trusts. In this Article Erika Holden highlights some of the changes.
