Weekly tax brief - 21 February 2017

In this edition of RSM’s weekly round-up of the most important tax news, we cover the latest developments.

Will January’s record tax take give the Chancellor extra room for manoeuvre?

21 February 2017

The all-important January tax figures published today reveal that total tax collected by HMRC was up 14.1 per cent on the same period last year. A bumper month perhaps, but will this give the Chancellor more room to manoeuvre at the Budget?

Taxing the robots

21 February 2017

Bill Gates’ recent comment that robots were now such an important part of the workforce they should pay tax poses some interesting questions. Would they, for example, be categorised as employees or self-employed? And if they start paying tax, would they also demand the vote?

Year end tax planning (but not the usual stuff)

21 February 2017

With the end of another tax year fast approaching many will be considering whether any action should be taken before 5 April to mitigate their tax liabilities for the year. Whilst we should not forget the usual year end planning points, such as using ISA allowances, the 2016/17 tax year has a number of new complexities that should not be overlooked.

Penalty alert for non-residents selling UK homes

21 February 2017

April 2015 saw the introduction of CGT for non-residents owning UK residential property. Not only are non UK residents now liable to UK CGT on the sale of UK residential property, they also have an obligation to file an online return with HMRC within 30 days of the property being sold. Failure to do so can mean penalties rack up on a daily basis.

Beware HMRC 'correcting' your tax return

21 February 2017

Class 2 NICs used to be payable in arrears, usually by direct debit but since April 2015, the collection of this small liability has been transferred to the annual self-assessment tax return. But not without difficulties…

Scottish taxpayers need more clarity on the effect of income tax changes

21 February 2017

Today’s historic vote in Holyrood on setting separate Scottish income tax rates and bands adds yet further complexity to an already complex UK tax code.