27 October 2020
Tax reliefs are put in place to encourage behaviours and help specific taxpayers. As such it is very important that access to them is simple, understandable and efficient for both the taxpayer and HMRC.
20 October 2020
The tax gap is HMRC’s estimate of the difference between the tax they collect and the amount that would have been paid if everybody paid the correct tax. In September Jim Harra, the chief executive of HMRC, appeared before the Public Accounts Committee (PAC) to give evidence for a report on reducing the tax gap. The published report describes HMRC’s presentation as “misleading” and is accompanied by calls from the PAC for HMRC to be “more honest”. Mr Harra has now gone public with his concerns about this.
13 October 2020
Taxpayers who participated in disguised remuneration (DR) or loan charge (LC) structures had until 30 September 2020 to submit their 2018/19 tax returns to help regularise their position, by reflecting the changes in the rules put in place to allow taxation of these loans. Now that the deadline has passed, it is time to think about what happens next.
06 October 2020
Airbnb will be providing HMRC with a list of people who rent out property via their app, along with the income received for 2017/8 and 2018/9. Renters who have not declared their income and are not covered by any letting exemptions should act now, before HMRC catches up with them.
Director
Jack has spent his career advising independent businesses. Jack lead's RSM's rural group and accounting and business advisory team in the East of England. He specialises in independently owned farming businesses, landed estates and fast growing food and drink businesses.
18 September 2020
In July, the Chancellor wrote to the Office of Tax Simplification (OTS) asking it to, ‘to undertake a review of capital gains tax (CGT) and aspects of the taxation of chargeable gains in relation to individuals and smaller businesses.’ In response, the OTS has been gathering evidence, asking for detailed comments to be submitted by 12 October 2020.
18 September 2020
With the UK’s level of borrowing this year expected to be almost seven times more than last year, at around £350bn, a cut in Government spending (eventually) and tax rises (sooner) seems inevitable.
18 September 2020
Any philanthropic enterprise must be carefully planned and executed. We will work with you to create a long-term and sustainable strategy that can evolve and adapt to provide inter-generational continuity.
15 September 2020
HMRC may soon be able to demand information from financial institutions without taxpayer or tribunal permission. These new powers could allow HMRC to demand complex information, which is difficult and expensive for institutions to collect, with no right to appeal against a request.
