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Simplifying tax claims, helping the taxpayer

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.

Mind the gap – government departments’ clash over tax gap creates blame culture

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.

The loan charge settlement saga continues

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.

Airbnb to provide information on renters’ income to HMRC

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.

Jack Deal

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.

All change for CGT?

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.

Personal Taxes – take action now while rates are low!

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.

Zoe Martin

Partner

Zoe is a private client tax specialist based in our Swindon office.

Philanthropy

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.

HMRC’s information gathering powers are expanding further

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.

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