HMRC Information notices

By natalie_meehan · Comments (1)
Thursday, November 17th, 2011

Taxpayers can be required to provide HM Revenue and Customs (HMRC) with certain information and/or documents, if HMRC issues a written notice to that effect (FA 2008, Sch 36, para 1; previously TMA 1970 s 20(1)). The question arises: what information and documents are considered to be within the taxpayer’s remit to provide?

Reasonably required

Under HMRC’s recently introduced information powers (in FA 2008, Sch 36), taxpayers must provide such information or documentation as is ‘reasonably required’ to check the taxpayer’s tax position. The previous legislation (in TMA 1970, s 20) required the taxpayer to provide such documents and particulars… Read more…

Comments (1)
Categories : HMRC, News

Assessments and appeals – What can taxpayers appeal against?

By natalie_meehan · Comments (0)
Thursday, November 17th, 2011

It is normally straightforward to tell when HM Revenue and Customs (HMRC) have raised an assessment in respect of a taxpayer. However, what constitutes an ‘assessment’? This is an important question because assessments are generally subject to a right of appeal. But is there a right of appeal against an HMRC tax calculation notice?

Right of appeal?

In Clark v CRC [2011] UKFTT 302 (TC), the taxpayer received a tax calculation notice (Form P800) from HMRC, indicating that tax had been under-collected for 2009-10, amounting to £806.60. The taxpayer appealed to the tribunal. HMRC said that the taxpayer had no… Read more…

Comments (0)
Categories : Accountancy, General Taxation, HMRC, VAT and Customs Duties

HMRC Enquiries

By natalie_meehan · Comments (0)
Thursday, October 27th, 2011

When a HMRC enquiry notice into a tax return arrives, it is perhaps natural to anticipate a long, drawn out process to completion. This is particularly the case with full (as opposed to aspect) enquiries. However, an enquiry does not need to be unduly protracted. The taxpayer (or his agent) can apply to the tribunal for a closure notice in appropriate circumstances. This facility can be particularly helpful in curtailing ‘fishing expeditions’ by HMRC officers, and preventing the enquiry from straying outside the boundaries of the tax return itself.

The taxpayer company used the closure notice facility to good effect… Read more…

Comments (0)
Categories : HMRC

Intangible Fixed Assets

By natalie_meehan · Comments (1)
Thursday, September 22nd, 2011

An important potential advantage of trading through a limited company (as opposed to a partnership or sole trader) is the availability of tax relief for the amortisation of goodwill under the intangible fixed asset legislation (CTA 2009, Part 8), where certain conditions are satisfied.

The intangible fixed asset rules were originally introduced in Finance Act 2002. Previously, intangible assets fell within the chargeable gains regime. The current provisions broadly take specified intangible assets of companies out of that regime and into the normal trading rules.

Business incorporations

The most common form of intangible fixed asset for small and family companies… Read more…

Comments (1)
Categories : General Taxation, News

Beneficial Ownership: Mark McLaughlin Discusses CGT

By natalie_meehan · Comments (0)
Thursday, September 22nd, 2011

It ought to be straightforward enough to identify who has made a disposal for Capital Gains Tax (CGT) purposes. Of courses, tax is seldom black and white. The tax legislation offers little help. It simply states: “Tax shall be charged… in respect of capital gains, that is to say chargeable gains… accruing to a person on the disposal of assets” (TCGA 1992, s 1(1)).

Some tax advisers will no doubt be familiar with clients who have “taken their name off the deed” of property they own (e.g. transferring their legal interest to a spouse), in the hope or expectation that… Read more…

Comments (0)
Categories : Accountancy, Capital Gains Tax
Tags :

HMRC and Agents

By natalie_meehan · Comments (0)
Wednesday, August 17th, 2011

HMRC caused a stir on 31 May 2011, with the issue of the consultation document ‘Establishing the future relationship between the tax agent community and HMRC’. HMRC’s proposed strategy includes “providing additional support to agents whose standards are below those expected in the professional community.”

The document requests comments on appropriate actions by HMRC to deal with agents who “…knowingly or unknowingly fall below the high professional standards expected by the tax agent community”. These include:

- “What actions/sanctions could be applied to those who act unprofessionally other than HMRC refusing to deal with them?

- In the most serious… Read more…

Comments (0)
Categories : Accountancy, General Taxation, News, Taxes Management

IR35: The Saga Continues…

By natalie_meehan · Comments (0)
Wednesday, August 17th, 2011

Hopes were raised that the Government would take the opportunity in the Budget on 23 March 2011 to abolish IR35 – the intermediaries legislation variously described as the ‘personal service company’ or ‘disguised remuneration’ rules.

New and improved?

Unfortunately, the Government did not dispense with IR35. The reason given for retaining the legislation was as follows: “The Government has decided that it cannot put substantial tax revenue at risk and has therefore decided to retain IR35 and to achieve simplification by making improvements to the way in which it is administered.”

What the Government means by ‘substantial tax revenue’ is… Read more…

Comments (0)
Categories : Bloomsbury Professional News, News, Specialist Taxation, Taxes Management, VAT and Customs Duties

UK: CFC reform – new consultation

By natalie_meehan · Comments (0)
Monday, July 25th, 2011

UK: CFC reform – new consultation

Controlled foreign companies (CFCs) in low tax jurisdictions are a headache for tax authorities, with the potential for profit to be earned at a low tax rate and not contribute to the coffers of the government of the parent company’s location.  The potential for profits to be perhaps relocated to the lower tax jurisdiction has resulted in rules to stop such relocation.  In the US, the rules are known as Subpart F; in the UK, they are simply the CFC rules.

In both cases, the result of the rules is some or all of… Read more…

Comments (0)
Categories : Bloomsbury Professional News, General Taxation, Specialist Taxation

Bloomsbury Professional to publish PwC’s flagship financial reporting guidance

By natalie_meehan · Comments (0)
Thursday, July 14th, 2011

Bloomsbury Professional and PwC – a new and dynamic international relationship for the publication and promotion of the PwC Manual of Accounting.

Bloomsbury Professional will publish PwC’s flagship financial reporting guidance in November 2011.

The forthcoming 2012 edition of PwC’s Manual of Accounting suite will contain guidance on new standards including IFRS 10, ‘Consolidation’, IFRS 11, ‘Joint arrangements’, IFRS 12, ‘Disclosure of interests in other entities’ and IFRS 13, ‘Fair value measurement’, as well as key amended standards such as IAS 19 (revised), ‘Employee benefits’.

The Manual of Accounting and the PwC / Bloomsbury collaboration
PwC’s Manual of Accounting… Read more…

Comments (0)
Categories : Bloomsbury Professional News, News
Tags : , , ,

Court of Appeal rejects HMRC’s appeal against SHIPS 2 scheme

By natalie_meehan · Comments (0)
Wednesday, July 13th, 2011

Court of Appeal rejects HMRC’s appeal against SHIPS 2 scheme

The latest attempt by HMRC to disallow the SHIPS 2 tax planning scheme has been rejected by the Court of Appeal, although it is unlikely that this decision will resolve the litigation. SHIPS 2 was marketed by Matrix Tax Solutions, and operated in respect of the 2003-04 tax year. Its central feature involved the purchase by a non-resident company of non-qualifying life assurance policies (AIG bonds), followed soon after by their partial surrender and a withdrawal of funds. SHIPS 2 was implemented in seven pre-determined steps. Described by Mummery LJ… Read more…

Comments (0)
Categories : General Taxation, News, Specialist Taxation
« Previous Page
Next Page »
prevnext