Technical

Technical
1 September 2017

HMRC are no longer issuing daily penalties for late NRCGT returns and are withdrawing those already issued.

Technical
1 September 2017

HMRC have created an in-year fix to address errors in the 2016/17 income tax calculator software.

Technical
1 September 2017

In early July, HMRC held a ‘Talking Points’ webinar about their aim to reduce cheque payments by post and the elimination of refunds made by payable order. LITRG listened in.

Technical

The delay in the introduction of Making Tax Digital is welcome, but there is still much to do to ensure Making Tax Digital works for VAT from the proposed date of April 2019.

Technical
1 September 2017

HMRC have published their long awaited guidance on the distributions on company winding up (or phoenixing) Targeted Anti-Avoidance Rule (TAAR) introduced by Finance Act 2016.

Technical
1 September 2017

The CIOT would welcome your comments on HMT’s consultation on ‘patient capital’ which is defined as ‘long-term investment in innovative firms led by ambitious entrepreneurs who want to build large-scale businesses’. This includes consideration of many tax reliefs which play a role in promoting entrepreneurship including EIS, SEIS, VCTs, Entrepreneurs’ Relief and Business Property Relief.

Technical
1 September 2017

The Office of Tax Simplification (OTS) has published a focus paper calling for views on whether disincorporation relief (which is due to expire on 31 March 2018) is achieving its purpose.

Technical
1 August 2017

The impact of unclear and out of date guidance can be a significant barrier to the smooth and fair operation of the tax system. This is an issue that our members regularly contact us about. What can be done to improve the current situation?

Technical
1 August 2017

Appeals to the tax tribunal can now be filed online.

Technical
1 August 2017

PAYE is changing, HMRC is starting to use RTI data from employers in real time when recalculating employees’ tax codes. The RTI feed will be used to estimate earnings when a tax code review is triggered, for example when a new benefit-in-kind is notified. Where HMRC calculate that the new tax code will under-collect tax for the remainder of the year an in-year restriction will be included in the tax code, aimed at collecting that estimated underpayment in year.