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statutory residence test
HMRC

Statutory Residence Test – Do you owe tax for your stay in the UK?​

Statutory Residence Test – Do you owe tax for your stay in the UK? HMRC has released updated guidance on how the Statutory Residence Test (SRT) will operate in relation to the effects of the COVID-19 pandemic.  The Statutory Residence Test legislation allows for an unexpected day spent in the UK to be disregarded if there are exceptional circumstances beyond

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self-assessment tax return
HMRC

HMRC announces self-assessment tax return penalty waivers​

HMRC announces self-assessment tax return penalty waivers HMRC has announced it is waiving late filing and late payment penalties for self-assessment tax return customers. The deadline for filing and paying a 2020/21 self-assessment tax return remains 31 January 2022. However, the penalty waiver will mean that taxpayers can submit their return online by 28 February

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HMRC self-assessment
HMRC

HMRC self-assessment reminder

HMRC self-assessment reminder HMRC is reminding self-assessment taxpayers to declare Covid-19 grants on their 2020/21 tax return. This includes Self-Employment Income Support Scheme (SEISS) grants, which are deemed taxable income. It has been reported that more than 2.7 million people claimed at least one of the SEISS grants, up to 5 April 2021. During the

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HMRC cryptocurrency
Cryptocurrencies

HMRC cryptocurrency update

HMRC cryptocurrency update HMRC will reportedly start issuing ‘nudge’ letters to cryptocurrency investors as a way of encouraging people to check they have paid the correct amount of tax. Investors with cryptoholdings are being urged to check if they have paid the correct amount of either capital gains tax or income tax on their holdings.

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furlough fraud HMRC
Coronavirus Updates

Tax officials seize £26.5m in fraudulent furlough claims

UK tax officials have seized £26.5m from non-existent businesses run by an ‘entrepreneur’ who used the Coronavirus Job Retention Scheme to make fraudulent claims.   According to the Financial Times, the ‘entrepreneur’ who is believed to be a 44-year-old man, used four companies to create seven fake employees to gain access to furlough funds. To

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making tax digital
HMRC

Making Tax Digital for Income Tax

Making Tax Digital (MTD) is set to be introduced from 6 April 2024 for Income Tax Self-Assessment. From this date, self-employed workers and landlords with an annual income above £10,000 will need to follow the new MTD rules.   The new Making Tax Digital rules for Income Tax were originally proposed for April 2023 however,

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corporate criminal offence
HMRC

HMRC to investigate ‘Pandora Papers’ for tax avoidance in the UK

Tax avoidance concerns have been raised following the biggest document leak to date.   The ‘Pandora Papers’ include 12 million documents revealing offshore deals and investments of current and former world leaders, politicians, business leaders, and celebrities who have used tax avoidance schemes to hide their wealth. A number of high-profile individuals are included in

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furlough fraud HMRC
HMRC

HMRC orders tax fraudster to repay £5.5m following tax investigation

A man, who was arrested in 2018 following a tax investigation, has been ordered to repay £5.5m within three months or face a 10-year prison sentence. The man was arrested in 2018 after he was found to have falsely taken £5,952,339 in Income Tax, National Insurance contributions and VAT, between May 2008 and May 2016.

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HMRC

Inconsistent SEISS information delays HMRC’s processing of 2020/21 self-assessment tax returns 

HMRC have recently announced that they have come across several issues whilst processing a number of 2020/21 self-assessment tax returns, due to apparent inconsistencies in claims from previous SEISS grants. The Institute of Chartered Accountants have produced a report into the matter stating that, HMRC have been unable to automatically process numerous 2020/21 self-assessment tax

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Coronavirus Updates

Claim fourth SEISS grant before 1 June deadline

The fourth Self-Employment Income Support Scheme grant, which opened for claims in mid-April, covers 80% of three months’ average trading profits from 1 February 2021 to 30 April 2021. The grant will be capped at £7,500.   Claims for the fourth SEISS grant must be made on or before 1 June 2021. To make a

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HMRC

HMRC makes an arrest over suspected £3.4m furlough fraud

A man and a woman have been arrested after HMRC’s Taxpayer Protection Taskforce officers executed a search warrant last month, as part of an investigation into a suspected £3.4 million Coronavirus Job Retention Scheme fraud.   The individuals from West Yorkshire were both apprehended on 28 April 2021, on suspicion of cheating the public revenue,

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HMRC

General Electric wins court battle against HMRC

The UK Court of Appeal ruled in favour of General Electric in a court case against HMRC on 14th April 2021, following HMRC’s claims that General Electric had made a “fraudulent misrepresentation” in a past agreement. The case looked back on the agreement made in 2005 between GE and HMRC, where HMRC agreed to grant

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register for self-assessment
Coronavirus Updates

HMRC has already opened 10,000 inquiries into potentially fraudulent claims under the furlough scheme and Eat Out to Help Out scheme

Earlier this month, HMRC launched a new taskforce of 1,250 staff to investigate fraudulent furlough claims and Eat Out to Help Out claims. Investigators will be cross-referencing claims under the furlough scheme with other records, such as the Eat Out to Help Out scheme. As part of HMRC’s investigations, a number of businesses have been

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HMRC

HMRC updates guidance on tax treatment of cryptoassets

HMRC has released the latest cryptocurrency guidance on the tax treatment of crypto assets. The guidance has been issued as part of an updated manual, which depicts the tax treatment of cryptoassets. Part of HMRC’s manual features guidance relating to income from staking in proof-of-stake networks. This is the first time that HMRC has released

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HMRC

Financial Institution Notices – Everything you need to know 

The UK government are in the final stages of implementing a new notice in the 2021 Finance Bill, which will allow HMRC to issue Financial Institution Notices (FIN’s). This notice will give HMRC the power to request information from financial institutions for the purposes of checking the position of a taxpayer, without the need for approval

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furlough fraud HMRC
Coronavirus Updates

HMRC will step up investigations into furlough fraud as more than 26,000 cases of suspected fraud have been reported since the scheme began last year

Last year, the government introduced the official Coronavirus Job Retention Scheme (CJRS) to offer support for those businesses who have been forced to close during the pandemic. The scheme allows for employers to claim for 80% of employee’s wages for hours not worked. Unfortunately, furlough fraud has proven to be a widespread issue over the

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furlough fraud HMRC
HMRC

HMRC is consulting on updating transfer pricing documentation rules

As part of the ‘Tax Day’ consultation announcements, HMRC outlined that changes to the transfer pricing documentation rules will allow for more targeted compliance interventions. Changes to the rules will also provide businesses with greater certainty whilst aligning with the requirements of global tax administrators. HMRC figures state that transfer pricing compliance activity has raised

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register for self-assessment
HMRC

HMRC issues 11,000 people with letters questioning claims made under the Coronavirus Self-Employment Income Support Scheme 

HMRC has issued 11,000 people with letters questioning their claims for self-employment support grants. Last year, the UK’s tax authority sent 24,000 similar letters to claimants who said they had stopped trading. Letters have been sent to those who said they had stopped trading either on their 2019/20 self-assessment tax return or by amending their

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furlough fraud HMRC
HMRC

VAT reverse charge for construction sector takes effect on Monday 1st March

After numerous delays, the VAT reverse charge on construction and building services comes into force on Monday 1st March 2021. The new rules will see changes to how VAT is collected in the sector. VAT-registered subcontractors performing qualifying ‘construction operations’ will no longer charge VAT on its services to main contractors. From Monday, it will

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furlough fraud HMRC
HMRC

HMRC loses IR35 appeal against TV presenter

HMRC has lost the long-running tax case involving the employment status of TV presenter, Kaye Adams. The decision was finalised following an Upper Tribunal, which stated that she was not an employee for the BBC and therefore IR35 rules do not apply. The BBC required Adams’ services as a presenter on the Kaye Adams Programme,

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register for self-assessment
HMRC

HMRC waives self-assessment late payment penalty until 1st April  

HMRC has announced that self-assessment taxpayers will not be charged an initial 5% late payment penalty, if they pay their tax or set up a Time to Pay arrangement by 1st April. A Time to Pay arrangement allows for payments to be made in monthly installments up until January 2022. Whilst the late payment penalty

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furlough fraud HMRC
HMRC

HMRC publishes policy briefing to provide support for those affected by changes to off-payroll working (IR35) rules

HMRC published a new policy briefing earlier this week, which outlined the ‘compliance principles’ for implementing off-payroll working (IR35) rules. The guidance reiterates the employer’s responsibility to determine the individual’s employment status, under the new IR35 rules. HMRC has confirmed they will not be issuing any penalties in the first 12 months, for any inaccuracies.

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HMRC

Cryptocurrencies targeted by global tax enforcement chiefs

Five international tax enforcement leaders known as the Joint Chiefs of Global Tax Enforcement or J5, have formed an alliance to combat tax evasion. The J5 includes, the UK, the US, Australia, Canada and the Netherlands. The leaders meet on a yearly basis to collaborate on tackling common tax evasion issues. This year the meeting

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register for self-assessment
HMRC

Retirees hit with unexpected tax bills following pension withdrawals

Under the pension freedom rules, introduced in 2015, anyone over the age of 55 is able to withdraw as much cash as they like, whenever they like, from their retirement savings. In the last three months of 2020, nearly £26million was reclaimed from HMRC in pension savings however, many savers are unaware that they may

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HMRC

Off-payroll working (IR35) rules are changing on 6th April 2021

Off-payroll working (IR35) rules will be changing on 6th April 2021. From this date the rules will change regarding how companies engage with individuals through personal service companies. Under the new IR35 rules it will be the employer’s responsibility to assess the individual’s employment status. This change will affect all medium and large sized businesses,

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furlough fraud HMRC
Coronavirus Updates

Taxpayers in £4bn of debt to HMRC as self-assessment deadline approaches

Many are facing higher tax bills this year as deferred bills from last year are beginning to catch up, this has resulted in taxpayers accumulating £4bn in debt with HMRC. The coronavirus pandemic has had a lasting effect on the UK economy, with many people out of work and businesses being forced to temporarily close.

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HMRC

Are Bitcoin profits subject to Capital Gains Tax?

In recent months, investors in the cryptocurrency Bitcoin, have made fortunes from their dealings. One crypto winner, who invested in Bitcoin over the past 3 years, now has £150,000 worth of the cryptocurrency. The plan is to cash in on the winnings, but are people aware of the tax implications they could face? For tax

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furlough fraud HMRC
Coronavirus Updates

HMRC issues warning over fraudulent furlough claims

The furlough scheme was launched in March 2020 in an effort to minimise job losses during the coronavirus pandemic. Under the scheme, employees will receive 80% of their wages, up to a total of £2,500 a month, off the government. At its peak in May last year, the furlough scheme was supporting 8.9 million jobs.

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furlough fraud HMRC
HMRC

HMRC are pursing multinationals in corporate tax dispute

HMRC are investigating large companies who they believe could be wrongly paying less UK tax, due to their cross-border financial arrangements. HMRC have started a criminal investigation into businesses that allocate their profits between different countries, in connection with transfer pricing. Transfer pricing can legally allow for connected companies to minimise their tax liabilities by

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Brexit

Post Brexit: Where UK citizens working in the EEA and Switzerland need to pay their National Insurance or social security contributions

The end of the Brexit transition period signified new rules for the UK. From 1st January 2021, where workers/employers pay social security contributions will depend on certain criteria, including the country in which work is being undertaken. For work in the EU, Switzerland or Norway, a worker will only need to pay into one country’s

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furlough fraud HMRC
HMRC

HMRC issues warning after surge in Self-Assessment scams

As the deadline for self-assessment tax returns approaches, people are being warned to be aware of scams from fraudsters claiming to be HMRC. Criminals are taking advantage of the self-assessment deadline by sending fake emails and texts, along with fake calls offering ‘tax rebates’ and ‘refunds’ as a way of gaining personal information, in particular

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HMRC

Temporary tax easement for cycle-to-work schemes effected by coronavirus

In a written statement from the Financial Secretary of the Treasury to parliament, it was announced that a temporary tax easement will be introduced on the cycle-to-work schemes. The cycle-to-work schemes benefit from a tax exemption on bicycles and safety equipment provided to staff, on the provisions that they are used ‘mainly for qualifying journeys’

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HMRC

Maintaining the current Stamp Duty Land Tax holiday threshold could provide millions for the Treasury

An extension of the Stamp Duty Land Tax (SDLT) threshold after 31st March 2021, rather than returning to the £125,000 threshold, could generate higher consumption. This has the potential of increasing housing market activity, which subsequently could provide a fiscal surplus of £139 million per year. Research suggests that maintaining the current SDLT holiday threshold

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furlough fraud HMRC
HMRC

HMRC have made arrests in relation to fraudulent R&D tax relief claims

In recent months, HMRC has been investigating fraudulent Research and Development (R&D) tax relief claims. In November 2020, HMRC arrested three men involved in a fraudulent tax relief claim for £29.5 million. Through one of the individual’s companies, the three men tried to acquire tax relief on £137 million, for the purposes of developing a

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making tax digital
HMRC

Reminder for trustees and agents to update the trust register or make a ‘no change’ declaration by 31st January 2021

Professional bodies, including The Chartered Institute of Taxation, are urging trustees and agents to update their details on the Trust Registration Service or make a ‘no change’ declaration by 31st January 2021. HMRC have provided clarification for completing the 20.1 tick box question on the Trust and Estate return (SA900). Trustees and agents should ensure

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Corporate Criminal Offence

How non-compliance with the new IR35 rules could result in your company being subject to a potential criminal investigation under the Corporate Criminal Offence (The Failure to Prevent the Facilitation of Tax Evasion)

Off-payroll working rules (IR35) will be changing on 6th April 2021. From this date the rules regarding how companies engage with individuals through personal service companies, will be affected. See our article on ‘New changes to off-payroll working rules (IR35)’ for further details on the changes. Companies should be aware of the changes to the

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register for self-assessment
HMRC

The process for claiming R&D relief will change from April 2021

From 1st April 2021, HMRC have confirmed that all companies will be required to complete a supplementary page when claiming for the following: Small and medium-sized enterprises (SME) Research and Development Relief SME Payable Tax Credit SME Research and Development Expenditure Credit The supplementary page (CT600L) will need to be completed when submitting the corporation

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register for self-assessment
HMRC

Guidance update for businesses settling deferred VAT due to coronavirus

HMRC has updated its guidance for VAT-registered businesses who deferred their VAT between 20th March and 30th June 2020, due to the Covid-19 pandemic. Businesses who still have payments to make can: Pay the full deferred VAT amount on or before 31st March 2021 Opt into the new payment scheme that launches in 2021 Contact

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HMRC

Extension to late loan charge spreading elections

The Low Income Tax Reform Group (LITRG) has welcomed the decision to extend the late loan charge spreading elections up to 31st December 2020. The original deadline was 30th September 2020, but was missed by a number of people. A Statement of Practice has been published by HMRC that outlines how they will accept late

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HMRC

Virtual Christmas party tax relief update

HMRC have been pushed to acknowledge that ‘normal’ Christmas parties are unlikely to go ahead this year. As some employers are opting to throw a virtual Christmas party, clarification has been needed as to whether the same rules apply, regarding tax relief. It has now been confirmed by HMRC, that employers will be able to

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register for self-assessment
HMRC

New changes to off-payroll working rules (IR35)

Off-payroll working rules (IR35) are set to change on 6th April 2021. From this date the rules will change regarding engaging with individuals through personal service companies. These changes will effect medium and large sized businesses, as well as all public authorities. Under the new changes, organisations will be responsible for determining whether the off-payroll

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HMRC

Are ‘Virtual’ Christmas parties eligible for tax relief?

Are ‘Virtual’ Christmas parties eligible for tax relief? The Association of Taxation Technicians (ATT) is asking HMRC to clarify whether virtual Christmas parties fall under the tax relief this year. As a result of the coronavirus pandemic, Christmas parties are set to be a little different this year as usual work functions will not be

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Corporate Criminal Offence

Corporate Criminal Offence. Why it’s important your business is aware of this legislation.

The Corporate Criminal Offence (CCO) legislation was introduced in September 2017 to help prevent the facilitation of tax evasion in businesses. The legislation holds corporations liable if they fail to prevent anyone acting on behalf of their company from facilitating tax evasion. Facilitating tax evasion is a criminal offence and is subject to sanctions. CCO

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Coronavirus Updates

Coronavirus support scheme overpayment penalty guidance issued by HMRC

HMRC have issued guidance on penalties that might be incurred where there is failure to notify of an overpayment made under certain coronavirus support schemes, the following schemes are included: Coronavirus Job Retention Scheme, Self-Employment Income Support Scheme and Eat Out to Help Out Scheme. Failure to notify if you have received a coronavirus support

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register for self-assessment
HMRC

Government has proposed draft legislation for Plastic Packaging Tax

The government has proposed a draft legislation to introduce a Plastic Packaging Tax, which would take effect from April 2022. The aim of the tax is to provide businesses with an economic incentive to start using recycled material when manufacturing plastic packaging. The tax will increase levels of recycling and plastic waste collection by increasing

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HMRC

What tax relief can your company claim at Christmas?

As the coronavirus pandemic continues, it is looking highly unlikely that Christmas parties will be the same this year. Under normal circumstances employers who hold annual events, such as Christmas parties, for their employees may be able to benefit from a limited tax relief under specific criteria. Whilst there is no specific tax legislation that

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making tax digital
HMRC

HMRC VAT Changes

HMRC will be migrating their VAT customers from VAT Mainframe on to their Enterprise Tax Management Platform. These changes will take place from March 2021. The new changes do not affect any customers already signed up to Making Tax Digital, as their records are already stored on the Enterprise Tax Management Platform. Any VAT businesses

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making tax digital
HMRC

Companies House Bank details have changed

Anyone making payments via bank transfer (BACS) will need to use companies house updated bank details from 1st September 2020. Following on from the recent change in status of Companies House, from a trading fund to a central government organisation, Companies House must use bank accounts which come under the government bank account scheme. Taxpayers

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HMRC

HMRC have been Issuing warning letters for P11D and P11D (b)

It has recently been reported by the Institute of Chartered Accountants in England and Wales (ICAEW) that employers and agents who have submitted forms P11D and P11D (b) on time have been receiving penalty warning letters from HMRC. HMRC offered the following explanations to the ICAEW: For online filings: processing delays could include, processing delays

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HMRC

Corporation Tax overpayments soar past £9bn in the last year

Over the last year (year end 31st March 2020) UK businesses overpaid at least a whopping £9.1 billion in corporation tax according to UHY Hacker Young . This figure has risen significantly from £8.1 billion the previous year. The figures come from the total amount refunded to businesses over HMRC’s tax year which spans 1st

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HMRC

Capital Gains Tax: UK residential property disposals

HMRC has revised its guidance to note that, due to coronavirus, HMRC did not issue late penalties on any transactions that were executed between 6 April and 30 June 2020. This relaxation of the penalty regime was given where the gain was reported and any tax due was paid by 31 July 2020. However, if

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making tax digital
HMRC

HMRC’s new powers under FA 2020 for CJRS fraud

The government introduced Coronavirus Job Retention Scheme (CJRS) on the 20 March 2020 to combat a potential loss of UK jobs across all sectors during the coronavirus pandemic. Originally, the CJRS had been set to end on 30 June 2020, however, following lobbying from various industry groups, the government extended the scheme and it is

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HMRC

Claimants Urged to Check Tax Credit Renewals After HMRC Error

Following what HMRC are describing as a human error, when this years automatic renewals notices were sent out over 1 million of them had omitted income details. Further letters have subsequently been sent to those effected but we are now urging anyone receiving tax credits to carefully check their annual renewals before the deadline on

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HMRC

Update on the SRT position

In a recent article we discussed how COVID-19 could potentially have an impact on the UK tax position of expats and non-UK residents who could not leave the UK. These individuals risked exceeding the allotted amount of days to remain non-resident for tax purposes due to cancelled flight and self-isolation measures. With this considered, HMRC have

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HMRC

Unplanned tax bills could hit Non-Residents & UK Expats

As an unexpected consequence of travel disruptions caused by the current COVID-19 outbreak, UK expats & non-residents could be faced with an unexpected tax bill, if they fall foul of the Statutory Residence Test (SRT). Under the rules of the SRT, non-residents and UK expats pay no income tax on their foreign earnings so long

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HMRC

IR35 Delayed Amidst Coronavirus Pandemic

The government announced that the controversial changes to IR35 will be postponed until April 2021. A move which is designed to help alleviate the pressures being imposed on businesses by Covid-19. Steve Barclay the chief secretary of the treasury was however, quick to emphasise that this is merely a delay to the reforms and not

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HMRC

HMRC announce cuts to late payment interest rates

The Bank of England’s decision on 11th March to cut the interest rates from 0.75% to 0.25% has resulted in HMRC following suit. Given that HMRC’s interest rates are linked to the Bank of England’s, there is no surprise that yesterday HMRC announced that their late payment interest rates will fall by the same amount

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HMRC

HMRC prompting those with offshore assets

Your offshore assets, income and gains – HMRC using ‘nudge letters’ to prompt disclosures  Specialist Taxation Services (Europe) Limited (STS Europe) have observed an increase in clients approaching the firm to seek advice on HMRC correspondence relating to their offshore assets. Common Reporting Standard (CRS) is an information standard for the automatic exchange of information regarding

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HMRC

HMRC launches a new ‘secret’ unit to tackle inheritance tax avoidance

It appears that HMRC have their sights set on Inheritance Tax avoidance by wealthy families. News has broken of a new team inside of HMRC that has been specifically tasked with investigating the use of Family Investment Companies (FICs). Financial Investment Companies are a bespoke vehicle which can, and often are, be used as an

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Forensic analysis for briery and corruption cases
HMRC

Cayman Islands placed on EU tax haven blacklist

The Cayman Islands has been added to the European Union’s tax haven blacklist. According to the EU, the UK overseas territory has failed to implement tax reforms they had committed to by the agreed deadline. The EU Blacklist was set up as part of the EU’s strategy on effective corporate taxation, with a view to

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making tax digital
HMRC

Recognising genuine HMRC communication

What is phishing? “Phishing” is an illegal attempt to “fish” for an individual’s private and sensitive data. It works by using false pretences to lure individuals into disclosing personal or financial information such as bank account details, credit card details, and passwords. One of the most common phishing scams involves sending emails/SMS that fraudulently claim

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HMRC

No Retrospective Enquiries Under New IR35 Rules?

New IR35 Rules In a statement about IR35 (off-payroll working) at the end of October 2019, HMRC has set out how it intends to manage and enforce new IR35 rules when they take effect on 6 April 2020. While there’s no change to the principles which determine if IR35 applies, from April 2020 the responsibility for deciding shifts from those

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making tax digital
HMRC

Recognising genuine HMRC communication

What is phishing? “Phishing” is an illegal attempt to “fish” for an individual’s private, sensitive data. It works by using false pretences into disclosing personal or financial information such as bank account details, credit card details, and passwords etc. One of the most common phishing scams involves sending emails/SMS that fraudulently claims to be from

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HMRC

Capital Gains Tax on Residential Property is Changing

Background Starting from April 2020, the way you report and pay capital gains tax (CGT) generated from residential property disposals will change. Currently you are required to report any capital gains made from residential properties (not covered by PPR relief) on your Self Assessment (SA) returns. Therefore, it is important that you are aware of

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Tax investigations
HMRC

HMRC advisory fuel rates for company car users from 1 June

HMRC has published revised advisory fuel rates for company cars, applying from 1 June 2019. The rates are to be used only where employers either reimburse employees for business travel in their company cars, or require employees to repay the cost of fuel used for private travel. Advisory Fuel Rates from 1 June 2019 These

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HMRC

HMRC Clamp Down on Loan Charge Sidestep Schemes

The introduction of the retrospective loan charge has been extremely controversial with taxpayers facing bankruptcy and a recent damning report stating that the charge has resulted in at least one suicide. Despite recommendations for the charge to be suspended for a 6 month period, HMRC are still active in pursuing offenders and this has lead to warnings from

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HMRC

Appointing someone to deal with HMRC on your behalf

HMRC have agreed that on occasions someone other than a tax advisor may need to help you with your tax affairs, we look at the procedures you will have to follow and what’s involved depending on the situation. Phone Conversations For a one-off arrangement HMRC will speak to someone other than your agent on the

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HMRC

HMRC vs Entrepreneurs’ Relief

HMRC have recently been take to the First-tier Tribunal (FTT) twice based on their interpretation of the qualifying conditions for Entrepreneurs’ Relief. Whilst one decision ruled in their favour (Hunt vs HMRC), the second case went against them. What is clear from these challenges, is those advising individuals on their investments must be careful and

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