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Posts Tagged ‘HMRC’

Beware the one year window

With the deadline for submitting self assessment tax returns rapidly approaching, we have had a timely reminder of the importance of submitting returns on time. Those wanting to submit a paper return had until last October to do so, leaving on line filing as the only option now open. HMRC will issue a £100 fine…

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2011, a taxing time

As we say goodbye to 2011 and start digesting the many hundreds of pages which make up the draft legislation for the 2012 finance bill; it is perhaps worth taking stock of the year just past and reflecting on what this might mean for the future of taxation. For many, 2011 was the year of…

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Property tax evasion taskforce

Earlier this month, HMRC announced the launch of a task force wit the brief of tackling “tax evasion on property transactions in Greater London”. The taskforce is to target cases where there is a deliberate failure to comply with the Option to Tax regime. The Option to Tax regime basically allows the supply of land…

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HMRC targets those with homes overseas

The days when overseas property and investments were largely invisible to the UK tax authorities are well behind us. International treaties together with the availability of computerised records mean that HMRC are able to access vast amounts of information about our affairs across the globe. One of HMRC’s latest targets relates to overseas homes. Initially…

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Business records and tax returns

Self Assessment tax returns With only a couple of weeks left to get paper self assessment tax returns in on time, HMRC are reminding taxpayers that if they do want to submit a paper return they need to do it soon. The rules on penalty charges have toughened up this year and taxpayers will be…

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The Tax Gap

There is a famous saying about lies and statistics which is often quoted when anyone doesn’t want to believe the statistics they are being presented with. Indeed, it is true that how you present statistics is as important as the statistics themselves. A recent science experiment on the television presented participants with two plates of…

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Manufactured Overseas Dividends

The Government has taken immediate steps to clarify the tax treatment of Manufactured Overseas Dividends (MOD) by publishing draft legislation to be incorporated within the 2012 Finance Bill. The legislation will take effect for MOD paid on or after the date of the announcement, 15 September 2011, and is estimated to increase tax receipts by…

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Defined Benefit Schemes

Defined Benefit schemes have taken a hefty knock in recent years. These schemes, otherwise known as Final Salary Schemes, promise an employee a set percentage of their salary on retirement. Usually calculated in 60ths or 80ths the percentage is often based on the number of years in which the employee worked for the company. Once…

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Tax Treaties Anti-Avoidance legislation

N.B. On 9 September 2011 the Government announced that in view of concerns raised it has “decided not to proceed further with the consultation on the proposed legislation and will not include it in Finance Bill 2012.” The recent announcement of the agreement between Swiss and UK authorities in respect of taxation on investments held…

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Historic Swiss-UK tax treaty

After a short delay earlier this year the UK and Swiss authorities have announced an agreement on the treatment of monies held by British Citizens in secret Swiss bank accounts. Still to be signed by both governments and ratified in Parliament, the agreement is expected to come into force in 2013. Within the agreement, the…

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