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Posts Tagged ‘HMRC’

What price the 50% tax rate?

When the previous Government introduced the idea of a 50% top tax tier many predicted that all this would achieve would be a mass exodus of the wealthy from UK shores. Indeed in an article of 13 December 2009, the Sunday Times reported that Britain’s financiers and entrepreneurs were quitting the UK at the rate…

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Tax help for riot-affected businesses

For those businesses affected by last week’s riots, the last thing that they need is to have to deal with questions of tax. Well done then to HMRC who have opened a dedicated help line for all those individuals and businesses affected by the riots. The helpline (0845 366 1207) is to be staffed by…

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Self Assessment

Those with straightforward tax affairs who are paid via PAYE may never have to complete a self assessment tax form. For the rest, including the self employed, company directors, trustees and those with a foreign income completion of an annual self assessment form is a necessity. When it comes to paying tax a few of…

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New projects for the Office of Tax Simplification

The Exchequer Secretary, David Gauke, has written to the Office of Tax Simplification (OTS) asking them to review three further areas of taxation. The aim of these reviews is to streamline and simplify the process of tax calculations thereby reducing cost and hopefully eliminating the chance of error. The three areas concerned are: Taxation of…

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Balancing charity giving with bequests

One of the “surprises” of the 2011 Budget was the announcement that the Government intended to reward those who leave money to charity after their death. Effectively the Inheritance Tax Charitable Relief scheme allowed those leaving 10% of their estate to charity would receive tax relief of the equivalent amount. The consultation process aimed at…

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Stamp Duty Land Tax case won by taxpayer

The first Stamp Duty Land Tax (SDLT) case taken to the Tax Tribunal by HMRC has been won by the taxpayer. This victory is a vindication of the interpretation commonly applied to one aspect of SDLT regulations by experts although an appeal by HMRC is expected. SDLT applies when property above a certain value is…

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Income tax planning 2010/11

HMRC has issued a timely reminder to everyone filing Income Tax Self Assessment (ITSA) Tax Returns that the new penalty regime for late filing of returns starts shortly. This includes not only an initial £100 fine but daily charges of £10 for the first 90 days, followed by further charges and interest. One major change…

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Attention Property Lawyers!

Property lawyers and conveyancers should be aware that HM Revenue and Customs (HMRC) have announced a change to the information required in Stamp Duty Land Tax (SDLT) returns. HMRC has stated that the new forms will be available for use from April 2011 and must be used with effect from 4 July 2011.

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Furnished Holiday Lettings Rules

The Government has recently published revised proposals for new rules on the taxation of furnished holiday lettings (FHLs). According to the Government’s own figures, approximately 25% of existing FHL businesses will cease to qualify under the proposed new rules. Simon Newsham summarises the Government’s proposals below. What are the existing rules for FHLs? In general,…

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