HMRC take action on ‘hybrid’ Buy-To-Let schemes
There has been some interesting developments on 4th October 2023 regarding tax efficient savings for Buy-To-Let property investors from HMRC perspective after some highly reputable tax saving firms using schemes that we have known, and explained to our clients for...
Capital Gains Tax £2bn rise to £16.7bn
Capital Gains Tax (CGT) in the UK has risen by over £2bn to a record £16.7bn for 2021-2022 with 394,000 taxpayers contributing to this with the total amount of taxpayers rising by 20%. This liability was claimed on £92.4 billion of gains In 2020-2021 the CGT liability...
Football agents scrutinsed by the Tax Policy Associates
Premier League football clubs are being scrutinised for structuring their payments to football agents with an estimate of around £470 million in lost revenue since 2015, Tax Policy Associates (TPA) have reported. The player contracts are said to be structured so the...
HMRC claim £6.4 billion in Inheritance Tax
HMRC inheritance tax receipts have risen nearly £1 billion from the year before taking this to a record £6.4 billion in the financial year 2022 to 2023. The previous year's inheritance tax receipts prove that IHT planning is crucial for the keepsake of your family and...
Inheritance tax freeze could push 10,000 families over the IHT threshold
The Chancellor of the Exchequer, Jeremy Hunt, could extend the inheritance tax Nil Rate Band freeze from 2025-26 to 2027-28 in the Autumn statement on November 17th. Hunt is planning to raise £54 billion through tax rises and feels that the extended IHT threshold...
Fiat Chrysler wins appeal against the EU
Fiat Chrysler have won their appeal on Tuesday 8th November against an EU order to pay back taxes to Luxembourg of around 30 million euros (£26 million). This began as Margrethe Vestager tries to crack down on deals between EU countries and multinationals. Vestager...
3 arrested after Electronic Sales Suppression (ESS) crackdown
HMRC has been targeting till fraud after new powers were introduced resulting in the arrest of 3 individuals across the UK. Electronic Sales Suppression (ESS) systems help the user hide or reduce the cost of till sales to evade the correct tax to be paid. HMRC can now...
How far can a tax investigation go back?
If you are under a tax investigation from the HMRC you may be wondering how far back in your company accounts the HMRC can look into. There are a number of factors for HMRC to consider depending on the severity of any tax avoidance or tax evasion. If the...
How do you calculate Corporation Tax?
Corporation tax is the tax that UK companies have to submit each financial year to HMRC to pay on their taxable profits. The current corporation tax rate is 19%, so if your company has a Turnover of £100,000 during the financial year with £20,000 as tax deductions,...
When do you pay stamp duty land tax?
When you sell a property, you have to submit your Stamp Duty Land Tax return to HMRC within 14 days. Whilst selling your property you would generally have to engage with a solicitor, agent or conveyancer to handle the legal sides of a sale. They would usually...
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