Here we go....

Here we go....

Didn't find your answer?

12.30pm is upon us....

Replies (26)

Please login or register to join the discussion.

Portia profile image
By Portia Nina Levin
25th Nov 2015 12:44

It amuses me to see the headline "George Osborne is on his feet". I assume he is normally rat-arsed and horizontal.

Thanks (2)
Replying to Rammstein1:
paddle steamer
By DJKL
25th Nov 2015 12:51

Tired and emotional

Portia Nina Levin wrote:
It amuses me to see the headline "George Osborne is on his feet". I assume he is normally rat-arsed and horizontal.

Was that not a different political George in the 1970s when politicians were not quite so managed.

Thanks (0)
By Tim Vane
25th Nov 2015 12:45

Well, if we are now using Any Answers as a time piece, it is now 12.45. Time to start thinking about lunch.

Thanks (1)
Locutus of Borg
By Locutus
25th Nov 2015 12:57

Not heard anything so far about personal service companies

Fingers crossed.

Thanks (0)
By Howard Marks
25th Nov 2015 12:58

@Portia

Are you posting from your mobile whilst sitting just a few yards from him??

Thanks (0)
avatar
By User deleted
25th Nov 2015 13:09

Did he say CGT on disposals of residential property to be paid within a month of the disposal??

 

Err, why?

Thanks (0)
Replying to AndrewV12:
By Howard Marks
25th Nov 2015 13:11

CGT

Phil Yaboots wrote:

Did he say CGT on disposals of residential property to be paid within a month of the disposal??

 

Err, why?

 

So they get their slice a tad quicker i'd have thought and to stop homeowners potentially spending it and falling into debt.

Thanks (1)
Replying to stepurhan:
avatar
By User deleted
25th Nov 2015 13:44

Indeed, just waiting to hear similar measure for shares and every other chargeable asset.

So not homeowners entitled to PPR then - or has he abolished that?

Howard Marks wrote:

Phil Yaboots wrote:

Did he say CGT on disposals of residential property to be paid within a month of the disposal??

 

Err, why?

 

So they get their slice a tad quicker i'd have thought and to stop homeowners potentially spending it and falling into debt.

Thanks (0)
Replying to stepurhan:
blue sheep
By NH
25th Nov 2015 14:07

Err why not?

Howard Marks]</p> <p>[quote=Phil Yaboots wrote:

Did he say CGT on disposals of residential property to be paid within a month of the disposal??

 

Err, why?

 

the way it is done in certain other countries is that the CGT is taken out by the solicitor handling the sale, seems like the obvious way to do it to me.

Thanks (1)
Replying to Justin Bryant:
By petersaxton
25th Nov 2015 14:34

Solicitor?

NH]</p> <p>[quote=Howard Marks wrote:

Phil Yaboots wrote:

Did he say CGT on disposals of residential property to be paid within a month of the disposal??

Err, why?

the way it is done in certain other countries is that the CGT is taken out by the solicitor handling the sale, seems like the obvious way to do it to me.

Will the solicitor ask an accountant for losses brought forward and costs, etc. before calculating the CGT?

Thanks (0)
Replying to stepurhan:
paddle steamer
By DJKL
25th Nov 2015 14:15

This will be interesting

Howard Marks wrote:

Phil Yaboots wrote:

Did he say CGT on disposals of residential property to be paid within a month of the disposal??

 

Err, why?

 

So they get their slice a tad quicker i'd have thought and to stop homeowners potentially spending it and falling into debt.

This will be interesting. How in practice it will work re offset re existing losses at point of sale and losses between sale and the end of the tax year may be slightly complex. Wonder how many more pages of legislation will be needed to deal with this acceleration and how fast HMRC will be where later losses subsequently extinguish the liability. Will CGT on sales and its settlement become part of the conveyancing process like stamp duty?

Thanks (0)
Replying to Paul Crowley:
avatar
By WhichTyler
25th Nov 2015 14:33

Don't hold your breath...

This requirement will be introduced from April 2019 to ensure that HMRC’s digital systems are ready to provide support, making paying this tax simpler and quicker for taxpayers.

Thanks (0)
Richard Hattersley
By Richard Hattersley
25th Nov 2015 13:50

Well...

The Chancellor has finished his spending review speech. 

What did you all think? Are you all off to read the documents for the hidden detail? 

Thanks (0)
avatar
By WhichTyler
25th Nov 2015 14:37

Unlike this one

"Stamp duty land tax: additional properties – Higher rates of SDLT will be charged on purchases of additional residential properties (above £40,000), such as buy to let properties and second homes, from 1 April 2016. The higher rates will be 3 percentage points above the current SDLT rates. The higher rates will not apply to purchases of caravans, mobile homes or houseboats, or to corporates or funds making significant investments in residential property given the role of this investment in supporting the government’s housing agenda. The government will consult on the policy detail, including on whether an exemption for corporates and funds owning more than 15 residential properties is appropriate."

15 residential properties is probably within some BTL portfolios, so expect the BTL lobby to campaign for the threshold to be lowered so they are not too hard hit (poor darlings)

Thanks (0)
Replying to LemonJelly:
Portia profile image
By Portia Nina Levin
25th Nov 2015 14:44

Oh look!

WhichTyler wrote:

"Stamp duty land tax: additional properties – Higher rates of SDLT will be charged on purchases of additional residential properties (above £40,000), such as buy to let properties and second homes, from 1 April 2016. The higher rates will be 3 percentage points above the current SDLT rates. The higher rates will not apply to purchases of caravans, mobile homes or houseboats, or to corporates or funds making significant investments in residential property given the role of this investment in supporting the government’s housing agenda. The government will consult on the policy detail, including on whether an exemption for corporates and funds owning more than 15 residential properties is appropriate."

15 residential properties is probably within some BTL portfolios, so expect the BTL lobby to campaign for the threshold to be lowered so they are not too hard hit (poor darlings)

Thanks (1)
Replying to LemonJelly:
avatar
By WhichTyler
26th Nov 2015 13:01

My heart bleeds...

WhichTyler wrote:

15 residential properties is probably within some BTL portfolios, so expect the BTL lobby to campaign for the threshold to be lowered so they are not too hard hit (poor darlings)

And here we go...

 

http://www.dailymail.co.uk/news/article-3334304/Huge-stamp-duty-rises-re...

 

(gets out world's tiniest violin)

Thanks (0)
avatar
By WhichTyler
25th Nov 2015 14:39

And more..

Simple assessment – The government will publish draft legislation that will enable a new, simpler process for paying tax. This will be used for taxpayers in self-assessment who have simple tax affairs where HMRC already holds all the data it needs to calculate the tax liability, and where existing payment processes are not available. Taxpayers will be sent a calculation which will be a legally enforceable demand for payment, and taxpayers will be able to challenge and appeal these calculations. This process will come into effect in the 2016-17 tax year. (Finance Bill 2016)

Thanks (0)
avatar
By WhichTyler
25th Nov 2015 14:40

On or before... :-(

‘On or Before’ Reporting Obligation Review – The government has decided that the 2 year temporary relaxation, allowing existing micro-employers using Real-Time PAYE to report all payments they make in a tax month on or before the last payday in the tax month rather than on or before each and every payday, will end as planned on 5 April 2016. This will align the treatment for existing micro-employers with all other employers, and follows a review the government committed to undertake at Autumn Statement 2014, as recommended by the OTS.

Thanks (0)
By petersaxton
25th Nov 2015 14:49

Making tax digital

https://www.gov.uk/government/publications/main-tax-announcements-for-au...

The government will invest £1.3 billion to transform HM Revenue and Customs (HMRC) into one of the most digitally advanced tax administrations in the world. Most businesses, self-employed people and landlords will be required to keep track of their tax affairs digitally and update HMRC at least quarterly via their digital tax account, reducing errors through record keeping.

HMRC will ensure the availability of free apps and software that link securely to HMRC systems and provide support to those who need help using digital technology. This will not apply to individuals in employment, or pensioners, unless they have secondary incomes of more than £10,000 per year.

The government will publish its plans to transform the tax system shortly and will consult on the details in 2016.

Thanks (0)
Replying to SimonStone:
RLI
By lionofludesch
25th Nov 2015 14:59

Tory Dreamers

petersaxton wrote:

The government will invest £1.3 billion to transform HM Revenue and Customs (HMRC) into one of the most digitally advanced tax administrations in the world. Most businesses, self-employed people and landlords will be required to keep track of their tax affairs digitally and update HMRC at least quarterly via their digital tax account, reducing errors through record keeping.

How does submitting records quarterly reduce errors ?  Can errors not happen in a period of less than three months ?

Confident prediction

This will reduce tax for the small businessman as his accountant's fees will increase.

Thanks (0)
avatar
By Cloudcounter
25th Nov 2015 14:55

Disguised remuneratoin

I haven't found anything myself but I just had a newsletter from a London based tax practice with the following:

Disguised remuneration – legislation will be introduced later, but with effect from today to tackle cases where tax on earned income is avoided.

It will be interesting to see the wording on the announcement - the first thought is that it's inequitable to tax something from today without specifying what is to be taxed

Thanks (0)
Replying to Arthur Putey:
By jon_griffey
25th Nov 2015 15:03

Dividends

Cloudcounter wrote:

I haven't found anything myself but I just had a newsletter from a London based tax practice with the following:

Disguised remuneration – legislation will be introduced later, but with effect from today to tackle cases where tax on earned income is avoided.

It will be interesting to see the wording on the announcement - the first thought is that it's inequitable to tax something from today without specifying what is to be taxed

I saw that on the HMRC site.

It suggests that dividends paid from today may be subject to some sort of IR35 charge.

Thanks (0)
Replying to jonharris999:
By JCresswellTax
25th Nov 2015 15:10

Doubt it

jon_griffey wrote:

Cloudcounter wrote:

I haven't found anything myself but I just had a newsletter from a London based tax practice with the following:

Disguised remuneration – legislation will be introduced later, but with effect from today to tackle cases where tax on earned income is avoided.

It will be interesting to see the wording on the announcement - the first thought is that it's inequitable to tax something from today without specifying what is to be taxed

I saw that on the HMRC site.

It suggests that dividends paid from today may be subject to some sort of IR35 charge.

This is to do with tax avoidance schemes, not close company dividends.

Thanks (3)
Replying to ireallyshouldknowthisbut:
avatar
By Cloudcounter
25th Nov 2015 15:21

Found it

JCresswellTax wrote:

jon_griffey wrote:

Cloudcounter wrote:

I haven't found anything myself but I just had a newsletter from a London based tax practice with the following:

Disguised remuneration – legislation will be introduced later, but with effect from today to tackle cases where tax on earned income is avoided.

It will be interesting to see the wording on the announcement - the first thought is that it's inequitable to tax something from today without specifying what is to be taxed

I saw that on the HMRC site.

It suggests that dividends paid from today may be subject to some sort of IR35 charge.

This is to do with tax avoidance schemes, not close company dividends.

 

I've found the paragraph in the report on the statement - tucked away on P123:

 

3.87 Disguised remuneration – The government intends to take action against those who have used or continue to use disguised remuneration schemes and who have not yet paid their fair share of tax. The government will also consider legislating in a future Finance Bill to close down any further new schemes intended to avoid tax on earned income, where necessary, with effect from 25 November 2015.

There is a comment in the Aweb coverage from Ed Molyneux

"Following consultation, relief will be restricted for individuals working through personal service companies where the intermediaries legislation applies. This change will take effect from 6 April 2016."

At least we'll know about that in advance!

 

 

Thanks (1)
avatar
By darrenwilliams
25th Nov 2015 14:58

The update HMRC quarterly is rather worrying and hard to imagine how this could be done for most self employed/Landlords persons.

If when they say businesses this includes Ltd companies, this then is very scary and can not see how it would work in the real world.

Shame it was sold as getting rid of an annual return, only to be replaced by quarterly returns, shocking lie..........

Thanks (0)
Replying to Tax Dragon:
RLI
By lionofludesch
25th Nov 2015 15:05

Lying Politicians?

darrenwilliams wrote:

The update HMRC quarterly is rather worrying and hard to imagine how this could be done for most self employed/Landlords persons.

If when they say businesses this includes Ltd companies, this then is very scary and can not see how it would work in the real world.

Shame it was sold as getting rid of an annual return, only to be replaced by quarterly returns, shocking lie..........

It didn't shock me.

"Yeah, no need to submit annual returns any more, as you'll have to do them quarterly."

And politicians wonder why the public see them as contemptible.

Thanks (0)