Member Since: 16th Mar 2008
8th Jul 2021
Agreed. Just ask yourself, would HMRC accept a trading loss relief claim? If not, CGT treatment perseveres.
25th Feb 2021
The big issue I foresee in our practice is that we use standalone tax software (Digita) for personal returns. So for all those property landlords they either need a solution from Digita (but in its tax only product) or we end up running distinct quarterly systems from year end ones. It's bad enough that the 30 day CGT returns need to be filed through a webpage, so they're not pre-populated into the tax software for year end returns. If we had to run parallel MTD and year end tax then a full on system change becomes necessary.
17th Jul 2020
To be fair, at least three big high street chains have already announced lowered prices in the face of the VAT cut. Although I appreciate the local boozer or curry house might not follow suit.
16th Oct 2019
Seen a host of these recently. HMRC are systematically willing to agree everything over the phone, the outcome being 15% penalty and suspended on the basis Rammstein suggests. Pick up the phone and play the game.
12th Dec 2018
I agree. The main reason being that careless behaviour could limit HMRC to 6 years whereas deliberate lets them have 20 years. So they need to make this deliberate to ensure they get all 12 years of undeclared earnings. Once deliberate and prompted, penalties start at 35%. Also worth remembering how much higher interest rates were 12 years ago and how big the interest charges on these things can get.
28th Nov 2018
I've come across an accountant in the south west who was involved in the world bank case and has been pestering HMRC on this. He believes they are now accepting claims on a case by case basis to make some of the UN pensions exempt, including certain back years being available for tax recovery. No experience of doing a claim as yet, but worth looking at for your client.
29th Aug 2018
Tend to largely agree with Jane. Take a look at HMRC's manuals on the topic. They're all about a settled pattern of gifting and considering anything so large / unusual as to disrupt that settled pattern as a standalone item. Worth remembering though (and HMRC's manuals cover this) that the exemption can cover part of a gift. So in 12-13, for example, you might well take £3,000 (or even a bit more) of the one off £24k as a gift out of income, then use the annual exemption / bfwd, so as to shelter perhaps £9k or more of it.
15th Jun 2018
I've often thought that a better idea would be to have a mandatory level of awareness (some form of training and qualification) in order to be able to be appointed / continue to act as a company director. So that those forming companies and taking on directorships go into it with at least a basic understanding of the corporate / individual distinction, and their basic rights and responsibilities. Nothing's going to be a perfect answer, but it does seem odd that any old Larry can form and run a limited company without the least bit of understanding of what's involved.
14th Jun 2018
Digita have also said this is probably not live till September / Oct time.
Incidentally, though, I heard somewhere (can't recall if it was Digita, HMRC or elsewhere) that all HMRC will give you through this service is an aggregated total of income and PAYE, not a variety of totals broken down by employment.
If that's true then its likely to be a lot less useful, and act only as a cross check to the info the client provides rather than giving a set of figures the client can be asked to agree to.
Suspect its wait and see for the time being, and hope it might be available and useful for the habitual late filer clients.
9th May 2018
About £800 - £1,000 to get the company reinstated. Based on experience of using a firm who specialise in it, and based on English companies - no experience of Scottish ones.