Member Since: 8th Jan 2002
One of the founding partners of The Professional Training Partnership, Tim is also a director of PTP, PTP Interactive and Absolute Accounting Software and is chairman of The Tax Club. He is the author of three chapters in Tolley's Tax Planning and presenter of TAXtv.
5th Nov 2019
HMRC have just sent out aboout 15,ooo corrected SA302s for 2017-18. Some of these
will reflect a change they made last year to their top slicing relief calculation. The change related to the use of the savings rate band and personal savings allowance and can result in additional TSR of up to £1,100.
19th Aug 2019
Yes I would.
8th May 2019
My own view is that overpayment relief claims should be made for 2015/16 and 2016/17. HMRC will reject on the basis of "practice generally prevailing" (PGP) but see Turners (Soham) Limited TC/2016/3270 for a recent case reviewing the PGP criteria: I think HMRC will struggle to persuade a Tribunal that their incorrect top slicing caclulations were PGP.
For years 2010-11 to 2014-15 I would submit late overpayment relief claims citing ESC B41.
8th May 2019
The tax liability under s23 ITA 2007 can only benefit from the tapered PA but the top slicing relief calculation requires us to calculate hypothetical tax on the hypothetical basis that only one slice is included and in that hypothetical calculation Judge Mosedale agrees that the hypothetical PA will be based on the hypothetical income including just one slice.
28th Nov 2018
Almost all third party software uses the HMRC calculator to do the tax calculation (so that the tax figures agree and the return is not rejected). If the third party software did not trap an exclusion case and allowed online filing then such a return should be picked up by this recovery exercise.
7th Sep 2018
Google "Excel VAT filer" for a slightly different perspective.
I should declare my interest!
11th Jun 2018
Good point. It is now governed by the Financial Conduct Authority and found in para 2.11.3 of the Perimeter Gudance Manual. Same difference though.
19th Mar 2018
If the non-savings income exceeds the allocated allowances and reliefs the excess will absorb (and waste) the savings rate band. So yes - amount available to interest will be reduced by £1,000.
2nd Mar 2018