For a while, company directors have been able to make a tax-efficient living by taking a combination of salary and dividends due to the generous Dividend Allowance. However, changes which…
Tax News
OTS calls for overhaul of ‘complex’ tax charges and reliefs
An overhaul of “the complex patchwork” of tax charges and reliefs affecting businesses throughout various stages of the business lifecycle is urgently required in order to stimulate growth among small…
270,000 late penalty notices cancelled by the Revenue
A response to a freedom of information request has revealed that HM Revenue & Customs (HMRC) cancelled 270,000 late penalty notices in 2016. However, this figure was dwarfed by the…
What happens if …. I need help with Making Tax Digital?
New rules coming into effect next year mean that some businesses will need a digital accountancy package in order to make VAT returns to HM Revenue & Customs (HMRC), under…
Members of the public urged to share IHT experiences via online survey
The Office of Tax Simplification (OTS) has launched an online survey urging members of the British public to share their experiences of Inheritance Tax (IHT) and consider whether they feel…
HMRC takes new steps to tackle online VAT fraud
HM Revenue & Customs (HMRC) has been granted new powers to help combat online VAT fraud conducted on digital marketplaces. Originally outlined by the Chancellor in the 2017 Autumn Budget,…
Quarterly digital reporting to HM Revenue & Customs opens to self-employed individuals
Since March this year, self-employed individuals have had the option of reporting their income digitally to HM Revenue & Customs (HMRC) as part of a pilot of the Government’s Making…
Millions of people have not checked their online tax accounts for errors
Millions of people from across the UK could be paying more tax than they need to, it has emerged, after figures from HM Revenue & Customs (HMRC) showed that more…
Did Doddy deprive the tax man of an IHT windfall?
Following the death of the veteran comedian, Sir Ken Dodd, there have been suggestions that his last-minute decision to marry his long term partner was a hurried attempt to ensure…
Chancellor calls for Inheritance Tax review to make regime “fit for purpose”
The Chancellor, Philip Hammond, has asked the Office of Tax Simplification (OTS) to undertake a review of the Inheritance Tax (IHT) system to ensure that it meets the needs of…
