You never know when HM Revenue & Customs (HMRC) might target you, or your business, with a tax investigation. At times such as these, with tax avoidance tales dominating the headlines and the 31 January paper tax return deadline just around the corner, the Revenue is at its most active – and it could very… Read more…

A new additional nil-rate band of £100,000 for inheritance tax on main residences, when bequeathed to a direct descendent, is set to come into effect from April 2017. In 2018, 2019 and 2020, this will rise to £125,000, £150,000 and £175,000 respectively, before rising in line with Consumer Prices Index (CPI) in subsequent years. The… Read more…

During the last few Budgets and Autumn Statements the government has made moves to prevent tax avoidance and evasion – and the latest fiscal event was no different. During this year’s Autumn Statement the Chancellor Philip Hammond announced a number of new measures to tackle businesses that avoid paying tax. According to Mr Hammond’s new… Read more…

Despite being perhaps the most significant change to the UK tax system in decades, Making Tax Digital (MTD) did not receive a single mention from the Chancellor in the Autumn Statement. But the policy was referenced in the supporting documents, revealing that the government will publish its response to recent consultations in January. The documents… Read more…

Small business users of the VAT Flat Rate Scheme who have low costs may see the rate they pay drastically increase under new changes. The Flat Rate Scheme was created to simplify businesses’ record keeping, by making it easier for smaller companies to figure out their bill. VAT is usually calculated via a two stage… Read more…

The most significant announcement at last month’s Autumn Statement was possibly the announcement that this would be the last Autumn Statement. Leading professionals have long made the case for a move to a single fiscal event and this was referenced by the Chancellor in the statement. The Chancellor said: “This change will allow for greater… Read more…

Ahead of the 2016 Autumn Statement there were rumours that the Chancellor Philip Hammond might limit the perks offered to employees by their employers. However, it soon became clear that he was out to prevent any tax advantage from salary sacrifice schemes when he announced that from April 2017 any tax and employer national insurance… Read more…

With the Chancellor, Philip Hammond, announcing his first Autumn Statement on 23rd November, all eyes will undoubtedly be on him to discover what changes, if any, he will bring to the Treasury. Will he focus all his efforts on economic plans for the country post-Brexit, or will he also make changes to personal tax and,… Read more…

A trio of influential organisations has urged the Chancellor to implement a series of reforms to the tax policymaking process. The Chartered Institute of Taxation (CIOT), Institute for Fiscal Studies (IFS) and The Institute for Government (IfG) jointly called on the Chancellor to make five key changes to the process: Publicly state the guiding principles… Read more…