High penalties for offshore tax evasion
There are higher penalties for taxpayers evading Income Tax and Capital Gains Tax relating to offshore matters. HMRC’s compliance check notice entitled Higher penalties for offshore matters, has
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Ways to liquidate a limited company
There are a number of reasons why a limited company may be no longer required and can be shut down. This may be because the limited company structure: no longer suits the needs of its owners, the
Eligibility to claim Entrepreneurs’ Relief
Entrepreneurs' relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available Capital Gains Tax (CGT) of 10%
Limitations of trivial benefit claims
Under HMRC’s rules, there is no tax to pay on trivial benefits in kind (BiK) provided to employees where all of the following apply: the benefit is not cash or a cash-voucher; and costs £50 or
Date announced for Autumn Budget 2018
The Chancellor has announced that the Autumn Budget 2018 will be held on Monday, 29 October 2018. The announcement was made on the GOV.UK website. The Treasury said the Budget will set out the
Benefits provided by someone other than their employer
Benefits provided to an employee by someone other than the employer (often known as 'third party benefits') are taxable on the employee if they are provided by reason of their employment. For example,
Taxpayer wins appeal against filing penalties
The First-Tier Tribunal (FTT) recently heard a taxpayers appeal against penalties imposed for the late filing of his self assessment return in respect of the 2014-15 tax year. The taxpayer had income
Do capital gains affect tax credit claims?
There are special income eligibility rules for making tax credit claims. The amount and type of income you (and your partner for a joint claim) have will affect how much tax credits you might get.
Late night taxis for employees
There is no specific requirement for employers to provide employees with transport home. Nevertheless, an employer has a duty of care to their employees, which means that they should take all steps
Alert for VAT registered traders
The deadline for businesses with a turnover above the VAT threshold to keep digital records and provide regular digital updates to HMRC for VAT purposes using Making Tax Digital (MTD) is fast