The concept is very simple – a person (the settlor) wants to gift an asset to someone else (a beneficiary) but does so by giving it to someone they trust (a trustee) with instructions as to how it should be looked after on behalf of the beneficiaries.
Unexpected changes mean HMRC’s Property Income Manual (PIM) now reflects the restriction of interest relief for landlords who are higher rate tax payers. It’s not obvious whether or not these revisions were meant, or when they are expected to come into effect.
When looking at succession planning and reducing potential Inheritance Tax liabilities, getting your affairs in order will help you to make this a much smoother process.
HMRC have recently issued an update of their guidance with regard to ‘off-payroll working in the public sector’ (OPWPS). The latest information explains in more detail how workers who are deemed to be employees should be taxed.
A recent tax tribunal case (Noel Payne vs HMRC) has concluded that a VW Kombi vehicle should be considered a car, not a van, for benefit in kind purposes.
Whether you are donating money online, contributing items to a charity shop or leaving a gift in your Will, giving to charity attracts a series of tax..
The explicit threat is that HMRC are obtaining increasing amounts of data about card transactions and will inevitably catch up with those who are not reflecting all of their income in their returns.
HMRC regularly publish approved ‘fuel only’ rates which have, again, changed.
In recent years, it has become more and more complicated to obtain SA302s and the whole procedure has been fraught with difficulty.
These letters are sent to taxpayers using language which, at a first read, sounds as though HMRC have discovered something untoward and as though the taxpayer is now compelled to do certain things at HMRC’s instruction.