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Tax update

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Tax update, issue 36: Pre-Budget and year end tax planning

Our regular summary of all the latest tax issues that will affect you and your business. In this issue we concentrate on tax planning: for the Budget; for your year end; for your business; for UK or offshore trusts; for individuals and families; for foreign domiciliaries; and for estate and inheritance tax.

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Taxflash

Taxflash: Mileage rates - March 2012

HMRC regularly publish approved ‘fuel only’ rates which have, again, changed.

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Latest news

A quarter of all taxpayers may be paying the wrong amount of tax due to PAYE errors

A quarter of all taxpayers may be paying the wrong amount of tax due to incorrect PAYE codes according to our analysis.
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Struggling businesses will be required to pay tax upfront or face criminal charges

From 6 April 2012 HMRC will be able to ask employers to pay a financial security where it thinks there is serious risk that the business won’t pay over their PAYE tax deductions or National Insurance contributions (NICs) on time.
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Last minute rush for small business investment tax breaks

A last minute rush to take advantage of the now closed Corporate Venturing Scheme resulted in a 65% jump in investment in small companies, to £28m, in its final year.
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Taxpayers face millions in fines for not completing tax returns - even if they do not owe tax or are owed a rebate by HMRC!

Taxpayers who do not owe tax, or are even due a tax rebate from HM Revenue & Customs (HMRC), will be fined for the first time this year if they do not complete tax returns by January 31 2012.
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Low staff morale at HMRC is affecting level of service taxpayers receive

Continuing low levels of staff morale at HMRC is affecting the level of service taxpayers receive.
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Tax investigation income hits a record £16.5billion - up 37% in a year

The amount of extra tax gained through HMRC’s investigations into tax avoidance and evasion has hit a record £16.5 billion, says our findings.
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HMRC and HSBC Switzerland

Have you received – or are you about to receive – a letter from HM Revenue and Customs’ Risk and Intelligence Service, Criminal Intelligence Group?
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Taxpayers with Swiss bank accounts to receive letters from HMRC this week threatening investigation into their tax affairs

Thousands of UK resident holders of Swiss bank accounts will receive letters from HM Revenue & Customs (HMRC) this week threatening a thorough investigation into their tax affairs according to our research.
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Former tax director at Grant Thornton joins UHY Hacker Young

Our London office has appointed a new partner, Chris Mills, to lead and strengthen their growing personal tax team.
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