This publication looks at a number of topical personal tax issues, including changes to the tax free dividend allowance, Inheritance Tax, Making Tax Digital, and company cars.
Latest News & Events
5,400 estates investigated by HMRC for underpayment of IHT in the last year
HMRC is treating Inheritance Tax as an increasingly lucrative source of income. Rising asset prices such as property means that the amount of IHT at stake can be very substantial.
Businesses and consumers hit by £6bn in Insurance Premium Tax following rate hike – up 22% in a year
The Government’s income from Insurance Premium Tax increased to £6bn in 2017/18*, up 22% on £4.88bn collected the previous year – a far bigger impact on businesses and consumers than had been predicted by the Government, our research shows.
HMRC yield from investigations into ‘sin taxes’ on alcohol and cigarettes more than doubles in a year to £2.6bn
The additional revenue collected from HMRC’s investigations into the underpayment of ‘sin taxes’ on alcohol and cigarettes has more than doubled in a year to £2.6bn in 2017/18, up from £1.25bn the previous year.
Making Tax Digital for VAT
HMRC have recently published formal guidance on what MTD for VAT means. It will be mandatory for businesses trading over the VAT registration threshold to keep VAT records using ‘functional compatible software’.
HMRC – got something to tell us?
We have all heard of the ‘Panama Papers’ in 2015 and the follow up ‘Paradise Papers’ in 2017 which purported to expose a large number of individuals and companies who were allegedly hiding assets in ‘tax havens’ in order to protect themselves from UK tax liabilities.
Making Tax Digital – VAT submission changes from 1 April 2019
As we approach the fundamental changes to VAT return submission coming into force next year, HMRC have issued their formal guidance on the changes.