News Desk, Blogs & Tax Summaries

IR35 and Public Authorities

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IR35 for public authorities

HMRC have issued revised guidelines on who falls within the remit of a public authority under IR35. The changes apply from April 2017 and relate to whether the legislation applies to one […]

Rangers EBT case : Press Release by CIOT

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Supreme Court takes a strong stance on the Rangers EBT case
HMRC is likely to issue follower notices to employee benefit trusts (EBTs) currently under enquiry, where the circumstances match those in the Supreme Court’s decision […]

Budget 2017

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A SIMPLE GUIDE TO THE BUDGET 2017
This is a basic guide to the Budget 2017.  It is an introduction only and should not be used as a definitive guide, since individual circumstances may vary. Specific […]

Negligent director and national insurance

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National insurance contribution reversal for an alleged negligent director
FIRST TIER TRIBUNAL CASE
ANTHONY PETER BROUGHTON-HEAD Appellant
– and –
THE COMMISSIONERS FOR HMRC Respondents
The Tribunal determined the appeal on 6 February 2017

Abstract:

Negligent director – balancing of evidence – […]

An Overview of Inheritance Tax

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When planning out their estates, many people forget about inheritance tax. They bequeath their belongings to their loved ones, and they don’t think about their heirs having to pay that inheritance tax on both property […]

National Insurance Contributions In The UK

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What are National Insurance contributions in the United Kingdom and who has to pay them? How do taxpayers pay it? How much do they have to pay?

1. What Are They- National Insurance contributions are paid […]

Self Assessment & PAYE tax gap narrows

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Self assessment & PAYE tax gap narrows
The UK’s tax gap, which is the difference between tax collected by HMRC through self assessment, disclosure schemes and tax investigations and the amount of tax owed has narrowed […]

Pension Relief – availing the opportunity

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Pension Relief – availing the opportunity
Although the government has announced that pension relief will be reduced from April 2016, there is still a window of opportunity to utilise any unused relief’s from the last three […]

The Summer Budget- ACCA responds

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The Summer Budget- ACCA responds
The ACCA’s Head of Taxation, Chas Roy-Chowdhury, has commented on the Summer Budget delivered by George Osborne.
Inheritance Tax

“The Chancellor should have been bolder in his first Budget in a Conservative majority government. […]

Amending MOSS VAT Returns

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Guidance issued on MOSS VAT Returns by HMRC
HM Revenue and Customs (HMRC) has updated its guide on its Mini One Stop Shop (MOSS) scheme. The guide explains how businesses can correct VAT MOSS returns.

The MOSS […]

Tim Healy v HMRC – Claim for renting a flat

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Crackdown on duality of purpose – Tim Healy v HMRC
The decision in Tim Healy v HMRC [2015] TC04425 , published in June 2015  has shown how tax payers should demonstrate that their expenses are solely for the […]

Queen’s Speech 2015

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Commentary on Queen’s speech 2015
Following on from the Queen’s speech on 27th May 2015, the Association of Chartered Certified Accountants (ACCA) has stated the Queen showed a strong tone for tackling tax avoidance, tax evasion, […]

Tax Freedom!

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 Tax Freedom for individual taxpayers is two days later in 2015

Taxpayers in the UK are working two days longer on average in 2015 before they start earning for themselves, the Association of Chartered Certified Accountants (ACCA) has stated.
Research […]

Holiday pay – Contractors falling foul of IR35

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Contractor getting caught by IR35 Rules successfully claimed for unpaid holiday pay
The Employment Appeal Tribunal upheld a judge’s decision that a general labourer, who was employed for four years before becoming a labour-only subcontractor for the […]

Micro Businesses Fast Payers

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Micro Businesses are Fast Payers
Micro businesses tend to be the fastest to pay their invoices out of all sizes of business in the UK, according to new research.

Data from Experian shows that businesses with 2 […]

General Election Pledges

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General Election Pledges by the Parties
With the General Election round the corner, below are the key points made by the major parties regarding taxation.
The Labour Party’s General Election pledges:

 Introducing a new 10p rate of tax
 Re-introducing […]

Do Small Businesses Value Business Plans

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Business Plans for Small Businesses
Up to 29% of small and medium sized businesses fail to see a reason for preparing a business plan, following research undertaken by Close Brothers Business Barometer, which takes into […]

Small business stresses revealed

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Small businesses stresses revealed
A poll of 600 small businesses has revealed 32% of small business owners find hiring new staff as the most stressful task they have to deal with.

Other tasks which affect the stress […]

Success of a business

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Success of a business
Numbers, decisions and seeing the big picture; some factors which contribute to the success of a business.

Businesses need to know different numbers, not just numbers extracted in Real Time, but other figures […]

Labour’s crackdown on tax avoidance

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Labour’s crackdown on tax avoidance
The Labour party have pledged to crack down on tax avoidance to raise an ambitious £7.5bn annually, according to their manifesto.

Ed Balls, the Shadow Chancellor stated should the Labour party be […]

Small Business Tax Rate Summaries

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Individual and Small Business Tax Rate Summaries
The 2015/2016 tax year commenced on 6 April 2015.

We have set out below a few points on the impact of a new tax year for individuals, sole traders & […]

Small Business – impact of Auto Enrolment

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Small Business – impact of Auto Enrolment
Whilst Auto Enrolment has already been embraced by majority of the companies with more than 50 employees, there are more than 17,000 companies that are on the edge of […]

HMRC wins tax avoidance cases

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HMRC wins tax avoidance cases
HMRC has won three wins against tax avoidance schemes, upholding earlier judgments in HMRC’s favour at the First- Tier Tribunal.

These wins has resulted in HMRC protecting over £260 million in tax.
The […]

Small business, Enterprise and Employment Act

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Small Business, Enterprise and Employment Act receives Royal Assent
A wide ranging Act designed to make UK the best place to start and grow a business have become reality by being granted Royal Assent.

The Small Business, […]

Small businesses lack basic digital skills

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Small businesses lack basic digital skills
The latest UK Business Digital Index has polled that 23% of small and medium sized enterprises (SME’s) lack basic digital skills.
Digital Trends
The Index tracks and measures levels of digital ability […]

Budget 2015

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ACCA’s View on Budget 2015
The Association of Chartered Certified Accountants (ACCA) has voiced its thoughts on the Budget 2015 Report. It has stated with a Budget so close to the General Elections, the Budget was […]

Budget Summary 2015

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Budget Summary 2015
The Chancellor George Osborne delivered his Budget Report on 18 March 2015.
Avery Clifton have produced a summary of the report below. The Chancellor’s Report was fairly exhaustive so we have kept the summary […]

Small business cash flow tips

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Small business cash flow tips
Managing late payments are a significant issue to small businesses, with £46.1 billion currently being owed to businesses. In 2008 the amount owed was £18.6 billion, less than half of what […]

HMRC report on IR35 cost

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HMRC has published their report on the IR35 cost to the government.

In summary the report states that continuing with the IR35 regime is more cost efficient than trying to get it abolished. The administrative cost […]

ACCA’s recommendations for the Budget 2015

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ACCA’s recommendations for the Budget 2015

The ACCA (the Association of Chartered Certified Accountants) has called on the Chancellor to make a real meaningful difference to assist businesses and individuals by raising the threshold at which […]

Reduction in tax on savings income

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Savings for Tax Payers on Saving Income
From April 2015, taxpayers on lower incomes will not have to pay tax on savings income.

In the 2014 Budget, the government announced that it would reduce the starting rate […]

Adverse weather affects productivity

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The Centre of Economics and Business Research has investigated the correlation between economic growth and weather patterns overs the last years.

They have reported that since 2005, quarterly GDP growth has been 0.6 percentage points lower […]

Employment Status Report OTS

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Employment Status Report by the Office of Tax Simplification
The Office of Tax Simplification’s have released a report today on Employment Status.

Employment status is a subject that all parties – businesses, individuals, agents, HM Revenue & […]

HMRC wins Eclipse tax court case

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HMRC wins Eclipse court case to protect £635 million in tax

The Court of Appeal today ruled in favour of HM Revenue and Customs against Eclipse Film Partners (No 35) LLP, protecting an estimated £635 million […]

HSBC Suisse bank data share with HMRC

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HMRC have formally agreed with French authorities that HSBC can share stolen HSBC Suisse Customer date with other regulators and law enforcement agencies in order to pursue criminal offences. The decision was announced by […]

HMRC not penalising for short delays in RTI filings

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HMRC has announced that employers will not incur penalties for delays of up to three days in filing PAYE information.

Penalties for late payments will be reviewed on a risk-assessed basis rather than be issued automatically.

HMRC […]

Tax Summaries

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HMRC is now sending out tax summaries to tax payers, setting out how much tax and National Insurance the particular taxpayer has paid and how it has been utilised on public expenditure.

Taxpayers can view their […]