Taxpayers who have been waiting for refunds of their overpaid tax have been hit by delays. People who are due a repayment have been posting on a social media site that they are still waiting weeks after applying for a rebate online. It is believed that this is a cause of HMRC struggling to cope… Read more »
Posts Categorized: Blog
Research and Development Incentive
How Business Can Reap The Rewards Of Innovation In 2000, a UK tax legislation was introduced in order to encourage businesses to increase investment in innovative activities. This UK tax legislation is the R&D tax relief that offers significant benefits for business advancing science and technology. This will help organisations to significantly reduce their corporation… Read more »
Rangers Tax Case To Have Substantial Consequences For Football And Business
The Rangers tax case regarding the remuneration of Rangers Football Club employees through an employee benefit trust between the tax years 2001/02 and 2008/09 has been ruled in favour of HMRC by the Supreme Court on 5 July 2017. The case involved a remuneration trust set up by the club under which employees received loans… Read more »
HMRC To Go Through Those Capitalising On Summer Sports Events
As Wimbledon commences alongside with other summer sporting events, HMRC is looking to scrutinise those who has undeclared income from websites such as Airbnb. The rise of the website Airbnb has provoked opportunities for residents living nearby major sporting events to offer short-term lettings as they seek to capitalise. As a result, HMRC is keen… Read more »
Decrease In Number Of Available Buy-To-Let Properties
People who can’t afford to buy a house have no choice but to rent properties. These alongside the legislative changes in the sector mean that the number of rental properties is decreasing. Scotland has seen the highest fall with a 34.7% decrease in available properties to rent between July 2001 and June 2017 whilst Wales… Read more »
£1.5bn Worth Of Inheritance Tax Collected By HMRC
A record of £1.5bn has been collected by HMRC through inheritance tax receipts this year. In comparison to last year’s collected inheritance of £4.7bn, this is an increase of 9% as a result of growing property tax values and frozen threshold rate of £325,000 since April 2009. From April, a nil-rate band for a family… Read more »
London Landlords Face Highest Costs In UK
London landlords face average costs of £6,535 per property per year excluding mortgage costs and tax or 32% in rental income. This is twice the national average cost for a landlord of £3,632 per year which equates to 34% of incoming rent due to rents being lower than London rent prices. South East landlords have… Read more »
NHS Revises IR35 Guidance for Off-payroll Medics
Due to the dispute over the new payment arrangements, the NHS regulator has revised its guidance on the application of the IR35 tax rule changes for NHS agency staff that includes doctors and nurses. The NHS Improvement Guidance stated that their priority is to help encourage NHS providers to ensure that the agency staff pay… Read more »
Manchester United As The Most Valuable Football Club
Manchester United surpassed Real Madrid for the first time in the ranking of Europe’s 32 biggest clubs. It is estimated that the Europa League Champions is worth up to €3.2bn (£2.8bn), making them the first club to surpass the €3bn threshold. Compared last year, Manchester United only ranked equal with Real Madrid. They needed to… Read more »
100% Tax On Foreign Player Signings
The Chinese Football Association (CFA) has announced a 100% tax on the signings of foreign players in order to control transfer fees. The new policy will come into effect from the beginning of June which means that any loss-making clubs that are buying foreign players will have to pay the same amount as the transfer… Read more »