In this weeks latest episode of Downton Abbey (tv drama series) viewers are able to use the unfolding events surrounding Lord Grantham’s plans for his estate as a lesson in tax preparation. A partner to a fan of the Downton Abbey series, Catherine Desmond, has recently written a blog which provides a modern-day commentary on the tax,… Read more »
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One in Three Tax Payers Could be Paying the Wrong Amount of Tax!
According to new research, HMRC have made a number of tax code errors since they introduced their computer system in 2009. The errors have meant that one in three taxpayers have not been paying the right amount of tax. One of the most common mistakes made by HMRC is failing to tax employee benefits, such… Read more »
HMRC – Fight against fraud
It has been identified, through an HMRC trial that was looking into ways to reduce tax fraud and error, that £20m of potential losses after 5,500 cases from a sample of £16,000 showed irregularities. As part of the taxman’s strategy to tackle the problem of tax credit fraud and error, he plans to use “sophiticated… Read more »
Business Lending
There has been much criticism of banks, by politicians and the media for not lending enough to businesses, especially since the credit crunch, but there are many alternatives to the mainstream bank loan. Sadly, there seems to be a lack of awareness within business finance of the options that are available and an Accountant or… Read more »
Climbing Inheritance Tax
Official figures are showing that the inheritance tax (IHT) is taking a strong climb again. Families have paid more that £3bn in IHT, the biggest sum since the onset of the credit crisis. An increase on focus by the HMRC on the collection of IHT could explain the rise. The Office of National Statistics (ONS) showed the… Read more »
James Gandolfini – Taxes
James Gandolfinin, one of the Soprano stars who died last month left an estate worth an estimated $70m. It has been well publicised, since his death that the US Government will be hitting hard on his estate for death taxes of approx $30m. Gandolfini’s  estate was made up from a range of assets and the… Read more »
HMRC launches new taskforces
HMRC have launched taskforces in the holiday and restraurant industry.  Businesses in the holiday industry, operating within Blackpool, the Lake District, North Wales, Devon and Cornwall and restaurants in the North East area are to be targeted, with a combined expected yield of approx £8.8m. HMRC has collected more than £80m through the use of targeted… Read more »
UK Inheritance Tax – removing relief for debts
As it stands, if a debt is secured against an asset, only the net value is exposed to UK Inheritance Tax (IHT). For a non UK domiciled individual’s estate, or associated trust, any unsecured debt is set off against excluded property in priority to taxable property. Both of these have lead to a variety of… Read more »
Are accountants at risk of being sued?
It has been reported that a West Midlands Accountancy firm has been sued by the High Court for £1.4m in damages due to them failing to advise a client of the availability of tax avoidance strategies. The businessman (Mr Mehjoo) took his accountants to court on the grounds of failing to advise him to join a… Read more »
Pension Tax Relief Consultation
HMRC have published for comment and are seeking views on the draft legislation regarding individual protection from the Lifetime Allowance and have given until 2 September 2013. The consultation for 2014/15 onwards that the Annual Allowance be reduced from £50,000 to £40,000 and the Lifetime Allowance be reduced to £1.25m from £1.5m. The consultation document… Read more »