HMRC gets tough on self-assessment taxpayer errors

HMRC returns from personal tax investigations have jumped by 64% in the last year, as the threat of expensive and drawn out court action has discouraged people from fighting their tax claims. HMRC has collected £1.4 billion in 2016/17 from investigations into...

HMRC Tackles Employers Who Used EBTs Schemes

With tax planning schemes as with many things in life, what looks too good to be true generally turns out to be so. This seems to be true for tax avoidance schemes using Employee Benefit Trusts (EBTs) as during the summer HMRC won a landmark case at the Supreme Court...

HMRC Have Updated Their Guidance on Salary Sacrifice Schemes

The rules for salary sacrifice arrangements changed with effect from 6 April 2017 and HMRC have updated their guidance for employers. Apart from 5 exceptions the amount assessed as employment income for new salary sacrifice arrangements is now the greater of the...

Furnished Holiday Letting Business is Not a Business for IHT Relief

A furnished holiday letting business is treated as a trade for most tax purposes. For example, capital allowances are available on furniture, and CGT entrepreneurs’ relief is available on disposal of the business. However, a recent tax case has determined that a...

Is Your Company Carrying Out Research and Development?

Many companies are still missing out on valuable tax breaks for expenditure on research and development (R&D). Revenue and Customs (HMRC) have recently updated their guidance on claiming R&D tax credit relief and have reminded companies that it is possible to...