Mercer & Hole’s Business blog -
Reducing administration
Date: 24th January, 2008 | Author: Cathy Corns | Comments: 0
Is a key issue for most business particularly where tax is concerned. But did you know that HMRC run a committee just to look at the issue. (The question of another layer of administration reducing administration can be left for now I think). The last minutes were interesting reading – in particular – ...
Update on Capital Gains Tax changes
Date: 23rd January, 2008 | Author: Cathy Corns | Comments: 0
According to the Financial Times - there is a meeting today finally to decide on the much heralded (and on which the details are long awaited). We will report on the changes once they are eventually published – watch this space. ...
A weighty matter - follow up!
Date: 22nd January, 2008 | Author: Jane Stacey | Comments: 0
Further to my colleague Roger Bell’s comments in his blog posted on 30 April 2007, the High Court has recently overturned the Tribunal decision that part of the fee could be apportioned to reflect the printed matter element (zero rated leaflet/books etc). The Court has now ruled that the fee paid for the weekly meetings is consideration for a single supply of “weight loss management services” which is standard rated. This demonstrates that it is becoming increasingly difficult to apportion income in cases of “apparent” mixed supplies. ...
Pension Plans in Legacy Planning
Date: 21st January, 2008 | Author: Anne McClean | Comments: 0
The tax benefits of personal pension funding are compelling. However when the time comes for pension benefits to be realised many people are put off by the perceived lack of flexible options available. In particular the apparent lack of value available for other family members in the event of premature death can cause particular angst. ...
HMRC to develop a new Taxpayers’ Charter
Date: 18th January, 2008 | Author: Cathy Corns | Comments: 0
In response to the comments made on the consultation on Taxpayers’ Safeguards, HMRC has announced that it will start working on the development of a Taxpayers’ Charter, which will set out both taxpayer rights and responsibilities in one single accessible document. Dave Hartnett, HMRC Acting Chairman, said: “Making sure that taxpayers’ rights are properly protected, whilst providing HMRC with the powers needed to ensure that today’s tax system is properly administered, are key HMRC commitments. This is what the Review of Powers consultation, together with the Taxpayers’ Charter, are about and I urge...
Three important new consultations from HMRC on penalties and powers
Date: 16th January, 2008 | Author: Cathy Corns | Comments: 0
HMRC has recently published three further consultations on its Powers, Deterrents and the accompanying Safeguards. Penalties Reform – proposals to extend the new framework for penalties on incorrect returns and the introduction of a new penalty for failure to notify HMRC of taxable activities. A New Approach to Compliance Checks – proposals on a framework for HMRC to check that taxpayers are paying the correct amount of tax. Payments, Repayments and Debt – changes in the way that HMRC collects tax debt. These documents herald some potentially significant changes. If you would like further information all the documents are available...
Another victory for the Revenue on residence
Date: 14th January, 2008 | Author: Cathy Corns | Comments: 0
The Revenue has won the case against music agent Lee Barrett, who was claiming that he was not liable for tax on income received in a year when he was not UK resident....
Planning Gain Taxes Resurrected?
Date: 11th January, 2008 | Author: Cathy Corns | Comments: 1
In the Pre-Budget Report the Chancellor announced that the Planning Gain Supplement (PGS) would no longer be introduced. Instead local authorities are to be given the power to apply a new planning charge, the Community Infrastructure Levy (CIL). ...
Tax problems on couple’s buy-to-let property
Date: 9th January, 2008 | Author: Cathy Corns | Comments: 0
There is a possibility that, as currently drafted, the new income shifting provision could affect an individual who transfers ownership of half of a property together with the rent generated to a spouse or partner. If so, for tax purposes, all the rent will be taxed on the first individual. Under the new provisions the status of the couple is irrelevant....
Reduced VAT rate on residential renovations and alterations
Date: 7th January, 2008 | Author: Cathy Corns | Comments: 0
With effect from 1 January 2008, renovations and alterations to residential properties that have been empty for at least 2 years will be eligible for a reduced VAT rate of 5%. Further information on this reduced rate can be found by clicking here. ...
