Criminal Investigation work

HMRC defined its policy on Criminal Investigation back in December 2015. It stated that whilst the general policy to deal with tax fraud (cost effectively) under civil investigation procedures would continue to be governed by Code of Practice 9, Criminal Investigation is reserved for certain cases where the department needs to send out a particularly…

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HMRC’s Worldwide Disclosure Facility [“WDF”]

As mentioned in an earlier article by ourselves, HMRC announced the advent of its latest initiative (the WDF) on 5th September 2016 against any individual who is seeking to gain unfair advantage by failing to disclose a UK tax liability that relates wholly, or in part, to an offshore issue. An ‘offshore issue’ effectively means…

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Tax avoidance schemes

HMRC, on its website last week (26 Sept), was again bragging about the continuing success it is having against tax avoidance schemes. In this instance, the department sited the 10th successive win it has had against an avoidance scheme promoter called NT Advisors. The author of the HMRC website article added that its court successes…

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Code of Practice 9 notifications

Individuals who receive notification about a Code of Practice 9 enquiry are expected to make to full disclosure to HMRC of all irregularities that have occurred, if necessary, during the previous 20 years. Although this is expected in all cases under what is called the Contractual Disclosure Facility [CDF] an individual has the right to…

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HMRC’S LET PROPERTY CAMPAIGN

HMRC updated the guidance notes on its website for the Let Property Campaign “LPC” on Monday 5th September to (presumably) coincide with the announcement of the newest initiative, the much heralded Worldwide Disclosure Facility the “WDF” – which will be highlighted and commented on, unsurprisingly, when our own website is next updated. The LPC has…

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Benefits and Expenses reform

Radical changes to the benefits and expenses rules have been announced. What are they and when will they come into effect? Reforms. The current rules for taxing and declaring benefits and expenses have been criticised as over-complicated for years. In 2014 the Office of Tax Simplification took on the task of coming up with a…

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Inheritance Tax New Rule

If you’ve been given the job of sorting out the estate of someone who died without a will, you’ll need to know about the intestacy rules as they can lead to unexpected IHT bills. What steps can you take to reduce or avoid them? Making a will, especially when you’re young, is one of those…

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Autumn Statement 2014: Affects in Income Tax & NI

  Income tax. The personal allowance will be increased to £10,600 for 2015/16 with the higher rate threshold being increased to £42,385. This      means that the optimal salary for the director of a one-man company will be £10,600 in 2015/16 assuming they can claim the £2,000 employment    allowance. If this salary is…

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Autumn Statement 2014

The Chancellor delivered an exhibition performance in his Autumn Statement which contained some crowd-pleasing moves and a few surprises. And although he wasn’t able to announce any knock-out blows, he did say that “the UK wasn’t counted out”. Stamp Duty – Less tax under the new rules. Under the new rules, no tax will be…

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HMRC’s latest guide on pension rules – New tax free option

Pension lump sums While the new rules that take effect on 6 April 2015 are much more flexible, they won’t, as some reports suggest, result in a pensions free-for-all. In particular, changes to the rules that apply to the taxation of lump sums might mean anyone looking to use theirs to, say, pay off a…

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