Inheritance Tax Receipts Rise on back of a Lack of Effective Planning
HM Revenue & Customs (HMRC) received £1.5bn in inheritance tax (IHT) receipts between April and June 2021, a 33% increase from the same period in 2020. The government has commented that higher receipts in 2021 are likely to be…
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How are HMRC’s Tax Receipts holding up in 2021?
Not so badly under the circumstances according to HMRC!!! The pandemic has taken a toll on tax revenues as the latest figures show total tax receipts for the tax year 2020 to 2021 are £584.3bn, a significant £49.1bn lower than…
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Trust Registration Deadline Extended for Non-Taxpaying Trusts
HMRC have confirmed that the March 2021 target for upgrading the Trust Registration Service (TRS) to allow non-taxable trusts to register will not be met. The general requirement for all express trusts to register on the TRS was introduced by…
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Inheritance Tax & Covid-19
Welcome to February! According to the latest HMRC figures published, inheritance tax receipts hit a five-year high in the final quarter of 2020. Receipts steadily rose from August onwards and peaked at a five-year high in October 2020. While this…
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Third-Party Notice Powers: No Right of Appeal?
There are circumstances where HMRC has a legitimate need to directly approach financial institutions to obtain tax related information where taxpayers are unwilling or unable to do so. As things stand, HMRC has the power to issue a Schedule 36…
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Best late tax returns excuses and expense claims
HMRC has exposed the most original excuses for late tax return and expense claims ahead of the 31 January deadline From being too busy touring the country to claiming to seeing aliens, the following excuses were all used in unsuccessful…
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Trust Registration: New Online Requirement
HMRC’s online registration service for trusts and estates is now available. All trusts and estates with a tax liability must be registered, including any already reported in paper form 41G. The deadline is 5 October 2017 – http://bit.ly/1PjPOwE
Online calculator for the Inheritance Tax Residential Nil-Rate Band
HM Revenue & Customs has developed an online calculator to enable estate administrators to calculate any additional threshold to which an estate may be entitled, under the residential nil-rate band rules now in effect. Well worth a visit for executors…
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Six-fold increase in penalties issued by HMRC
According to a Freedom of Information Act disclosure obtained by chartered accountants RSM, the number of penalties imposed by HM Revenue & Customs (HMRC) for deliberate understatement of income increased to 28,663 in 2015–2016. The figure was 5,162 in 2012–2013.
Treasury Committee says quarterly tax reporting is ‘too rushed’
The House of Commons Treasury Committee has published a report criticising HM Revenue & Customs’ Making Tax Digital (MTD) project, which will require small businesses, landlords and the self-employed to keep digital records of income and outgoings and report them…
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