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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HMRC warning on Entrepreneurs’ Relief tax avoidance scheme
New guidance has been issued by HM Revenue & Customs concerning a recently discovered capital gains tax avoidance scheme. HM Revenue & Customs has identified a scheme that attempts to exploit Entrepreneurs’ Relief by turning income into a capital gain,…
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HMRC survey asks why people set up trusts
HM Revenue & Customs has commissioned Ipsos MORI to conduct an independent survey to assess what motivates people to set up trusts, to help them understand the impact of policy changes in this area. Ipsos will give £50 to each…
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