Couples: income splitting and VAT. VAT Flat rate scheme discounts. Increase in time to claim pre-registration inputs.
Archived SME tax news
0T tax codes are being sent out ahead of 2010/11 to those who HMRC estimates will have an income in excess of £112,950.
A summary of the 2009 Pre-Budget Report (in less than 50 words)
50% employer tax on bank bonuses, a freeze on all tax rates and allowances, National Insurance increases from 2011.
No changes to equalise capital gains tax (CGT) rates, or change CGT Private Residence Relief. VAT increase at midnight, 31 December, as planned.
HMRC may telephone taxpayers in connection with a tax compliance review. Nichola Ross Martin says, "Make sure you keep a note of exactly what you say".
If you call HM Revenue and Customs (HMRC) take detailed notes, so you can refer to them in the event of a dispute.
A recent tax Tribunal decision has decided that HMRC’s method of apportioning non-business use of an asset which in part qualifies for PPR for taper relief is not just or reasonable.
HMRC has extended the deadline for notification under its New Offshore Disclosure Facility (NDO); the take up to-date has proved very low.
Update on this item: HMRC changed its policy in this matter in October 2010, see Share Loss Relief
If you subscribe for shares in a trading company, and later dispose of them at a loss, you can offset the loss against general income. HMRC now says that where shares were subscribed for in joint names relief is impossible.
HMRC is about to start a pilot "exploring" the way that its new breed of tax compliance check will work. These cross-tax compliance checks might get a few tax agents hot under the collar too.