In Roger Crippin v HMRC [2021] TC8285, the First Tier Tribunal (FTT) allowed Private Residence Relief (PRR) on the gain made on the disposal of a property adjacent to the owner's main dwelling house. The relief can apply to two properties within the same curtilage.
SME Tax News
HMRC will stop making payments of Child Benefit, Guardian’s Allowance and Tax Credits into Post Office card accounts from 1 December 2021.
The OECD has announced a far-reaching global agreement to its 'Two Pillar' proposal for international tax reform. The plans, which include a minimum in-country Corporation Tax rate of 15%, have now received the backing of all OECD members including G20 countries and the EU.
In Arron Banks v HMRC [2021] EWCA Civ 1439, the Court of Appeal held that donations to UKIP were not eligible for Inheritance Tax relief. They confirmed there was discrimination under EU law, but as HMRC had proved, this was justifiable and relief must be denied.
The Institute of Chartered Accountants in England and Wales (ICAEW) says that the data leaked by the Pandora Papers investigation show how important it is for accountants to ensure that they know their clients for Anti-Money Laundering (AML) purposes.
Hello,
If you were starting out again in practice, how would you plan your business? If you're in the process of selling up, with the benefit of hindsight is there any advance planning you would have done differently? And, what, if anything, are you doing about Inheritance Tax (IHT) planning?
Capital Gains Tax (CGT) accounted for just over £10 billion in tax receipts in 2020/21. In terms of the UK's overall tax revenue that is quite a small number and so it's unsurprising that we find that people ask us most queries about that tax. It's probably the one that they have to think about least, well, if you ignore Inheritance Tax and Stamp Duty Land Tax.
In HMRC v Sukhdev Mattu [2021] UKUT 0245, the Upper Tribunal approved penalties for non-compliance with a Schedule 36 information notice. The tax at stake was high and the taxpayer had failed to cooperate with HMRC.
Accountants don’t take time enough for themselves for Inheritance Tax planning, especially when they’re younger. That’s one of the points our tax consultants Rachel Davies and Andrew Symons intend to hammer home in their conference presentation on IHT for accountants at next week's Virtual Tax Partner Practical tax conference.
Thinking of starting a new accountancy practice? Thinking of restructuring your existing business? What would you do if you could start afresh?