Tax avoidance scheme users ordered to pay up

  HM Revenue and Customs has sent notices to tax avoidance scheme users to pay over £250 million of disputed tax under the Accelerated Payments regime introduced in this year’s Finance Act. The Financial Secretary to the Treasury, David Gauke, told MPs scrutinising the National Insurance Contributions Bill that over Read more…

Are your workers employed or self-employed

There can be savings, particularly for employers, if a worker can be paid as a self-employed person. This is particularly so in the construction industry where most workers are engaged by contractors as self-employed subcontractors. What many contractors fail to realise is that they are required to reach a judgement Read more…

Pay when you are paid

Apart from the retail trade and internet traders most of us send an invoice when we provide our goods or services to customers and then wait for the period of credit to expire before we get paid. During this waiting time we still have our own bills and wages to Read more…

Clamp-down on use of hybrid mismatches

The government has announced a clamp-down on the decade-long use of ‘hybrid mismatches’, a technique commonly used by multinational companies to significantly reduce their tax bills. It is the latest in a series of steps the government has taken to tackle aggressive tax planning and is expected to bring tens Read more…

Construction industry tax penalties

 If any of your Construction Industry (CIS) returns are filed one day late, HMRC will charge an initial fixed penalty of £100.  Additionally, if they have still not received that return: two months after the date it was due, they will charge a second fixed penalty of £200 six months Read more…

Understanding the new State Pension

This month sees the launch of a new service that provides a personalised written estimate of what you can expect to receive under the new State Pension system. This will be based on your work history and National Insurance (NI) contributions to date. Initially, the estimate will be available to Read more…

Farming tax strategy – the herd basis

Farm animals are usually dealt with for tax purposes as trading stock: the costs of animals are deducted from monies received when the animals are sold and any resultant profit taxed as income. However, farmers can elect to treat qualifying “herds” of animals in a more tax efficient way, they Read more…

US Treasury blocks tax inversions

A move by the US Treasury to close loopholes that encourage US companies to merge with foreign firms and relocate their tax residences offshore could stifle takeovers announced this year worth hundreds of billions of dollars. In particular, it will probably throw into doubt the agreed £32bn takeover of UK Read more…