Tax News Archive
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Tax Help for Older People Pilot scheme introduced to assist older people with tax matters. Filing by Internet It is intended that from 2008 the filing deadline for Self Assessment tax returns will be shortened. An Accountant For Life A survey has shown that the average owner-managed business is more likely to divorce their spouse than their accountant. Limited Company Service TWD Accountants, the tax and accountancy specialist for the small business, can now provide a fixed fee accountancy service for the small, owner-managed Limited company. September Tax Deadline Misleads Many Are you filling in a self-assessment tax return and worrying about the 30 September deadline? Along with many of Britain's taxpayers you could save unnecessary worry by ignoring it. Revenue Defeated in Husband-Wife House of Lords Tax Case Geoff and Diana Jones, a husband and wife in business were facing a tax bill up to £50,000 had they lost their case against HMRC. It would also prevented the possibility of retrospective tax bills for thousands of family businesses. Has the Chancellor gone a tax increase too far? As is usual, the Chancellor's recent pre-budget report contained a number of contentious announcements. Not least of these were his comments regarding Capital Gains Tax. CGT is at present a complex system and his plan is for a radical simplification of it Revenue errors could cost Government millions after builder wins fight to sue Serious errors in the handling of builder Neil Martin’s tax affairs by HM Revenue and Customs lost him up to £500,000, taking him almost to the brink of bankruptcy. The appeal court has upheld his right to sue HMRC for their mistakes. HMRC Chief Resigns After Security Breach Paul Gray, Chairman of HM Revenue and Customs is to stand down after the bank records of potentially millions of taxpayers are believed to have been subject to a major breach of security. Is Our Darling For Turning? Following his proposed Capital Gains Tax reforms approbation was laid, some feel rightly, at the Chancellor’s feet. Has he now cracked? Will he be an iron chancellor, or is he already showing himself to be made more of putty? “Dithering” Darling Delivers Perplexing Present Yesterday, Chancellor Darling reneged on his undertaking to sort out the CGT reform fiasco, leaving an uncertain Christmas for many. Taxman To Go On Strike? If you are one of the estimated two million taxpayers who will be submitting a Self Assessment Tax Return just before the January 31 deadline, you may be in for a shock to find Revenue staff are not on hand to accept it. File your Tax Return by 31 January or Pay the Penalty Figures released by HM Revenue and Customs seem to show that people are still waiting until the last minute to send in their returns, although many are taking advantage of Online Filing. Chancellor Backs Down on Tax Reform In an embarrassing turnaround chancellor Alistair Darling has reversed his position on capital gains tax reforms. Going against proposals made in his first Budget, he confirmed there would be an “entrepreneurs’ relief” available to owners or inves Tax Office to Reduce Fines Following the crash of its online Self Assessment filing system last week, HM Revenue and Customs has generously conceded that it will rescind the £100 late filing penalty for those affected. HMRC Tax Credit Blunders Cost Billions Mistakes in the tax credit system have cost billions and forced up to two million families into debt, according to a new report from the Commons public accounts committee. How did we end up paying so much tax on fuel? The chancellor, Alistair Darling, has announced that the proposed increase of 2p per litre from October 1 is likely to be postponed. Truckers are staging a mass demonstration, claiming the soaring cost of fuel is threatening their livelihood. Revenue Denies Landlords’ Tax Crack Down HM Revenue and Customs has been forced to issue a statement denying that there is to be a clamp down on Landlords who do not declare income from letting properties. Tax Return Deadline Change Adam Hart-Davis is going to need a new advert. Or the Revenue is going to need a new spokesperson. From this year, the September deadline that we are assured is not taxing will no longer exist. Instead, we will have until October 31 to send in our returns If it ain’t broke, don’t fix it Last year, hundreds of thousands of individuals left it to the last minute before sending their returns in. There were so many who decided to use the Revenue’s excellent online filing system that it crashed. The Revenue have tried to fix it. Another Government Own Goal? In a blow to the government’s aim of promoting the UK as a world class host for sporting events, UEFA has chosen to stage the 2010 Champions League at the Bernebeu, Madrid. Why the “10p Tax” matters. With an argument raging in the Commons about the abolition of the 10% tax rate like a family feud, exactly what is the debate about? How does the removal of the 10p tax affect taxpayers? Who wins? More importantly, who loses? Compensation Measures Announced in 10% Tax Argument The government has performed another policy U-turn, announcing that measures would be introduced to compensate those on lower incomes who are adversely affected by the abolition of the 10% tax rate. Is this Darling’s last tax fiasco? Chancellor Alastair Darling has announced a £600 increase in the Personal Tax Allowance as a measure to offset the effects of removing the 10p tax rate. Top ten tax evaders Q: What links Luciano Pavarotti, Al Capone, Boris Becker and Lester Piggott - and now Wesley Snipes - but not the Queen, Fabio Capello, Don King or Steffi Graf? Tax freedom day If you had to pay all of your tax at once, how long would it take you? How much of the year would you spend working for the government before you get to keep any money yourself? New tax rip off? The government is proposing new rules which may cut the amount of overpaid tax you can claim back by a third. Taxman triumphs in tips tax tussle Waiters and bar staff across the country will welcome an employment appeal tribunal ruling that means tips will no longer count towards the minimum wage. This should help some of the poorest earners in the country. 9m will be hit by car tax hike The government is set on pushing through changes to the way car tax is worked out, and it could mean 9 million motorists will see a rise to as much as £455 per year. |
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