Krishna Mahajan

2 months ago | lexology.com | Laura Phillips |Krishna Mahajan

When establishing a trust, it is important to remember that this is not a ‘tax free’ way of investing and/or distributing assets. Different types of trusts are taxed differently and trustees and beneficiaries must be aware of their obligations to pay taxes which are owing. In part three of our cross-practice insights series, we look into tax considerations for trustees and beneficiaries.

Oct 3, 2024 | lexology.com | Krishna Mahajan

Our series focused on the settlement of disputes considers issues encountered by practitioners across a range of dispute resolution specialities. This article discusses the often overlooked tax implications when settling a claim, highlighting the need for both claimants and defendants to seek expert advice.

Jul 30, 2024 | lexology.com | Matt Spencer |Krishna Mahajan

The Chancellor’s statement yesterday highlighted a black hole in public finances. The Chancellor also reaffirmed Labour’s commitment not to raise income tax, NICs or VAT (beyond the addition of VAT to private school fees paid from yesterday in relation to the school term starting in January 2025). Many may therefore be wondering where the cash is going to come from to fill this void, given that the three taxes that are not changing are the biggest generators of tax receipts.

Jul 11, 2024 | lexology.com | Krishna Mahajan

Our series focused on privacy and transparency considers issues encountered by practitioners across a range of different dispute resolution specialities. In this blog, we explore a taxpayer’s right to privacy and confidentiality throughout the lifespan of an HMRC enquiry – from an enquiry being opened to ultimate closure either through a Tax Tribunal or court judgment, or via settlement following alternative dispute resolution.

Jun 25, 2024 | lexology.com | Waqar Ali Shah |Krishna Mahajan

Whilst taxpayers have the fundamental right to deduct input tax, HMRC can, in particular circumstances, refuse the taxpayer this right if it can prove that the taxpayer knew or should have known that their transactions were connected to fraud. In the past year, we understand that there has been a significant increase in clients across different sectors receiving correspondence from HMRC to deny the recovery of input tax on the above purported basis.