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Jan 16, 2025 | 
taxjournal.com | Ray McCann |David Whiscombe |Benjamin Wonnacott
The shadow of the regulation of the tax profession has long hung over us whether it relates to trust in the profession tax avoidance the tax gap and so on. As various tax scandals have appeared the expectation that some form of formal regulation was needed has intensified. I have long supported the idea that those earning their living from giving tax advice should be subject to some form of formal regulation. As is well known within the tax profession anyone can give tax advice.
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Nov 20, 2024 | 
taxjournal.com | Andrew Park |Peter Vaines |Ray McCann |Andrew Marr
Home >Articles > Greater taxpayer success under internal HMRC reviews
Greater taxpayer success under internal HMRC reviews
20 November 2024
New data obtained by the Contentious Tax Group (CTG) shows the level of success taxpayers have had in the last four years in challenging HMRC decisions with HMRC’s own independent reviewer.
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Nov 20, 2024 | 
taxjournal.com | Andrew Park |Peter Vaines |Ray McCann |Andrew Marr
In Generator Power Ltd v HMRC [2024] UKFTT 1019 (TC) (8 November) the First-tier Tribunal (FTT) refused the taxpayer’s application for costs because it was not persuaded that HMRC had acted unreasonably by not withdrawing from the case earlier. Normally each party pays its own costs at the FTT. There are exceptions including cases where one party behaves ‘unreasonably in bringing defending or conducting proceedings’ (FTT Rules SI 2009/273 rule 10(1)(b)).
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Nov 19, 2024 | 
taxjournal.com | Andrew Park |Peter Vaines |Ray McCann |Andrew Marr
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Nov 19, 2024 | 
taxjournal.com | Andrew Park |Peter Vaines |Ray McCann |Andrew Marr
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Nov 19, 2024 | 
taxjournal.com | Andrew Park |Peter Vaines |Ray McCann |Andrew Marr
The ATT highlights HMRC’s Autumn Budget 2024 consultation on Simplifying the Taxation of Offshore Interest. The consultation considers the challenges of offshore interest being reported to both taxpayers and HMRC on a calendar-year basis and the mismatch this creates with the UK tax year. One possible simplification could be taxing UK individuals based on the offshore interest arising in the 31 December year-end which falls within each UK tax year suggests the ATT.
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Nov 16, 2024 | 
lasvegassun.com | Ray McCann
Letter to the Editor: President Joe Biden needs to approve Ukraine’s use of long-range missiles against Russia as soon as possible. At least give them a chance to inflict as much pain as possible on Russia as pay-back before Donald Trump hands the country over to Vladimir Putin.
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Nov 13, 2024 | 
taxjournal.com | Peter Vaines |Ray McCann |Sarah Ling |Andrew Marr
It may be remembered that in 2021 some proposals were floated for the UK to introduces some redomiciliation rules so that foreign companies can change their place of incorporation to the UK, and with it the governing law of the company. This would be very welcome, and would correspond to the rules in many other countries. However, anybody hoping to take advantage of this change better not hold their breath because it is certainly not going to happen any time soon.
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Nov 13, 2024 | 
taxjournal.com | Peter Vaines |Ray McCann |Sarah Ling |Andrew Marr
The Finance Act 2021 (Schedule 26 Second Penalty Assessments) (Appointed Day: Regulation Making Power) Regulations SI 2024/1132 bring FA 2021 Sch 26 into force on 12 November 2024 but only for the purposes of making regulations under para 16(2) of that Schedule. Schedule 26 introduces a new two-tier late-payment penalty system under the making tax digital regime – escalating the penalty the longer the amount remains outstanding from the payment date.
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Nov 13, 2024 | 
taxjournal.com | Peter Vaines |Ray McCann |Sarah Ling |Andrew Marr
Rachel Reeves’ first Budget introduced a number of significant changes to IHT. In summary:The freeze to the IHT thresholds has been extended to 2030 meaning the nil rate band remains at £325,000 and the residence nil rate band at £175,000. The nil rate band threshold has been static since 2009 and the freeze means that more individuals fall into the IHT net each year with inflation, particularly in house prices. Inherited pensions will be subject to IHT from April 2027.
