Gold bullion firm Direct Bullion has confirmed that a winding‑up petition issued by HMRC has been withdrawn after an administrative issue was resolved. The company’s chief executive stated that the matter arose from a minor error that has since been corrected. Direct Bullion said it is working closely with HMRC to ensure compliance and bring...
Rachel Reeves has expressed frustration over a series of unauthorised leaks prior to the Budget. During a Treasury Select Committee session, the Chancellor said these leaks were “very damaging,” adding that reports which misrepresented her Budget strategy were “unacceptable.” Ms Reeves, who has vowed to prevent future occurrences, has emphasised the need for a review...
HMRC is writing to taxpayers who ceased to be UK-resident for a short period of time, urging them to ensure they have declared all of their income and gains on their return to the UK. Special rules apply to prevent individuals avoiding UK tax by leaving the UK for a period of five years or...
TAXATION: Agents given access to personal tax query resolution service HMRC’s new personal tax query resolution service for agents is now live, offering representatives a quicker way of chasing up unanswered queries to HMRC’s helplines. Before using the service, agents must check the ‘where’s my reply tool’, with at least 20 working days having passed...
TAXATION: Companies cautioned over using prepaid debit cards for tax-free profit extraction HMRC is warning companies not to use a scheme that uses advertising and marketing expenditure to reduce taxable profits and disguise employment income in the form of redeemable loyalty points. Scheme users buy advertising from the arrangement’s promoter and claim a deduction for...
Deceased’s Maltese properties were not held in trusts, says FTT The First-tier Tax Tribunal (FTT) has upheld HMRC’s determination that foreign properties part-owned by a deceased man were not held by a trust settled by a person domiciled outside the UK. They were thus liable to inheritance tax under s.5(1) of the Inheritance Tax Act 1984....
Improved Processes for Trusts and Estates: What You Need to Know Managing trusts and estates can often feel overwhelming, especially given the intricate legal and tax-related responsibilities. However, recent changes in the UK have streamlined these processes for trusts and estates, bringing much-needed clarity and efficiency for both professionals and individuals. This post explores the...
At Care Accountancy, we understand the importance of efficient probate processing for our clients. In recent developments, the Probate Service has significantly reduced the turnaround time for digital probate applications, particularly in straightforward cases. This improvement is a welcome change for many families navigating the complexities of estate administration. Significant Reduction in Processing Delays...
LAND AND PROPERTY: In Matthews v Matthews (2024 EWHC 2182 Ch), a solicitor acting on behalf of an elderly farmer attempted to sell some of his land to cover tax bills and care fees. This sale was challenged by the farmer’s second cousin, who claimed a prior right of first refusal at market price. The...
IR35 Scrapped – Mini Budget 2022 -A News for Self-Employed Workers The Chancellor has committed to repealing the Off-payroll legislation today in the mini budget, which was supposed to reform IR35, but instead held businesses back. The IR35 Reforms, which rolled into the public and private sectors in 2017 and 2021, respectively, will no...
Copyright by CareAccountancy. All rights reserved.
Copyright by CareAccountancy. All rights reserved.
