Mark McLaughlin points out a potential inheritance anti-avoidance tax problem with making an outright gift of the family home It is not uncommon for individuals to give away their family home. For example, an elderly widow moving into nursing care…
Category: Tax
Questions to the Helplines: Welsh Income Tax, FRS & Nil Employment Returns
Here are some sample questions submitted by accountants to the ICPA/Vantage helpline Question: We have just taken on several self-assessment clients based in Wales and one has raised the question about the impact of the new Welsh income tax rates…
HMRC Stubborness Prolongs IR35 Agony
HMRC stubbornness prolongs IR35 agony for contractors, says Andy Vessey In the early days of IR35 enquiries, there existed a partisan attitude among some maverick Status Inspectors that ensured such investigations were long and drawn out, and tortuous for the…
Death: the Ultimate Tax Planning
Mark McLaughlin highlights tax planning on gifts between spouses or civil partners that might help some couples at a time they would probably prefer not to think about “In this world nothing can be said to be certain, except death…
IR35 The Countdown Begins
Welcome to Contractor Corner, the series written specifically by Qdos Contractor for accountants with clients who are contractors IR35: the countdown begins Since IR35 was introduced almost two decades ago, its core aim has been to combat disguised employment; to…
A Case in Point: How Tax Case Decision can help
Russell Cockburn considers the use of tax case decisions in disputes with HMRC One of the things I get slightly annoyed about when I am advising others on disputes with Inspectors of taxes is the way they occasionally use tax…
Contractor Corner
Welcome to Contractor Corner, the series written specifically by Qdos Contractor for accountants with clients who are contractors IR35 reform in the private sector set for April 2020 The Autumn Budget 2018 took place on 29 October, when it was…
What if I give my house to my daughter?
Here’s a sample question submitted recently by an accountant to Croner Taxwise’s tax helpdesk Question: After careful deliberation, my clients have decided to transfer their main residence to their daughter – partly for tax reasons. Do they have to transfer…
Inheritance tax : timing is everything
Mark McLaughlin points out that inheritance tax business property relief can easily be lost due to the timing of certain transactions Business property relief (BPR) is a potentially generous form of inheritance tax (IHT) relief, which can reduce transfers of…
Tax Penalties: All is not lost
Mark McLaughlin points out that while penalties can be charged for tax return errors involving losses, a useful let-out may apply in certain circumstances The penalty rules for errors in tax returns, etc. potentially apply if a tax return contains…