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…
Category: 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…
Share buyback. Why, how and the Tax implications
What is share buyback? Simply put, a share buyback is where a company buys some of its own shares from existing shareholders. Henry Catchpole explains all. There are three different types of share buyback: purchase of own shares; share redemption;…
PRR and delayed occupation… What happens?
Tax query: PRR and delayed occupation Private Residence Relief (PRR) is a subject that often causes confusion among accountants in practice, so here is a quick Q&A QUESTION: Relief under s 222 TCGA 1992 will be available in full to…
Don’t take a wild guess. The dangers of using estimates in Tax Returns
Don’t take a wild guess! Mark McLaughlin highlights the dangers of using estimated figures in tax returns The use of an estimated figure may sometimes be necessary when preparing a tax return. For example, records of a particular source of…
Gift into Trust: an IHT bonus?
Mark McLaughlin highlights a useful exemption which can, among other things, allow funds to be transferred into trust without triggering an inheritance tax charge. The inheritance tax (IHT) exemption for normal expenditure out of income is very generous. There is…
MTD’s Slow Progress
In part two of his series of regular articles for Accounting Practice, Darren Powell explains why the Making Tax Digital pilot scheme is making slow progress In my last article I was able to report on my experiences of the…