Tax

Wozniak calls for companies to be taxed on income

Wozniak calls for companies to be taxed on income

31st May 2013

At a conference in Londonderry, Northern Ireland, Apple co-founder Steve Wozniak called for companies to be taxed on their income instead of profit to bring them into line with the... Read more

Farmer wins inheritance tax case against HMRC

22nd May 2013

The HMRC have failed to overturn the decision of the First-Tier Tax Tribunal which held that a farmhouse and farm land do not have to be in the same legal... Read more

HMRC targets tax evasion in NI restaurant trade

14th May 2013

Her Majesty's Revenue and Customs (HMRC) has set up a special task-force to target tax evasion in the Northern Ireland restaurant trade. A significant sum of money has been made available... Read more

Tax fraud prosecutions double as HMRC gets tough

26th April 2013

The aggressive approach taken by the HMRC to tax evasion and tax fraud over the past couple of years has seemingly paid off, as prosecutions relating to tax fraud are... Read more

Important Charity tax relief case win

25th April 2013

Charities in Northern Ireland and the rest of the UK could benefit greatly from the recent tax relief case involving Buckinghamshire charity, Longridge On The Thames. In 2010 the outdoor activity... Read more

NI corporation tax decision on hold until 2014

27th March 2013

The Northern Ireland first and deputy ministers met with David Cameron today to push for a decision on devolving power to vary corporation tax, and while they weren't told no,... Read more

PM urged to grant tax powers to Northern Ireland

25th March 2013

Prime Minister David Cameron has been sent an open letter by the Confederation of British Industry (CBI) urging him not to pass up the chance for "transformational change" in Northern... Read more

How the 2013 budget benefits Northern Ireland

21st March 2013

Now that Chancellor George Osborne has delivered the government's 2013 Budget the analysis and commentary on who wins and who loses begins. In Northern Ireland in particular, quite a large... Read more

2013 Budget tax announcements at a glance

20th March 2013

Chancellor George Osborne has today delivered the 2013 Budget. Here are some of the key points in respect of tax: Income Tax From April 2013 the personal allowance will increase to £9,440 By... Read more

Tribunal holds £10m artwork exempt from CGT

19th March 2013

The Upper Tax Tribunal has held that painting sold at £9.4million should avoid capital gains tax, after the executors for the Castle Howard estate successfully established that it should be... Read more

Calls for capital gains tax to be reduced

26th February 2013

The increase in the rate of capital gains tax (CGT) in 2010 actually lost the Treasury money, according to the Adam Smith Institute. Its report based on official figures, says that... Read more

First list of tax dodgers published by HMRC

21st February 2013

The HM Revenue and Customs (HMRC) has published a list of 'deliberate tax defaulters' for the first time, in a week when there has been talk of adopting a name... Read more

Call to name and shame tax avoiders

19th February 2013

The Commons public accounts committee is calling on the government to adopt a 'name and shame' approach to tax avoiders in Northern Ireland and the rest of the UK. Over the... Read more

'Labour gov would bring back 10p tax rate'

14th February 2013

Ed Miliband has announced that if Labour are returned to government they will bring back the 10p starting rate of tax. It was actually the Labour party, led by Gordon Brown,... Read more

Self-assessment tax return deadline looms

18th January 2013

The deadline for the submission of online self-assessment tax returns is approaching, with taxpayers failing to meet the 31st January deadline to receive a £100 fine, even if they do... Read more

HMRC tells employers to prepare for PAYE changes

17th January 2013

Employers in Northern Ireland are being advised not to leave it too late to make the necessary changes in order to be able to comply with new Pay As You... Read more

New Years resolution to use CGT allowance

7th January 2013

The responses to polls on New Years resolutions for 2013 show an increasing desire among people in Northern Ireland and the rest of the UK to get to grips with... Read more

New Years resolutions more finance orientated

31st December 2012

The past couple of years have seen a change to the most popular New Years resolutions made by people in Northern Ireland and the rest of the UK. While dieting, exercise... Read more

HMRC warns late self-assessment tax filers

14th December 2012

The 300,000 people who failed to meet the deadline for filing their self-assessment tax return, and continue to ignore letters from the HMRC, have been warned that it could reach... Read more

Chancellor's Autumn statement: Tax summary

5th December 2012

Chancellor George Osborne announced the government view on the UK economy and its future plans in his Autumn Statement today. In particular, there were a number of tax changes outlined,... Read more

Cameron won't name and shame tax avoiders

3rd December 2012

David Cameron has ruled out adopting a 'name and shame' tactic to deal with multinational companies using tax avoidance schemes to minimise their corporation tax contributions. Pressure has been building among... Read more

How volatile divorces are helping the tax man

29th October 2012

It seems that the old adage that 'no-one wins in a divorce' may have to be amended, as the HM Revenue & Customs (HMRC) is regularly benefiting from bitter separations,... Read more

Self Assessment deadline looms for paper returns

2nd October 2012

Taxpayers in Northern Ireland and the rest of the UK are being notified by HMRC to submit their self assessment tax returns before 1st November 2012 in order to avoid... Read more

Businesses seek urgent corporation tax decision

14th September 2012

The news this week that 760 Northern Ireland jobs are to be lost at FG Wilson, and that the rate of unemployment has risen above the UK average, has prompted... Read more

Higher rate taxpayer deadline looms

5th September 2012

Higher rate taxpayers in Northern Ireland and the rest of the UK have until 2 October to contact HMRC to confirm they wish to take part in their Tax Return... Read more

HMRC campaign targets higher rate taxpayers

3rd September 2012

HM Revenue and Customs has written out to 7,100 taxpayers in Northern Ireland and the rest of the UK advising them to submit their tax returns or face fines and... Read more

Employers favour cut in NI contributions

30th August 2012

A new survey has revealed that Employers would most prefer to see a cut in the rate of employer National Insurance contributions (NIC) over any other tax relief. Of those polled... Read more

Clegg proposes emergency 'wealth tax'

29th August 2012

Deputy prime minister Nick Clegg has proposed an emergency tax on the wealthiest people living in Northern Ireland and the rest of the UK for a limited period of time. Mr... Read more

HMRC to send out 50,000 penalty letters

16th August 2012

Half a million people who failed to submit their tax returns for 2010/11 before the deadline will receive penalty letters this week. The introduction of higher penalties in April 2011 has... Read more

Investment risks farmland IHT exemption

9th August 2012

The increasing practice of investors purchasing farming land to avoid inheritance tax could result in the IHT exemption on farmland being removed altogether by HMRC. In some areas farmers are finding... Read more

Tax evasion informants payments on the rise

2nd August 2012

HMRC has paid out over £1m to tax informants in Northern Ireland and the UK over the last number of years to informants providing information on anyone evading tax.  These... Read more

Advice on 'unethical' tax avoidance

31st July 2012

The Institute of Chartered Accountants in England and Wales (ICAEW) has issued a help sheet on aggressive tax schemes. The ICAEW says that the legality of a tax avoidance scheme is... Read more

Tax Credits renewal deadline looms

23rd July 2012

Claimants in Northern Ireland and the UK have until 31st July 2012 to renew their tax credit forms otherwise their payments could stop. The renewal pack will contain specific details relating... Read more

Financial firms to name aggressive tax avoiders

23rd July 2012

Financial firms could be forced to reveal the names of its' clients using 'aggressive' tax avoidance schemes, as the government continues its campaign to recover the huge amount of unpaid... Read more

HMRC launch new tax return initiative

4th July 2012

Higher rate taxpayers in Northern Ireland and the UK have until 2nd October 2012 to comply with HMRC’s new campaign.  The scheme is aimed at those paying tax at 40... Read more

Has government demonised legal tax avoidance?

28th June 2012

To many it is just semantics, but legally there is a difference between avoiding tax and evading tax. Tax evasion is of course illegal, however the avoidance of tax through... Read more

Another tax deadline looms for Employers

25th June 2012

Employers in Northern Ireland and the rest of the UK need to submit their end-of-year forms P9D, P11D and P11D(b) by 6th July 2012 to avoid automatic late filing penalties. After... Read more

Tax disclosure facility increases HMRC coffers

12th June 2012

Taxpayers in Northern Ireland and the UK holding previously undeclared investments in Liechtenstein have now contributed almost £363 million in tax under the Liechtenstein Disclosure Facility (LDF).  This figure is... Read more

Increased penalties if second tax deadline missed

31st May 2012

Employers in Northern Ireland and the UK who did not submit their 2011/12 end of year returns by the 19th May deadline will face higher tax penalties if the returns... Read more

Tax dispute resolution service for SMEs launched by HMRC

29th May 2012

Small businesses and Individual customers in Northern Ireland and the UK can now avail of HMRC’s Alternative Dispute Resolution (ADR) trial, which provides taxpayers with an alternative way of resolving... Read more

HMRC online tax calculator fails on first day

28th May 2012

HM Revenue & Customs (HMRC) launched their online income tax and national insurance calculator today, only for it to fail by midday, with visitors to the site seeing an error... Read more

Undisclosed offshore income liable to higher penalties

25th May 2012

Anyone in Northern Ireland or the UK that has income arising from a source in a territory outside the UK, assets situated or held in a territory outside the UK... Read more

HMRC launch new tax helpline for the bereaved

23rd May 2012

People in Northern Ireland and the UK who have suffered a bereavement and have queries regarding PAYE or self assessment matters can now contact HMRC using their new improved service... Read more

HMRC warning about fake tax refund emails

22nd May 2012

HMRC are urging taxpayers and tax credit claimants in Northern Ireland and the UK to be wary of fraudulent emails in the run up to the tax credit renewal deadline... Read more

Early tax repayment promised by HMRC

15th May 2012

HMRC has announced that taxpayers in Northern Ireland and the UK will receive any overpaid tax almost 2 months earlier than usual due to improvements in their PAYE reconciliation systems. PAYE... Read more

Self Employed Electrician’s face tax deadline

8th May 2012

Electricians in Northern Ireland and the UK have until the 15th May to register to pay any undisclosed tax that they owe under an HMRC campaign. The Electricians Tax Safe Plan... Read more

Work tablets may become exempt from tax

20th April 2012

Accountants in Northern Ireland and the UK are calling for further revisions to tax guidance for work tablets and iPads following on from HMRC's decision to exempt smart-phones from tax... Read more

Tax Return penalty deadline on 1st May

20th April 2012

Self Assessment tax payers in Northern Ireland and the UK who have not yet submitted their 2010/11 Tax Return forms will be charged daily penalties from 1st May 2012. The penalties... Read more

File annual tax returns online or face penalties

17th April 2012

HMRC have urged all employers in Northern Ireland and the UK to file their annual returns online by 19th May.   The returns provide details of employee’s tax and national... Read more

HMRC targets unpaid tax owed by online sellers

11th April 2012

Following on from HMRC’s previous campaign’s targeting electricians, plumbers and professionals, they have now focused their attention at people in Northern Ireland and the rest of the UK trading on... Read more

50p rate income tax could be scrapped in Budget

16th March 2012

Chancellor George Osborne is considering whether to scrap the 50p rate of income tax altogether in next week's Budget, and there is also speculation that the higher rate could stay... Read more

Cable demands mansion tax in gov trade-off

8th March 2012

Business Secretary Vince Cable is demanding that the coalition government introduce the so-called 'mansion tax' as a trade-off for the Liberal Democrats allowing George Osborne to get rid of the... Read more

Tax measures in the Autumn Statement

2nd December 2011

The Autumn statement presented to the House of Commons on 29th November sets out a large number of changes on a wide range of economic issues that are likely to... Read more

Shadow Chancellor calls for emergency tax cut

16th June 2011

Ed Balls is to call for an emergency tax cut in Northern Ireland and the rest of the UK in his first major speech since becoming shadow chancellor. He believes... Read more

HMRC hires 1000 workers to improve debt collection

13th April 2011

HM Revenue & Customs (HMRC) has received criticism of late in respect of its increasingly aggressive debt recovery tactics; in particular in response to an error they made with millions... Read more

Northern Ireland Corporation tax paper published

24th March 2011

While the mainland UK gets over its surprise of a 2% cut in Corporation tax from April this year; most had expected it to be 1%, the Northern Ireland debate... Read more

Corporation tax to be cut to 23 per cent by 2014

24th March 2011

The announcements made in the budget speech by George Osborne on Wednesday have caused many to call it a 'Budget for businesses', with the business body CBI themselves saying it... Read more

HMRC debt recovery tactics get tough

15th March 2011

Reports have started to surface about the receipt of increasingly aggressive letters being received from the HM Revenue & Customs (HMRC) threatening removal of household possessions for sale at auction... Read more

'Merging NI and Income tax would simplify system'

3rd March 2011

The Office of Tax Simplification (OTS) has said that the merging of National Insurance and Income tax "would deliver major simplification" of the tax system, though the new report does... Read more

Most UK companies confused by tax system

24th February 2011

A new report by the accountancy organisation BDO has revealed that almost two thirds of companies in Northern Ireland and the rest of the UK say they are so confused... Read more

Tax cheats to get 5 years of taxman scrutiny

22nd February 2011

As part of the new Managing Deliberate Defaulters (MDD) programme, letters are going out to 900 known tax cheats advising them that they are under heightened levels of personal scrutiny... Read more

Draft treasury paper favours NI corporation tax cut

8th February 2011

A draft government paper obtained by the BBC seemingly comes out in favour of the much debated cut in the rate of Northern Ireland corporation tax, suggesting that it could... Read more

750,000 more people to pay higher tax rate after changes

31st January 2011

The Institute for Fiscal Studies (IFS) have estimated that 750,000 more people will become higher-rate taxpayers, and the average household in Northern Ireland and the rest of the UK will... Read more

Millions could lose pension as result of tax error

31st January 2011

It has been confirmed that an error involving the processing of National Insurance (NI) contributions could see millions of taxpayers being denied their state pension. An estimated £1.2billion in NI... Read more

Paterson says corporation tax cut could help NI

12th January 2011

Secretary of State Owen Paterson has joined the debate about the potential benefits of a cut in corporation tax in Northern Ireland, saying that reducing the rate to make it... Read more

Treasury prepares to counter tax avoidance

7th December 2010

The Treasury has started to put together a group of experts to consider the idea of a general anti-avoidance rule (GAAR), after the matter was discussed in a public consultation... Read more

NI Corporation tax rate cut for SMEs only

26th November 2010

A proposal limiting any reduced rate of corporation tax in Northern Ireland to small to medium sized businesses only has been published by the Ulster Unionist Party. The document proposes... Read more

Half of winding petitions issued by HMRC

9th November 2010

Over half of all winding petitions in 2009/2010 were issued by HM Revenue & Customs (HMRC) as approximately 6,400 companies struggled to make payment on their tax bill. The number... Read more

Time up on HMRC's Time to Pay for businesses

1st November 2010

The number of refusals of requests by businesses to defer tax payments under the 'Time to Pay' scheme (BPSS) by HMRC has nearly doubled in 2010, and other figures suggest... Read more

Millions more could be involved in tax chaos

13th October 2010

Chief executive of the HRMC, Dame Lesley, has admitted that millions more taxpayers could be involved in the tax mistakes chaos that has already seen nearly six million people confirmed... Read more

UK now has 4th highest income tax rates in EU

8th October 2010

Changes to income tax over the past year have seen the UK climb from 13th to 4th on the EU league table of countries with the highest income tax rates.... Read more

Tax break for married couples planned for 2015

5th October 2010

The government is planning to introduce a tax break for married couples before the next general election in 2015, says BBC political editor Nick Robinson who says he heard the... Read more

Lord Ashcroft avoids paying full tax bill

27th September 2010

This past week has seen the coalition government pledge £900million to clamp down on tax avoidance and evasion, with Chief Treasury secretary Danny Alexander saying 'Tax dodgers are as bad... Read more

Specialist teams to crack down on tax avoidance

20th September 2010

'Tax dodgers are as bad as benefit cheats' according to Chief Treasury secretary Danny Alexander, speaking at the Liberal Democrat Party Conference, as he announced the £900million spend to crack... Read more

Inheritance tax bill paid with oil painting

26th August 2010

A small 18th Century oil painting of the Venice Grand Canal by artist Francesco Guardi has been given to the taxman en lieu of monetary payment of an Inheritance tax... Read more

Creditors to wait behind taxman to collect debts

10th June 2010

Never has the tax deferral scheme 'Time-to-Pay' been so aptly named, as the clock on arrangements entered into between businesses and the HMRC runs out, and companies find that now... Read more

Concerns as Capital Gains Tax rate set to rise

27th May 2010

The confirmation in the Queens speech that Capital Gains Tax rates are to get "closer to" income tax levels has further heightened the concerns of second home owners, stock market... Read more

Call for simplicity, certainty and tax law reform from Chancellor

20th May 2010

In an open letter to the new Chancellor of the Exchequer, George Osborne, the new President of the Chartered Institute of Taxation (CIOR) called for simplicity, certainty and tax law... Read more

Clegg promises a fairer tax system

19th May 2010

Deputy Prime Minister Nick Clegg has pledged to create a fairer tax system rather than a government focus to reduce the overall tax burden. He said the aim is to... Read more

Coalition Government's tax compromises

12th May 2010

The historic coalition between the Conservative Party and the Liberal Democrats to form the new government of the UK has been confirmed and already we know something of the compromises... Read more

Tax policies up in the air due to election bidding

11th May 2010

The wait continues to see what tax policies will survive any deal struck between the political parties hoping to form the next government of the UK, and it would appear... Read more

?840million dividend payments made early to beat tax increase

26th April 2010

According to a report published by Capita Registrars, a research group, at least 40 UK companies shifted their dividend payments to squeeze them in before the April 6th deadline; income... Read more

Tax cheat 'name and shame law' in force from 1st April

1st April 2010

Businesses and private individuals who attempt to sidestep their tax paying responsibilities can now be named and shamed under legislation put into force today. Those who deliberately evade taxes risk having... Read more

New Pensions tax relief restrictions will burden employers

31st March 2010

The Chartered Institute of Taxation (CIOT) has said it is disappointed that the Government intends to proceed with its proposed restrictions on pensions tax relief for higher earners from 6th... Read more

HMRC to get tough on tax cheats

31st March 2010

HMRevenue & Customs have revealed their Business Plan for 2010-11, and among the objectives for the year is a significant clamp down on "tax cheats". It is estimated that an... Read more

Northern Ireland businesses benefit from HMRC tax rescheduling scheme

4th March 2010

Just over 7,000 businesses in Northern Ireland have been given assistance to weather the financial storm by relying on the HM Revenue & Customs' tax payment rescheduling scheme, otherwise known... Read more

New inheritance tax bill to be introduced

14th July 2008

Lord Lester of Herne Hill is to introduce an inheritance tax bill intended to protect the rights of those who live together but who are not married or in civil... Read more

Labour MP blames lack of support for failure of inheritance tax amendment

9th July 2008

A Labour MP's proposal that siblings should be entitled to the same inheritance tax break as a married couple has been discarded.The Guardian reports that Frank Field's suggested amendment to... Read more

Law Commission to consider taxpayers' rights

4th July 2008

The Law Commission is running a consultation to find out whether there is a need for people to be able to take more action against government agencies such as HM... Read more

Moves to change sibling inheritance rules

30th June 2008

Cohabiting siblings in Northern Ireland may soon receive the same rights as married and civil partnership couples regarding inheritance tax.An amendment has been proposed to the finance bill by Labour... Read more

Trusts a 'great opportunity' for lessening inheritance tax

3rd June 2008

Well-planned trusts can prove a "very effective way" to reduce inheritance tax liabilities and ensure that as much of your wealth as possible is passed onto the next generation, according... Read more

Wills 'need to be regularly reviewed'

28th May 2008

Wills and trusts need to be regularly reviewed as the inheritance people are able to leave changes, according to the Law Society.The society claims that solicitors need to be consulted... Read more

Families of injured soldiers 'could be IHT exempt'

27th May 2008

The families of soldiers and other armed personnel injured in the line of duty are being advised to keep copies of their medical records as they could be exempt from... Read more

Care home financial advice 'essential'

14th May 2008

Taking financial advice about retirement and care home provision is "essential", Saga has claimed.The magazine, insurance and holidays provider for the over-50s, has welcomed Gordon Brown's review on social care... Read more

Having a will ensures money passes to correct inheritors

13th May 2008

Making a will is essential for those who want to influence what happens to their estate after they die, a financial expert has advised.David Kuo, head of finance at Fool.co.uk,... Read more

Inheritances twice 1997 level

8th May 2008

More people are liable to inheritance tax (IHT) bills as the average value of an inherited estate has risen to more than twice its 1997 level, according to a new... Read more

IHT problems for unmarried couples

7th May 2008

Co-habiting couples who are not married or in civil partnerships are not entitled to the same inheritance tax (IHT) benefits as those who are, a firm of independent financial advisors... Read more

More inheritance tax bills being reduced by giving money away

24th April 2008

The number of people giving away money before they die in order to reduce the inheritance tax (IHT) bill liable on their death is on the increase, according to Forum... Read more

Tax advice 'could save £9.3 billion' in UK

25th March 2008

Solicitors in Northern Ireland could help save consumers thousands of pounds each on unnecessary inheritance tax (IHT), according to new research.Unbiased.co.uk has found that the UK's "tax waste mountain" will... Read more

IHT 'generous' to small businesses

18th February 2008

Solicitors in Belfast and Northern Ireland are often asked to write up wills for small business owners indicating that the family firm will be left to another member.As solicitors will... Read more

CTFs worth £2.4bn in future

8th February 2008

The first group of children in Britain and Northern Ireland who have been eligible to set up a child trust fund (CTF) through a solicitor are looking at reaping around... Read more

IHT planning 'should start early'

9th January 2008

Inheritance Tax (IHT) need not be a burden and though it is advisable to start planning early, it is never too late to begin, financial advisers have said.For homeowners in... Read more

Accountants face greater regulation

30th July 2007

Accountancy services in Britain and Northern Ireland will face greater regulation from December 15th 2007.Companies offering accountancy, tax, audit and insolvency services will be forced to undergo monitoring for compliance... Read more

HMRC frustrated by CTF take-up

30th May 2007

After one in five parents failed to invest their Child Trust Fund (CTF) vouchers, HM Revenue and Customs (HMRC) has invested the money on parents' behalf.Yet the downside is that... Read more

Expert says nil-band rate case proves zero

19th April 2007

After a nil-band rate trust was ruled invalid by tax commissioners, many had feared that this method of cutting inheritance tax (IHT) would not work, but a leading expert has... Read more

Beat the 'death duty' through giving

2nd April 2007

On April 6th the new inheritance tax (IHT) nil band rate will jump to £300,000, meaning that now may be the time for some shrewd gifting.As the new rate comes... Read more

Make the most of your nil rate band

23rd March 2007

With the Budget announcement that the inheritance tax (IHT) threshold will be raised progressively until it reaches £350,000 in 2010, homeowners across Britain and Northern Ireland should be updating their... Read more

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