Tax

Northern Ireland farmers encouraged to make death bed tax plans

Northern Ireland farmers encouraged to make death bed tax plans

By Lenore Rice Specialist rural accountants have encouraged farmers in Northern Ireland and the rest of the UK to seek advice in respect of inheritance tax and capital gains tax in... Read more

HMRC sign commercial property lease on new Belfast office

By Neil Logan HM Revenue and Customs (HMRC) has signed a new commercial property lease that will see 1,600 employees situated in the Erskine House in Belfast from 2021. Erskine House is... Read more

Significance of u-turn on absolute limits to care funding

By Lenore Rice The Conservative Party would prefer to call it a clarification rather than a u-turn, but either way, Theresa May has announced that there would be an “absolute limit... Read more

Over half of parents want to give away early inheritance

By Lenore Rice Just over a half of parents want to give an early inheritance gift to their children according to a new study by Key Retirement. The 53 per cent of... Read more

U-turn on self-employed NI contributions increase

Small business owners and self-employed workers have today been told that the planned increase in national insurance contributions for the self-employed announced in the budget will not go ahead. There was... Read more

Northern Ireland woman wins landmark pension case

A Northern Ireland woman has won a landmark legal case that could have significant impact on the rights afforded to cohabiting couples. Denise Brewster lived with her partner Lenny McMullan for... Read more

Renewed calls for scrapping of inheritance tax

By Lenore Rice There have been renewed calls for the abolishment of inheritance tax after it was revealed that 28,000 families in Northern Ireland and the rest of the UK were... Read more

Poll reveals inheritance tax is the most hated tax in the UK

By Lenore Rice A survey has revealed that inheritance tax is the most hated tax among people in Northern Ireland and the rest of the UK, with 90 per cent of... Read more

Increase in gifting to cut inheritance tax bills

By Lenore Rice An increasing number of people in Northern Ireland and the rest of the UK are making gifts of assets in order to reduce the inheritance tax bill their... Read more

Call for Inheritance tax to be merged with Capital Gains Tax

By Lenore Rice The Institute of Directors is calling for inheritance tax in Northern Ireland and the rest of the UK to be scrapped, with the group's head of taxation, Stephen... Read more

Budget speech delivers living wage and inheritance tax boost

Chancellor George Osborne surprised many people in his Budget speech with the announcement that the living wage would be introduced for employees aged over 25, coming into effect next April. The... Read more

Increasing number of estates are liable for inheritance tax

By Lenore Rice The continued freeze of the threshold at which inheritance tax becomes payable is expected to result in a record amount of inheritance tax receipts in 2015/16. The current inheritance... Read more

End of year tax returns scrapped in favour of real-time accounts

Chancellor George Osborne announced in his Budget speech today that the government will scrap annual tax returns and replace them with a 'real-time' online accounts system that calculates tax throughout... Read more

Two years prison for attempt to dodge inheritance tax

By Lenore Rice A 56 year old woman has been given a two year prison sentence for lying about the size of an inheritance she received and failing to disclose gifts... Read more

Call for capital gains tax and inheritance tax to be merged

The Institute of Directors (IoD) is calling for the government to merge capital gains tax and inheritance tax to stop owners of high valued properties being taxed twice on the... Read more

Legal help to fulfill your New Year's resolutions

A new year is upon us, and according to surveys and polls, over half of us have made some kind of resolution for 2015. As ever, health and finances top... Read more

Doubts over whether Stormont could handle corporation tax powers

By Neil Logan After a long campaign by business owners and politicians in Northern Ireland, it is expected that Chancellor George Osborne will announce that corporation tax powers can be passed... Read more

HMRC reclaims record amount in unpaid taxes

Almost £3.65 million of unpaid tax has been recovered from taxpayers in Northern Ireland and the rest of the UK by HMRC as a direct result of avoidance schemes, evasion... Read more

Don’t file your paper Tax Return

Taxpayers in Northern Ireland and the rest of the UK who were issued with a paper self assessment Tax Return, had until 31st October 2014 to submit the return in... Read more

Increase in total amount of capital gains tax paid

The total amount of capital gains tax paid in Northern Ireland and the rest of the UK rose to £3.8billion in 2013-14, with 154,000 people liable for the tax. The amount... Read more

Cameron says inheritance tax cut will have to wait

By Lenore Rice Prime Minister David Cameron has warned that an increase in the threshold at which inheritance tax becomes payable may have to wait until after the General Election in... Read more

Cameron pledges to raise income tax thresholds

David Cameron has pledged to raise the threshold at which income tax becomes payable, and also the threshold at which an employee would be liable to pay the 40p income... Read more

UKIP pledge to scrap inheritance tax

By Lenore Rice The UK Independence Party (UKIP) will pledge to scrap inheritance tax at it's annual conference this Friday, and while the party's chances of general election success next year... Read more

Inheritance tax implications of rising property prices

By Lenore Rice Northern Ireland property owners have learned that their house values increased by the lowest amount of the whole of the UK in the year to the end of... Read more

Marriage tax break might cause parents to resist divorce

By Lenore Rice In April next year married couples will be able to benefit from a £1,000 tax break, but the policy has come under criticism from a number of quarters,... Read more

HMRC to target all UK income of Expats

Expats who rent out their UK homes or receive a government pension could get their personal allowances cut as part of a proposed government plan. Currently EU nationals and British expats... Read more

Proposals for inheritance tax to be paid before death

Inheritance tax is often referred to as the 'death tax', but if a proposal is taken up by the government it could become just another one of the taxes we... Read more

Increase in inheritance tax payments in last tax year

By Lenore Rice Inheritance tax payments in 2013/14 came close to pre-recession levels according to figures released by HMRC, with revenue increasing by 8.6 per cent on the previous year. There was... Read more

Hint at tax breaks for Northern Ireland high earners

Taxpayers in Northern Ireland and the rest of the UK may be paying less income tax in the future as David Cameron has suggested some high earners might be moved... Read more

Northern Ireland tax workers to strike over redundancies

Northern Ireland employees of the HM Revenue and Customs (HMRC) are to go on strike on Friday over redundancies and office closures. The strike action has been co-ordinated across HMRC offices... Read more

Self Assessment payment deadline looms

Many individual taxpayers in Northern Ireland and the rest of the UK will have recently received a self assessment statement from HMRC. This statement will usually have a payslip attached to... Read more

HMRC warn of increase in tax credits scam emails

HMRC are warning tax credits claimants in Northern Ireland and the rest of the UK about scam or ‘phishing’ emails promising money back. May 2014 has already seen an increase in... Read more

Rising house prices increased stamp duty revenue by £900m

By Michelle Rock Stamp duty payments by property buyers increased by £900million in the last financial year according to new research by Lloyds Bank. Rising house prices in Northern Ireland, and to... Read more

Northern Ireland Taxpayers missing out on tax relief

Higher rate taxpayers in Northern Ireland and the rest of the UK who do not pay into a pension scheme are missing out on a collective £225m in tax relief... Read more

Corporation tax power could be devolved to NI by 2017

By Neil Logan Powers to vary the rate of corporation tax could be devolved to Northern Ireland by 2017, with an announcement expected in the Chancellor's autumn statement. It is believed that... Read more

HMRC announce £23.9 billion tax cheat haul

The Government collected a record £23.9 billion from taxpayers in Northern Ireland and the rest of the UK in additional tax as it stepped up efforts to tackle tax avoidance. The... Read more

Emily Morris receives STEP NI Diploma

Pictured right - The President of the Supreme Court Lord Neuberger presents Emily Morris with her STEP NI Diploma at a STEP conference at the Stormont Hotel in Belfast with... Read more

HMRC treble use of debt collection firms

Taxpayers in Northern Ireland and the rest of the UK owing money to HMRC are finding bailiffs calling to their door more often as evidence shows that the taxman has... Read more

Investigations into NI savers' tax affairs double

Savers in Northern Ireland and the rest of the UK are now being targeted as HMRC tax investigations double. This has raised concerns that innocent mistakes on self-assessment tax... Read more

Northern Ireland tax investigations on the rise

The number of people in Northern Ireland and the rest of the UK being investigated by the taxman has doubled in one year. Recent figures show that HMRC made... Read more

NI taxpayers caught by 60pc income tax rate

Many taxpayers in Northern Ireland and the rest of the UK are paying an income tax rate of 60 per cent as a result of a little-understood policy introduced by... Read more

Threat to NI taxpayers over non resident CGT

HMRC’s plans to extend capital gains tax (CGT) to non-residents selling property in the UK includes proposals for the withdrawal of the principal residence election for all taxpayers in... Read more

Completing your 2013/14 Tax Return form

Self Assessment (SA) taxpayers in Northern Ireland and the rest of the UK should now be thinking about gathering the relevant information in order to complete their 2013/14 Tax Returns. SA... Read more

Direct Recovery of tax debts from defaulters

The government is consulting on proposals to recover tax and tax credit debts from businesses and individuals in Northern Ireland and the rest of the UK that are actively refusing... Read more

Northern Ireland Taxpayers don’t understand their tax obligations

A new HMRC report reveals that Taxpayers in Northern Ireland and the rest of the UK have a limited understanding of tax and their tax obligations. It also suggest... Read more

New tax evasion deal signed

Anyone in Northern Ireland and the rest of the UK with undeclared income from offshore accounts could soon be found out after a new deal was signed. Chancellor George Osborne has... Read more

Last chance for 2013/14 PAYE details

Employers in Northern Ireland and the rest of the UK must now use an earlier year update (EYU) if they still need to send PAYE information for 2013/14 that ought... Read more

Tax investigations for Northern Ireland landlords

  HMRC is targeting landlords big and small in Northern Ireland and the rest of the UK with their latest Second Homes Campaign.  Recent government estimates are that there are up... Read more

Northern Ireland tax investigations could increase

HMRC have recently announced their latest tax campaign targeting those in Northern Ireland and the rest of the UK with second incomes. This is the latest in a long line of... Read more

Northern Ireland taxpayers can now submit their Tax Returns

As from 6th April 2014, self assessment taxpayers in Northern Ireland and the rest of the UK can submit their 2013/14 Self Assessment forms. If you send in a paper 2013/14... Read more

Northern Ireland childcare vouchers to be phased out

The employer-supported childcare voucher scheme will be closed to new entrants in Northern Ireland and the rest of the UK, from autumn 2015 when the government’s new tax-free childcare scheme... Read more

HMRC target Northern Ireland landlords

HMRC’s Let Property Campaign gives individual landlords in Northern Ireland and the rest of the UK who are letting out residential property in the UK or abroad the opportunity to... Read more

Concerns for Northern Ireland tax defaulters

HMRC’s powers to allow it to take money directly from the banks of tax debtors in Northern Ireland and the rest of the UK have been criticised as they may... Read more

HMRC targets NI taxpayers with undeclared second incomes

Northern Ireland taxpayers with undeclared second incomes can avoid a HMRC tax enquiry by availing of their latest scheme.HMRC has launched a second incomes campaign, giving an opportunity for individuals... Read more

Northern Ireland Rich contributing more since tax cut

A senior Tory MP says that cutting the top rate of income tax for those in Northern Ireland and the rest of the UK has massively increased the amount of... Read more

NI charity donors could face unexpected Gift Aid liability

Anyone in Northern Ireland and the rest of the UK who will no longer be paying income tax following this weekend’s increase in the personal allowance should check any ‘enduring’... Read more

Taxpayers to get personal tax statements from October

As part of the government’s wider drive to make the tax system simple, easier to understand and more transparent, at Budget 2012 it was announced that from October 2014 approximately... Read more

NI workers benefit from tax cuts of £2,000 since 2010

Reports suggest that David Cameron will today speak of his “pride” at having cut tax by almost £2,000 for the typical worker in Northern Ireland and the rest of the... Read more

Personal tax allowance for NI expats up for review

The government is to consult on plans outlined in the Budget to tighten up the rules regarding the use of the UK personal allowance by non-residents, which could have implications... Read more

Tax clampdown under threat as HMRC plan job cuts

George Osborne's budget promise to fund a clampdown on tax evaders in Northern Ireland and the rest of the UK appears to be under threat after a leaked memo showed... Read more

Most Northern Ireland people don’t understand tax on savings

Almost two thirds (63 per cent) of people in Northern Ireland and the rest of the UK don't realise basic-rate taxpayers pay 20 per cent on any interest earned straight... Read more

Unpaid Class 2 NIC collected from PAYE tax codes from 2014

Employees in Northern Ireland and the rest of the UK who have a class 2 NIC debt will find that their 2014/15 tax code may be amended to collect the... Read more

NI Pensioners to benefit from abolition of 10p rate on savings

Pensioners in Northern Ireland and the rest of the UK will benefit most from George Osborne’s abolition of the 10p tax on savings income in the Budget, with some in... Read more

Transferrable tax allowance for some Northern Ireland couples

From April 2015 married couples & civil partners in Northern Ireland and the rest of the UK may be eligible for a new transferable tax allowance. The transferable tax allowance will... Read more

NI Tax avoiders to be forced to pay off bills sooner

HMRC will now demand faster payments of income tax and national insurance from people in Northern Ireland and the rest of the UK using disclosed avoidance schemes. The new rules mean... Read more

Budget 2014 to benefit Northern Ireland taxpayers

As was widely expected, the Chancellor has announced an increase in the personal tax allowance to £10,500 in 2015-16 which will benefit taxpayers in Northern Ireland and the rest of... Read more

Childcare tax break for Northern Ireland Working parents

A childcare tax break is to be expanded, with working parents in Northern Ireland and the rest of the UK set to receive more money for longer than previously planned. The... Read more

HMRC collect £110m in Capital Gains Tax underpayments

Buy-to-let landlords and owners of multiple homes in Northern Ireland and the rest of the UK have been targeted by HMRC in the past year resulting in an increase in... Read more

Tax cut suggested for Northern Ireland employees

Radical new proposals by the Conservative party aim to scrap the 40 per cent higher rate of income tax which could see more than two million middle-class workers in Northern... Read more

NIC savings for Northern Ireland employers for 6th April 2014

George Osborne has written to employers in Northern Ireland and the rest of the UK to make sure they know about the new £2,000 Employment Allowance which will be introduced... Read more

Tax deadline looms for Northern Ireland Health Professionals

By Gary Adair HMRC has warned health professionals in Northern Ireland & the rest of the UK that they are running out of time to bring their tax affairs up to... Read more

PM hints at tax cuts for Northern Ireland taxpayers

Reports suggest that Prime Minister David Cameron will raise hopes of tax cuts in Northern Ireland and the rest of the UK by declaring "every efficiency" found by the Government... Read more

40p tax threshold could be raised for NI taxpayers

Tories have called on the Chancellor to reward the middle classes by raising the 40p tax threshold for taxpayers in Northern Ireland and the rest of the UK so that... Read more

7pc of Northern Ireland taxpayers filed late tax returns

HM Revenue & Customs has broken down Self Assessment taxpayer by region and finds that taxpayers in Northern Ireland registered 7 per cent of late tax returns, which was the... Read more

Undeclared offshore account holders face HMRC clampdown

HMRC’s latest campaign which starts on 24th February 2014 will target offshore account holders in Northern Ireland and the rest of the UK in a new clamp-down on tax evasion. With... Read more

New digital services launched for Self Assessment taxpayers

Three new pilot digital services are to be launched by HMRC with the aim of helping taxpayers in Northern Ireland and the rest of the UK manage their tax affairs... Read more

HMRC crackdown on false self-employment nets £122m in tax

Businesses in Northern Ireland and the rest of the UK have paid HMRC an extra £122 million as a direct result of a crackdown on false self-employment in the construction... Read more

Half of UK inheritance tax paid in London and South East

By Lenore Rice Approximately £3.1billion inheritance tax was paid in Northern Ireland and the rest of the UK in 2012-13, but half of that was generated from estates in London and... Read more

HMRC urges SMEs in Northern Ireland to use new cash flow scheme

Small businesses in Northern Ireland and the rest of the UK are being urged to consider using the “cash basis” scheme that allows them to be taxed on money that... Read more

How Northern Ireland Employers can avoid HMRC PAYE penalties

Employers in Northern Ireland and the rest of the UK will soon have to make their final PAYE submissions for 2013/14. In order to avoid payroll penalties they need to ensure... Read more

Tax Cheats in Northern Ireland and rest of UK named by HMRC

HMRC have today published the latest list of deliberate tax defaulters which include individuals and businesses from all parts of mainland UK and Northern Ireland.This policy is HMRC's latest approach... Read more

HMRC target hidden wealth

A HMRC taskforce was launched on 11th February 2014 to target hidden wealth in London & East Anglia with a further 30 taskforces planned for 2014/15 which will target other... Read more

HMRC to introduce new timetable for Real Time Information penalties

Employers in Northern Ireland and the UK will be pleased to hear that HMRC have announced a staggered start to the introduction of Real Time Information (RTI) penalties. Under original plans,... Read more

Labour's 50p tax rate pledge criticised by big business

By Lenore Rice Senior figures at 24 of Britain's most successful companies have written an open letter attacking Labour's pledge to bring back the 50p rate of income tax if they... Read more

Tax return deadline looms for small businesses

Small business owners and managers in Northern Ireland need to take note of the 31st January deadline for the submission of online tax returns. Failure to submit the self assessment tax... Read more

HMRC challenges yield £108m in additional inheritance tax

By Lenore Rice New research shows that the HMRC brought in 23 per cent more inheritance tax in 2013 as a result of challenging the valuation of estates, netting an additional... Read more

Kinnock calls for return of 50 pc income tax rate

By Lenore Rice Former Labour leader Lord Kinnick believes the Labour party should bring back a 50 per cent income tax rate if it is returned to government. In 2010 the Labour... Read more

Rising house prices to increase inheritance tax bills

By Lenore Rice The estates of deceased persons in Northern Ireland and the rest of the UK are likely to face a higher inheritance tax bill this year as a result... Read more

MLA calls for stamp duty and income tax powers for NI Assembly

Basil McCrea, the leader of the NI21 party, has once again brought the devolution of tax powers to the Northern Ireland Assembly debate into the spotlight, as he says his... Read more

Tax deadline approaches for high earning parents

By Lenore Rice Parents who receive a salary over £50,000 and also receive Child Benefit must complete an income tax self assessment return by 5th October to avoid penalties. The High Income... Read more

IHT simplification proposal anything but simple

By Lenore Rice The HMRC has supposedly been trying to simplify the UK tax system, generally considered to be one of the most complex in Europe, if not the world. It's... Read more

Fewer people to leave their property as inheritance

By Lenore Rice The number of people in Northern Ireland and the rest of the UK planning to sell or rent their property in order to fund their retirement has risen... Read more

Inheritance tax payments at 6 year high

By Lenore Rice The amount of inheritance tax paid by people in Northern Ireland and the rest of the UK rose for a third consecutive year in 2012, taking it to... Read more

Gov to publish marriage tax break proposal

David Cameron has announced that proposals for a marriage tax break will be published shortly, and it is believed that details will be given to Parliament by the time of... Read more

Wozniak calls for companies to be taxed on income

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

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

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

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

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

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

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

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

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

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

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

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

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'

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

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

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

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

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

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

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

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

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

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

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

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

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

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'

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

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

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

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

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

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

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

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?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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'

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

'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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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'

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'

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'

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

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

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

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

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

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

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

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'

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

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

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

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

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

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