Tax
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
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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