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MPs start digital currency inquiry

The Treasury Committee has announced an inquiry into the role of digital currencies in the UK. Nicky Morgan, chair of the of the committee, commented: “People are becoming increasingly aware of cryptocurrencies such as Bitcoin, but they may not be aware that they are currently unregulated in the UK, and that there is no protection for individual investors. “The Treasury Committee will look at the…

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#Bitcoin #Blockchain #Cryptocurrency #Nicky Morgan #Treasury Committee

Specialist insurance helps break the deadlock in mergers, acquisitions and business restructuring

Uncertainty is an unwelcome business partner when a merger or acquisition is being negotiated, especially if a tax risk with an unknown outcome has revealed itself. Certainly can be restored from the protection offered by tax indemnity insurance. Tax indemnity insurance is a specialist product designed to indemnify the insured for any additional tax that becomes due following a business sale or…

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#Acquisitions #Business #Jeremy Leach #Mergers #tax indemnity insurance

HMRC: Boots Opticians under the status microscope

HMRC has recently written to a significant number of opticians who have received gross payments from Boots Opticians Professional Services without the deduction of tax or national insurance. In the letter, HMRC stresses it needs ‘to check if Boots Opticians Professional Services did correctly treat you as self-employed for the work undertaken. We call this ‘employment status’.’ Whilst stressing…

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#Boots #employment status #Guy Smith #HMRC #opticians #Tax

Bitcoin: tax and regulation

The rapid rise in the value of Bitcoin has been in the news recently, with investors reminded to account for any gains (or losses) on their self-assessment tax returns. Whilst some investors have held out hope that trading in Bitcoin is the equivalent of gambling because of the speculative element involved and, therefore, profits are not taxable as ‘winnings’, some tax advisers have speculated…

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#Bitcoin #Guy Smith #HMRC #Tax

Last day to pay tax bill by personal credit card

From tomorrow HMRC will no longer accept payment of tax bills by personal credit card. With the 31 January 2018 and the settlement of 2016/17 tax liabilities edging ever closer, the credit card ban is likely to present a significant cashflow problem to many self-employed individuals. In the last financial year alone there were 454,000 personal credit card tax payments worth a total of £741m. HMRC…

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#credit card #Guy Smith #HMRC #Payment #Tax

Disclosure campaigns generate £1.2bn for HMRC

The data may have taken the best part of 7 months to extract from HMRC, but the wait was worthwhile as the latest revenue results from campaigns are an interesting read. Campaigns involve a window of opportunity for the targeted business sector to voluntarily disclose and pay tax on undeclared income and/or overstated expenditure to HMRC, in return for a reduced penalty. Once the window has…

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#campaigns #Guy Smith #HMRC #Let Property Campaign #Tax

Autumn Budget 2017 - the headlines

Autumn Budget 2017 – the headlines

An unusually jovial Chancellor delivered his first Autumn Budget with restless backbenchers behind him, waiting to hear proposals on how their party intended to win back young voters lost to Labour during the election and listening for some positive words on Brexit. They were soon rewarded as Philip Hammond began his speech looking forward to a future full of change and opportunities, with a…

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#Avoidance #Budget #evasion #Guy Smith #HMRC #Tax

Cyber Security: don't get caught out!

Cyber Security: don’t get caught out!

The most recent high profile victim of a cyber attack, the credit reference agency Equifax, has had to revise upwards to 694,000 the number of UK customers affected by the theft of personal data between May and June earlier this year. The company’s chairman and chief executive, Richard Smith, has resigned and the Financial Conduct Authority has announced an investigation into the circumstances…

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#Cyber #Cyber Aware #Cyber Security #Guy Smith #National Security Centre

#thinkabbeytax r&d taxsavings

A VAT questionnaire for ghosts and moonlighters

HMRC’s Hidden Economy Teams (HETs) search for individuals and businesses who illegally evade tax and VAT as ‘ghosts’ and ‘moonlighters’. Ghosts operate unseen in the hidden economy until HMRC track them down, whilst moonlighters can often be known to HMRC and may be declaring one source of income, but hiding another. HMRC has produced a short video about the hidden economy which is available on…

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#ghosts #Hidden Economy #HMRC #Mark Burke #moonlighters #Questionnaire #VAT

HMRC plays musical fish

The HMRC Music Royalties Team has been writing out to individuals it suspects have not declared all of their music royalty payments. The letters, titled Income received from music royalties is taxable state: We are writing to you because our records suggest you have received music royalty income payments for one or more years. These payments are taxable and you should declare any payments…

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#digital account #Guy Smith #HMRC #music royalties #Tax #tax return

What next for Making Tax Digital?

Last night Jane Ellison, the Minister previously responsible for Making Tax Digital (MTD), lost her Battersea seat in the General Election. What does her loss and a hung Parliament mean for MTD? If the MTD timetable is to remain as it is, the next Chancellor will need to appoint a new Financial Secretary who will require time to familiarise themselves with all the logistical and technically…

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#Brexit #Guy Smith #HMRC #Hung parliament #MTD

Is it really you making the repayment claim?

HMRC appears to have stepped up the number of repayment security checks it undertakes, judging by an influx of letters we have recently seen. Repayment claims are checked when a risk is activated which raises HMRC’s suspicion about the validity of a claim. Here are some of the circumstances which may trigger a security check: A claim is made where the taxpayer address differs from that shown on…

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#Guy Smith #HMRC #identity #Questionnaire #repayment claim #security

Inheritance Tax - Gifts with reservation

Since the introduction of inheritance tax (IHT) in 1986, the area of gifts with reservation has proved fertile ground for disputes with HM Revenue & Customs (HMRC). Inheritance tax differs from its predecessor taxes on the transfer of wealth by offering the opportunity to make lifetime gifts of substantial assets free of tax. The potentially exempt transfer (PET) regime encourages early estate…

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#chargeable lifetime transfer #double charge relief #gift with reservation #HMRC #IHT #Inheritance tax #potentially exempt transfer #Taxation

Come along to our Annual Tax Conference 2017

Facing the Challenge Together The tax landscape for advisers is uncertain and you need to be prepared for the challenge – both now and in the future. Advisers should be aware of the tax planning opportunities for your clients to ensure that key reliefs and exemptions are not missed. Our one-day conference will update advisers on the key tax changes over the past year and offer practical tips to…

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#corporate loss relief #HMRC #IR35 #non doms #R&D #Tax #VAT

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