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Making Tax Digital: What Will It Mean For You

April 10, 2017 | Wills and Probate

Making Tax Digital is a government initiative that sets out a bold vision for ‘a transformed tax system and the end of the tax return’ by 2020. What will it mean for you? When I first prepared tax returns, there were just a couple of pages to contend with and for missing information you could(Read more)

What is an LPA?

March 16, 2017 | Wills and Probate

What is an LPA? An LPA (Lasting Power of Attorney) is a legal document which allows you to choose another person or people to make decisions on your behalf. This might be, for example, when you are ill or cannot make decisions because you lack mental capacity. There are two main types of LPA: property(Read more)

Spring Budget 2017 highlights

Spring Budget 2017: Some Highlights

March 09, 2017 | Wills and Probate

Mr Hammond launched the Spring Budget 2017 at lunchtime on 8 March 2017. This is to be the last Spring Budget as part of the government’s plan to simplify tax legislation in the UK. Below are a few highlights from the measures announced: Income Tax and National Insurance The Personal Allowance for income tax is(Read more)

Draft Regulations Allow ISA Tax Status To Survive Death

March 01, 2017 | Wills and Probate

HMRC has published draft regulations that would allow the tax advantage status of ISAs to be retained after the death of the account holders. Current rules state that when the account holder dies, the tax advantage status of the account is lost, and the funds are usually moved to an account that is subject to(Read more)

Increased Probate Fees

February 27, 2017 | Wills and Probate

On 24 February 2017 the Ministry of Justice published the Government’s response to the consultation on their proposal to reform court fees for grants of Probate. Despite extensive disagreement, the changes in the proposal originally published in February 2016 will be put to Parliament. The consultation documents sought opinions on a new fee structure for(Read more)

HMRC to Review Concentrix’s Management of Tax Credits

February 24, 2017 | Wills and Probate

Many will recall the issues that were faced by those who attracted the attention of Concentrix in relation to their claim for Tax Credits between 2014 and 2016. In their Fourth Report of Session 2016-17 (HC720), the Work and Pensions Committee of the House of Commons noted that “(v)ulnerable people lost benefits to which they(Read more)

tax; employment

Out of Reach?

December 07, 2016 | Wills and Probate

In October 2016 the decision of the First Tier Tax Tribunal was given in the appeal by Ireland Generator and Spare Parts LTD (the ‘Appellant’) against HMRC’s decision to disallow input tax in relation to the purchase of a car. Input tax is the VAT that a business is charged on business purchases and expenses.(Read more)

Employee or Not Employee? That is the Question

December 06, 2016 | Wills and Probate

Mr Ashton appealed against a decision by HMRC to treat him as a self-employed partner rather than an employee of Karate World – a martial arts instruction business. In October 2003, the business was growing and the proprietor, Mr Thompson, decided to set up a partnership. A number of his employees were to be partners,(Read more)

National Insurance Numbers, Minimum Wage and Making Tax Digital

November 29, 2016 | Wills and Probate

Problem with National Insurance Numbers HM Revenue and Customs has been issuing National Insurance number with a prefix KC.  It is understood that these may cause employers problems.  The numbers are valid and the individual receiving them should use them as normal.  Employers experiencing problems when submitting real time information data for the employee with(Read more)

Taxation of Non-Doms

November 03, 2016 | Wills and Probate

HM Treasury have published a further consultation document on a proposal by the Government to extend the scope of inheritance tax to cover UK residential property held indirectly (enveloped) by non-domiciled individuals and trusts with settlors or beneficiaries who were non-domiciled.  This would be achieved by excluding certain types of assets from the definition of(Read more)