Tax authorities to target cross border crypto investors Plans to introduce a crypto-asset reporting framework will see tax authorities exchanging investor details cross-border, explains Dion Seymour, crypto and digital assets technical director at Andersen LLP On 10 October, the OCED announced that the technical text of the Crypto-Asset Reporting Framework (CARF) would be delivered to…
Suspended sentence for bounce back loan fraudster A director of a Middlesbrough telecoms company has been given a suspended sentence after fraudulently taking a £25,000 bounce back loan and then dissolving company the next day Director has been sentenced to 15 months’ imprisonment, suspended for 18 months, after being convicted under the Companies Act…
Fraud: Convictions & sentences – September 2022 Table of Contents Construction company director banned for £50k covid fraud Directors of construction and coaching companies have been banned from running a business for a total of 11 years after fraudulently claiming £73,000 worth of bounce back loans The director had also exaggerated the company’s turnover to…
B2L landlords are being contacted by HMRC in its latest nudge campaign, which identifies people who may not be declaring their full rental income. The campaign comes in advance of Jeremy Hunt’s first Autumn Statement and rumours of a further attack on the buy to let sector with higher rates of capital gains tax…
Tax tips – Employ your family You could hire/employ a member of our family who earns nothing else to work in your family business, saving significant amount of tax for the family as a whole. To prevent an HMRC attack, care must be taken to ensure that the arrangements are commercial and that the level…
HMRC raises late payment interest rate to 5.5% HMRC will raise interest rates on tax debt from 22 November following the 0.75% increase in the Bank of England base rate The current late payment and repayment interest rates applied to the main taxes and duties that HMRC currently charges and pays interest on are: late…
R&D tax credit scam- HMRC arrests 8 Table of Contents As part of a clampdown on the misuse of research and development (R&D) tax credit, HMRC has arrested a gang making fraudulent claims worth millions. The arrests were part of a wider investigation into suspected criminal attacks, eight people were arrested on 12 October,…
Inheritance tax planning for main residence Table of Contents Looking for Inheritance tax planning for your main residence? Find my tax tips below. Selling the main residence: IHT implication Sell the property, downsize, and give a donee a financial gift from the sale proceeds. In order to use the remaining funds to buy a less…
New ways to pay payroll taxes Background HMRC has just launched its “variable payment plan” for employers. What is it and is it something you should consider signing up for? Pay payroll by DD HMRC introduced a “Variable payment plan” for PAYE and other taxes on September 19, 2022 in response to comments on its…
Mini Budget U-Turns All you need to know Table of Contents Chancellor brings forward further medium-term fiscal plan measures As the saying goes, a week is a long time in politics. However, recent events have been unprecedented. At the Mini Budget a new Prime Minister and Chancellor launched a new agenda, ‘The Growth Plan’. Three…
Landlords not ready to report rental income under MTD More than half of landlords are not aware of the new rules under Making Tax Digital for Income Tax which will require quarterly reporting on property income. Nearly one in 10 people have income from property with 2.9m individual taxpayers renting out houses and flats, underlining…
Stamp duty land taxes: UK Autumn mini budget 2022 ENGLAND & NORTHERN IRELAND: STAMP DUTY LAND TAX (SDLT) RATES Residential properties: 23 September 2022 onwards Property value UK Residents Non-UK Residents Only property Additional property Only property Additional property Up to £250,000 Nil 3% 2% 5% Next portion from £250,001 to £925,000…
