Open consultation: Part surrenders and part assignments of life insurance policies

As announced at Budget 2016, the government will change the current rules for part surrenders and part assignments of life insurance policies to prevent excessive tax charges arising on these products.

This consultation invites views on possible alternatives and sets out, in detail, three options for change.

Source: .Gov.UK HMRC Consultations

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Open consultation: Employee Share Schemes: NIC elections

A NIC election is the means of legally transferring to the employee the Employer’s Class 1 NIC obligation on the occasion of chargeable events in connection with employment-related securities options, and with restricted or convertible employment-related securities. This consultation is designed to gather views and evidence from companies with nontax-advantaged share schemes about whether there is a need for the continued availability of a NIC election. NIC agreements will continue to be available.

The consultation is particularly relevant for accounting and legal advisers of companies which offer non tax-advantaged share schemes, particularly multinational companies with UK employees.

Source: .Gov.UK HMRC Consultations

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Open consultation: Creating a secondary annuities market: tax framework

This consultation is about the proposed secondary market for pension annuities. The creation of a secondary annuities market is intended to extend greater flexibility and freedom to people who had little choice but to buy an annuity with their pension pot. These changes will remove current tax constraints and provide scope for individuals to sell their annuity bought with funds from a tax relieved pension pot, in return for a taxable lump sum, or for the sale proceeds to be paid to a more flexible pension product.

The government published a consultation in March 2015 on the proposed policy framework around the future secondary market for annuities. This consultation closed in June, and in December the government published its response.

This consultation lays out the proposed detail of the tax framework for the secondary market for annuities and asks for views on a number of detailed issues.

Source: .Gov.UK HMRC Consultations

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Open consultation: Gift Aid Small Donations Scheme

At Autumn Statement 2015 the government announced that it would bring forward the planned review of the Gift Aid Small Donations Scheme.

This document, which has been informed by responses to the government’s call for evidence, sets out specific proposals for simplifying the scheme rules to help ensure as many eligible charities as possible can benefit.

Source: .Gov.UK HMRC Consultations

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Open consultation: Strengthening the Tax Avoidance Disclosure Regimes for Indirect Taxes and Inheritance Tax

The government consulted in 2014 on proposed reforms to the scheme for disclosure of VAT avoidance schemes (VADR) to bring it more into line with scheme for disclosing avoidance in direct taxes (DOTAS). In the same consultation the government proposed changes to the existing Disclosure of Tax Avoidance Schemes hallmark regulations describing Inheritance Tax (IHT). An initial draft of regulations covering the IHT elements was subsequently published in July 2015.

This consultation takes forward both elements, including draft revisions to the hallmark regulations covering IHT. It asks for views on the proposals to make sure the disclosure regimes provide reasonable and timely information to HMRC about avoidance of these taxes and duties.

Source: .Gov.UK HMRC Consultations

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Accountants And QuickBooks Accounting Software

Personally I’m a fan of QuickBooks accounting software it is easy to use, has a good layout, I enjoy using it, it has great functionality which you can’t say about all software.

I’ve been using QuickBooks for over 10 years and it has developed into quite an amazing piece of accounting software.

Traditionally I would suggest accountants favour Sage or other accounting software but I think it would be fair to say that there has been a dramatic increase in the number of accountants that either recommend or support clients who use QuickBooks recent years which is a reflection of the quality of the software.

Find QuickBooks Accountants

If you are a QuickBooks user having an accountant that knows and understands QuickBooks is a real advantage and helps to get the most out of your investment in this accounting software.

Finding accountants that support QuickBooks clients isn’t particularly easy until now!

I’m working on project to make finding QuickBooks accountants extremely easy.

My QuickBooks Accountant is a new website aimed at linking QuickBooks users with accountants that use and support QuickBooks.

The site will include a directory of accountants and tax advisers that use Quickbooks and welcome QuickBooks clients.

The aim My Quickbooks Accountant is to link QuickBooks users with QuickBooks accountants to help with year-end accounts and tax returns and related compliance issues HMRC and Companies House.

We have been researching, linking with accountants on Twitter, Facebook and other social media to find accountants that support QuickBooks clients.

The aim is to build a high quality directory of accountants and tax advisers in the UK that QuickBooks users can link up with.

If you are accountant, accountancy firm or tax practice that uses QuickBooks welcomes QuickBooks clients the get in touch via the “My QuickBooks Accountant” website to get your accounting practice listed.

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New Online Tax Forum for Tax Professionals and Accountants

Anyone who’s ever had a hobby or interest where you can easily find online forums to discuss issues of interest ask advice get second opinions or find information will have found those forums extremely useful.

The area of IT and computers for example is one sector online where there are some very well established and useful online forums.

However, there are not many good online forums for tax professionals.

So one of the projects I am now setting up is an online forum the tax advisers, tax professionals and accountants.

Tax Forum – CPD

Participating in tax discussions is recognised by many of the professional bodies as qualifying CPD (Continuing Professional Development).

Participating in the new tax forum is no different.

Post questions, answers, comments and hints and tips on the tax forum that other users will find of interest and useful.

As a newly formed forum it is in its early stages but I hope that if you’re a tax professional or an accountant you can see the benefits of getting involved and participating in the tax forum discussions.

The more that participate the better and more useful it will become and the more helpful to you and other participants.

Pop over to the tax forum to register FREE and post and share information.

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HMRC Definition of Furnished Property – What Does “Furnished” Mean?

A common question from Landlords and accountants preparing Land and Property Pages for Self Assessment tax returns in the UK is:

What is the definition of “Furnished Property” To Qualify For 10% Wear & Tear Allowance?

OK here is the definision as far as HMRC are concerned as per their Manuals – Property Income Manual “PIM3200 – Furnished residential property: wear and tear allowance”

Definition

A furnished property is one that is capable of normal occupation without the tenant having to provide their own beds, chairs, tables, sofas and other furnishings, cooker etc. The provision of nominal furnishings will not meet this requirement. If the accommodation isn’t furnished, or only partly furnished, the 10% wear and tear allowance isn’t due.

What Does 10% Wear & Tear Allowance Cover

HMRC go on to state that the 10% wear and tear allowance is entended to cover:

The 10% deduction is given to cover the sort of plant and machinery assets that a tenant or owner-occupier would normally provide in unfurnished accommodation. 10% Wear and Tear Allowances includes things like:

  • movable furniture or furnishings, such as beds or suites,
  • televisions,
  • fridges and freezers,
  • carpets and floor-coverings,
  • curtains,
  • linen,
  • crockery or cutlery,
  • plant and machinery chattels of a type which, in unfurnished accommodation, a tenant would normally provide for himself (for example, cookers, washing machines, dishwashers).

This list isn’t meant to be complete but gives an idea of the assets the wear and tear allowances covers.

For more information on HMRC’s guideance of 10% Wear and Tear Allowance see http://www.hmrc.gov.uk/manuals/pimmanual/pim3200.htm

 


 

 

 

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Looking For A Job In Tax In The UK

Tax Jobs in the UK

If you are looking for a job vacancy in the field of taxation in the UK we have made some big progress with our UKTaxJobs.co.uk webiste for 2012-13

You can also follow the progress of UK Tax Jobs on Twitter at www.twitter.com/uktaxjobs

I will be posting a few more updates as we progress the UK Tax Job site even further but we are off to a great start.

As of the time of this blog post UK Tax Jobs.co.uk is featuring 341 job vacancies in tax in the UK.

Tax Recruiters

If you run a recruitment agency that specialises in tax recruitment and want to add your tax job vacancy adverts get in touch via either the Tax Publications webiste or the Jobs Within website

We offer free job listings and featured priority listings subscription based.

We also offer banner advertsing on the UK Tax Jobs website or across a growing portfolio of tax and accounting related websites.

Whether you are a recruitment agency, a firm of accountants, a business with a tax department or tax roles to fill post your job adverts to the UK tax Jobs website.

Tax Recruits

If you are a tax recruit looking for your next job in tax in the UK take a look at the site. We aim to feature as many of the job vacancies in tax in the UK as possible.

Making tax job advertising easy.

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HMRC Awarding Themselves Annual Bonuses | Fact! (FOI)

Up to 15% of HMRC staff get an annual bonus of 2.5% per annum (based on their managers say so)

It pays to keep your manager sweet at HMRC!

A corrupt financial incentive system operates at HMRC as exposed by the Freedom of Information Act.

This explains why HMRC staff have got more aggressive in the last five to six years.

It also confirms for me that a lot of senior management who have overseen this system and implemented it need to go, otherwise why keep it so quiet?

HMRC award themselves bonuses just like the banks. It is a public disgrace.

HMRC staff have repeatedly denied that any financial incentive scheme was in place. A blatant lie !

Following a Freedom of Information Act request to HMRC for details the truth is finally out!

HMRC hold your heads in shame!

Why try to hide something unless you KNOW it is fundamentally wrong.

See the full HMRC Bonus Incentive System article.

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