HMRC – failure to notify and penalties

Tax penalties and reasonable excuses. Practitioners are not under a duty to make enquiries to identify irregularities which are unrelated to the work they have been engaged by clients to undertake.

Property Taxes

Legislation will be introduced in the Finance Bill 2016 to reduce the 18% and 28% rates in those provisions to 10% and 20% respectively.

Capital Gains Tax Deduction

Legislation will be introduced in the Finance Bill 2016 to reduce the 18% and 28% rates in those provisions to 10% and 20% respectively.

Coming Soon, New Tax on Dividends

April 2016 sees the (non-reclaimable) 10% tax credit that has been carried with dividends since April 1999 scrapped and replaced with a new tax-free dividend allowance.

Treatment of Tax Interest Changing

At present, in general, banks and building societies deduct 20% tax from the interest earned on non-ISA savings before paying the interest to the account holder.

Company cars and benefits in kind

This increase will take effect from 6 April 2017 for cars with no registered CO2 emissions which are unable to produce CO2 under any circumstances by being driven, and from 6 April 2019 for all other cars.

The Last Tax Return?

Is January 2016 the last fixed tax submission date? By early 2016, 5m small businesses and 10m individuals will have access to their own digital tax account