• Around 460,000 people chased HMRC for refunds on overpaid income tax in the year 2018/19, according to an FOI request by insurance company, Royal London
• There is now a dedicated telephone line which authorised agents may use to contact HMRC and discuss their clients’ debts. The number is 0300 200 3887.
• A further number, 0300 200 3311, is available for authorised agents who wish to discuss their clients’ self-assessment and PAYE matters.
• The Court of Appeal in Higgins [2019] EWCA Civ 1680 has overturned the earlier Upper Tribunal decision and ruled that the period of ownership of a residence for the purposes of apportioning a gain begins with the date of completion and not an earlier date of exchange of contracts.
• The Court of Appeal has concluded that the gain made from a home bought off-plan can be covered in full by principal private residence relief, even if there was a delay in moving into the property.
• A tax tribunal has found that takings at an Indian restaurant were deliberately suppressed on VAT and corporation tax returns, leading to six years of tax investigation for its owner.
• A taxpayer failed to respond to questions about used car sales, so HMRC plucked a figure of taxable profit out of the air to use as the base for tax and penalty assessments totalling £342,943. Don’t be caught out like this, let Avanti assist you with all tax returns.
• A change of HMRC practice that may cause uncertainty for some taxpayers, and many landlords in particular.
• Business property relief (BPR) is a valuable inheritance tax (IHT) relief. The rates of BPR are 100% or 50%, depending on the type of relevant business property. For example, BPR at 100% can potentially shelter the value of an individual’s business from IHT on the owner’s death, if certain conditions are satisfied