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Recent Posts by Dev12

Taxman safeguards billions of tax payments

The Financial Secretary to the Treasury, Jane Ellison MP, announced last week that HMRC has collected £3 billion up-front from tax avoiders. The move continues the government clampdown on tax avoidance following last month’s announcement that enablers of tax avoidance will face tough new sanctions. The 60,000 accelerated payment notices (APNs) issued since the new…
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Letting out part of your home

There are a number of considerations that home owners will need to consider if they are letting out part of their home. The following points cover some of the more obscure situations that can arise: I’m a tenant. Can I sublet part of the property or take in lodgers? If you are a secure council…
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City trader conceals assets from his creditors

A former City trader has been hit with a £2m-plus confiscation order for concealing assets from his bankruptcy trustee and thus, his creditors. Tahseen Goni, 41, from Luton, has been ordered to pay a confiscation order of £2,084,897.37 and prosecution costs of £118,352.36, following a hearing at Cambridge Crown Court on 28 July 2016. Mr…
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High Income Child Benefit Charge

A reminder, that if either parent’s income exceeds £50,000 this will affect eligibility for Child Benefits. A tax charge, known as the ‘High Income Child Benefit Charge’ (HICBC), is payable if a parent has an individual income over £50,000 and: ·         either parent claims Child Benefit, or ·         someone else gets Child Benefit for a…
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New successes for HMRC in the courts

HMRC seem to be making progress in their attempts to discourage, and recover unpaid tax, from participators in tax avoidance schemes. In a recent high profile case, HMRC have recovered more than £434m in unpaid taxes from users of the tax avoidance scheme promoted by the Ingenious Film Partnership. Their scheme tried to use artificial…
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Government to replace EU funding

Thousands of British organisations will receive guarantees over EU funding in a new move by Chancellor Philip Hammond last month. Key projects supporting economic development across the UK will be given the green light, ending uncertainty over their future following the UK’s decision to leave the European Union. Assurances set out by the Treasury include: ·         all…
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Claiming back VAT on a vehicle purchase

Generally speaking, the purchase of any vehicle where there is any element of private use means any reclaim of VAT may be restricted. HMRC’s website offers the following guidance: ·         You may be able to reclaim all the VAT on a new car if you use it only for business. ·         The car must not…
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