Tribunal case: Legal fees were capital not revenue
July 29, 2010

A recent Tribunal case focused on the question as to whether legal fees were deductible by the taxpayer company. In 1991 the company had been granted outline planning permission for an open-air market. A further planning application was approved... New HMRC and DWP payment initiative
July 27, 2010

HMRC together with the Department for Work and Pensions (DWP) have launched a new scheme on a trial basis which will allow individuals to make repayments due to HMRC by way of a reduction in their DWP benefits.  The trial, participation in which... Company residence – New draft guidance
July 27, 2010

HMRC have published new draft guidance on company residence. The guidance specifically concerns the circumstances in which HMRC will not normally review a company's residence status. The guidance includes 8 short examples of scenarios where HMR... Online filing of trust and estate returns
July 27, 2010

A new online filing system for trust and estate tax returns took effect from 1 July 2010.  The new system is expected to reduce the amount of time it takes for HMRC to process any tax repayments as well as shortening the time taken to deal with... Claiming tax credits
July 27, 2010

Families and individuals who receive tax credits should renew their claims by 31 July 2010.  Claimants who do not renew on-time may have their payments stopped. Claims should be renewed by completing the renewals pack sent by HMRC earlier this y... New anti money laundering guidance
July 27, 2010

HMRC have launched a new set of sector specific guidance in relation to the anti-money laundering regulations.  These guides replace the previous guidance published in August 2008 which has now been withdrawn. The new publications pro... Pool betting duty
July 27, 2010

Pool betting duty will come within the realm of the new penalty regime for returns furnished on or after 26 September 2010 following the introduction of new pool betting duty regulations.  The new penalty regime was designed to make penalties s... Double taxation relief – new statutory instruments
July 27, 2010

The Government has published a large number of new Draft Statutory Instruments related to Double Taxation Relief and International Tax Enforcement Orders. There are separate Statutory Instruments for each of the taxes and each of ... Interest rates – new statutory instruments
July 27, 2010

Two new statutory instruments have been published, both of which come into force on 31 August 2010. The first specifies the amount of interest due on monies payable to HMRC and interest payable by HMRC. In respect of interest on sums due to HM... Negligible value list updated
July 27, 2010

HMRC have updated the Negligible Value list of shares or securities formerly quoted on the London Stock Exchange. The list identifies those which have been officially declared of negligible value by the Shares and Assets Valuation Office.&...