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Failing to Keep Accurate Accounts is Like a Red Rag to the Tax Authorities

Failing to take professional advice and keep accurate accounts is like holding a red rag up to the HM Revenue and Customs bull. In a case on point, an international businessman who claimed to keep details of his income and expenditure 'in his brain' was...

Employee or Contractor? Broadcast Journalist Receives £400,000 Tax Bill

Establishing a company to act as an intermediary between yourself and the clients to whom you provide your services can have substantial tax advantages. As a case involving a broadcast journalist showed, however, such arrangements are pointless if the...

Loyalty Bonuses Taxable, Rules Upper Tribunal

Investors using the popular online financial investment platform Hargreaves Lansdown (HL) may not have heard that the 'loyalty bonuses' they receive from HL have been deemed by the Upper Tribunal (UT) to be taxable income in the hands of the recipients and...

Facing a Tax Investigation? Don't Bury Your Head in the Sand!

If you are facing an investigation by the tax authorities, your very first step should be to seek professional advice. One taxpayer who sadly chose not to take that course, instead burying his head in the sand, narrowly escaped a six-figure back-tax bill. ...

HMRC Miss Tax Avoidance Target By Raising Assessments Too Late

When HM Revenue and Customs (HMRC) find out that tax has been under-declared, the response is normally to raise a 'discovery assessment' to collect the tax due. This is usually the result of a period of investigation, and penalties and interest are also...

Raising Cash on the Security of Your Home? Always See a Lawyer First

Many vulnerable people who fall into debt are tempted to raise cash on the security of their homes. However, a case in which an elderly couple came within an ace of losing the roof over their heads stands as a warning to all that such arrangements should...

Stamp Duty Land Tax Dodge Backfires

When a couple wished to avoid paying Stamp Duty Land Tax (SDLT) on the purchase of a property, they hit on what looked to them like a great idea. Instead of buying the property outright, they paid for it in two stages…a deposit, plus the purchase of...

Pension Scheme That Failed to Consider Wife's Claim Called to Account

It is usual for occupational pension schemes to allow the spouse or partner of a scheme member to receive a reduced pension in the event that the member predeceases them. Normally, the appropriate beneficiary is set out in the scheme rules. With defined...

Tax Investigations - Judge Authorises Disclosure of Credit Card Bills

To what extent are the tax authorities entitled to delve into what would otherwise be your private financial information? The High Court tackled that issue in authorising disclosure of a wealthy businessman's credit card statements to HM Revenue and...

Wealthy Online Investor in Bitcoin Futures a 'Consumer'

Can someone who trades in cryptocurrency futures or other sophisticated products via an online platform be viewed as a consumer? In a crucial decision for the investment sector, the High Court has answered that question in the affirmative . The case...
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