Precise

Latest News

Hacking Episode a 'Reasonable Excuse' for Late Filing of Tax Returns

Taxpayers are personally responsible for filing their tax returns on time, and failing to do so can lead to stiff financial penalties. However, in one case, the First-tier Tribunal (FTT) ruled that a self-employed website developer whose accountants lost all...

A Little Too Much Knowledge Can Be a Dangerous Thing

There are special rules for people working in the UK on short-term secondment from employers based abroad. Many do not become taxpayers under the UK tax system. When one such person contacted HM Revenue and Customs (HMRC) to clarify his position, he was...

Inheritance Tax - 'Hope Value' Relevant to Property Valuations

When valuing a property for Inheritance Tax (IHT) purposes, is it legitimate to take into account its potential for enlargement or improvement – so-called 'hope value'? In a guideline ruling, the Upper Tribunal (UT) has answered that question in the...

Under Financial Pressure? Don't Fall Into Dodgy Lenders' Arms!

Financial pressure can easily lead the unwary into the arms of unscrupulous lenders. One High Court case, in which numerous borrowers found themselves in legal limbo , shows how unwise it is to enter into such transactions without professional advice. A...

Be Careful Who You Trust With Your Finances

Giving someone else power of attorney over your finances can be a useful means of ensuring that your affairs will be properly managed if you lose the capacity to do so yourself. However, one case in which a war veteran's money was plundered by a man he...

Judge Criticises Council and DWP for Usurping Attorney's Powers

When a person is not capable of looking after themselves, the Secretary of State has the power to appoint someone else to do so. A recent court case shows that failing to do so in a balanced way can have adverse consequences and saw a judge condemn the...

Who Owns the Balance on the Joint Account?

Sometimes, what seem to be quite simple questions have to be decided in court. In a recent case, the issue was who owned the money in a joint bank account when one of the account holders died. Simple question or not, it was argued all the way to the Court...

Reliance on Accountant Shows Reasonable Care

If you rely on your accountant's advice regarding a tax issue, HM Revenue and Customs (HMRC) will now regard you as having taken 'reasonable care' to get things right and will not impose a penalty. On 14 February, HMRC issued new guidance relating to the...

Non-Residents Beware - Ignorance of UK Tax Law is No Excuse

About 900,000 UK citizens are long-term residents abroad, and it is no particular surprise that they may be less careful about managing their UK tax affairs than those who live in the UK. Many foreign residents retain UK properties, and when these are sold a...

What Do Points Make? Tax Penalties

The automatic penalties attaching to late filing of tax returns have long been an unpopular issue for taxpayers. The system involves fixed penalties for missing deadlines and these are rigorously applied. Filing a tax return online just seconds after the...
  • Page 1 of 10