Category Archives: Income Tax

Understanding “Simple Assessments”

Understanding ‘Simple Assessments’ A Simple Assessment is one made by HMRC rather than the taxpayer, meaning it is the opposite of a self-assessment.  If a taxpayer has been sent a notice informing them that they need to file a SA …

More people paying the wrong amount of tax

HMRC estimates that 3.5m people paid too little tax through the PAYE system in 2013–14, and will now have to pay back the money in future years. A further 2m people are thought to have paid too much tax. The …

Clegg revives mansion tax plans

Nick Clegg has said that the Liberal Democrat election manifesto will include a reformed ‘mansion tax’. During his speech, the Deputy Prime Minister also indicated he is planning to borrow in order to build homes and boost the economy through …

Trust reform mooted

HMRC has considered putting a limit on the amount individuals can transfer into trusts tax-free in an effort to clamp down on the use of multiple trusts to avoid inheritance tax. Under the new rules, a couple would only be …

Plans to cap income tax relief represent another tax on business and are harmful to growth

It is  understandable that the Government has a desire to prevent the exploitation of tax reliefs merely in order to obtain a tax deduction, but considering that there is already legislation to prevent tax avoidance using schemes and progress is being made …