Blog Archives

Litigation privilege does not apply to tax advice from accountancy firms, rules High Court

When provided by an accountancy firm, advice on how to structure your affairs for tax purposes is not protected by legal advice privilege, and it may therefore need to be disclosed in a subsequent HMRC investigation or in litigation. This …

Posted in Longer Reads | Leave a comment

Second home owners beware!

HMRC has recently stepped up its investigatory activity in two areas that might be relevant to second home owners:HMRC is intending to send thousands of “nudge” letters to individuals who it suspects may have sold taxable residential property in the tax year 2018/19 and not declared this on their tax return. It is likely that HMRC will identify these suspected sales by using data obtained from the UK Land Registry. The letters will ask individuals to consider whether they should have paid capital gains tax (CGT) on the sale. If CGT should have been paid, the letters will ask individuals to either amend their tax return, or use HMRC’s Digital Disclosure Service, to pay any CGT owed.Airbnb UK has agreed to share data with HMRC on the rental income of Airbnb hosts in the UK in the tax years 2017/18 and 2018/19. If an Airbnb host has received over £1,000 in a year by letting out their second home, this rental income must be declared to HMRC. The Airbnb data will enable HMRC to identify hosts who have not complied with this requirement. Such hosts can expect HMRC to get in touch with them in the near future, but may want to pre-empt this by declaring the income now, in order to reduce potential non-compliance penalties.If either of these matters is of concern to you, please feel free to get in touch.

Posted in Shorter Reads | Leave a comment

HMRC starts to investigate furlough abuse, & property businesses are a target

HMRC has started investigating employers it suspects of abusing the furlough scheme and property and construction businesses are firmly in its sights. Investigations are focused on businesses that deliberately or inadvertently allowed staff to work whilst on furlough and are …

Posted in News | Tagged , | Leave a comment

Post-Brexit sanctions and the high net worth individual

The short answer to the first of those questions is no. At its core, the Sanctions and Money Laundering Act 2018 (‘SAMLA’), under which the British regime will operate once the UK has left the EU, is a restatement of …

Posted in Shorter Reads | Tagged , , , | Leave a comment

Calls to Abolish CGT Entrepreneurs Relief – Should Business Owners Be Worried?

In what is becoming a near-annual sport, there are again renewed calls for the restriction or outright abolition of CGT Entrepreneurs’ Relief. The latest high-profile support for the move comes from Sir Edward Troup, previously the head of HMRC, in …

Posted in Shorter Reads | Leave a comment

Regularising Past Non-Compliance

Posted in Case Study | Leave a comment

“IR35” and Consultancy Arrangements

Posted in Case Study | Leave a comment

UK Residence

Posted in Case Study | Leave a comment

Domicile enquiries

Posted in Case Study | Leave a comment

Tax Investigations

Posted in Case Study | Leave a comment