Vale & West Chartered Accountants Blog

Category Archives:Personal Tax

Could the IHT seven-year rule on gifts be cut to five?

At present, when someone dies within seven years of passing on money, property or possessions to loved ones, tax of up to 40 per cent must be paid. Read More

HMRC issue incorrect CGT allowance to thousands of taxpayers

HM Revenue and Customs (HMRC) has recently issued nearly 350,000 incorrect short tax returns, indicating an error in taxpayers’ capital gains allowance. Read More

HMRC refunds £1.8 million child benefit tax penalties

HM Revenue and Customs (HMRC) has issued £1.8 million in refunds after reviewing cases where families were hit with penalties for failing to register for a charge relating to their child benefits. Read More

HMRC backs down from pension tax case

HM Revenue and Customs (HMRC) has recently withdrawn an appeal in a key court case over a 55 per cent charge it wanted to levy. Read More

Are you aware of the inheritance tax risks associated with gifting?

According to new research conducted by the National Centre for Social Research (NatCen) and the Institute for Fiscal Studies (IFS), only one in four people who make financial gifts are aware of the inheritance tax (IHT) risks. Read More

Workers could be missing out by not checking personal tax accounts

According to the latest research from the Post Office, just under half (46 per cent) of workers have never checked their personal tax accounts. Read More

HMRC reveals inheritance tax payments have hit a record high

According to data released by HM Revenue & Customs (HMRC) inheritance tax (IHT) payments have hit a record high. Read More

HMRC suffers defeat in an IR35 case

The presenter of television show Loose Women, Kaye Adams, has become the latest TV personality to win a case against HM Revenue & Customs (HMRC) over her employment status. Read More

Shakira to face tax fraud accusation in Spanish court

The Colombian singer, Shakira whose estimated wealth is £176 million, is being investigated on suspicion of committing six separate counts of tax fraud against the Spanish Treasury totalling more than £12.5 million (€14.5 million). Read More

HMRC fines error

HM Revenue & Customs (HMRC) has been criticised recently for fining taxpayers for failing to submit their self-assessment returns online – even though the deadline is not until 31 January. Read More

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