Tax Insider

Each month our tax experts reveal strategies to help minimise your taxes.

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Here is what our tax experts are sharing with you in this month's magazine:

Give Us a Job! Employing Family Members

More than 60% of UK businesses are family owned. You can employ any family members in your business and take advantage of the lower tax rates and personal allowances that may be available to your spouse, civil partner, or children. In turn, this arrangement can help reduce...
What happens when HMRC gives wrong advice?

HMRC had a generous policy on misdirection – although it was not necessarily generously applied! In Notice 48 (March 2002) Extra-Statutory Concessions, they said: ‘If a Customs & Excise officer, with the full facts before him, has given...
What’s Mine is Yours...Joint Accounts and Married Couples

If you are married (or in a Civil Partnership), you and your spouse have a choice as to how you are to be taxed on the income from assets that you own in your joint names. Note that what follows only applies to...
The ‘bare’ essentials! Bare trusts

The trustees (minimum number of trustees is one, although two is preferable) of a bare trust (often referred to as a simple trust) simply hold the trust property on behalf of the beneficiary; the beneficial interest in the property belongs to...
Tax Planning for Individual Savers Before 5 April

The trustees (minimum number of trustees is one, although two is preferable) of a bare trust (often referred to as a simple trust) simply hold the trust property on behalf of the beneficiary; the beneficial interest in the property belongs to...
Dividends from Private Companies–Not Just a Paper Transaction!

The key dates of 31 January and 5 April trigger the twin concerns of the payment date for tax and the end of the tax year for planning respectively. prime consideration around these dates will be the withdrawal of...
Company Directors – Tax-Efficient Benefits

Directors of small and family run companies are in the enviable position of being able to design their own remuneration package. This means that they are well...
Tax Insider: Tax Tips
Tax Insider: Your Tax Questions Answered!

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Overview Tax Articles Questions & Answers Tax Tips

Tax Insider will cover all aspects of UK taxation and will also provide invaluable tax advice for international investors and ex-pats.

Here are just a few of the typical strategies that you can expect to find covered in the various issues of the magazine. It will show you how to:

SLASH your capital gains tax bill
PUT MORE MONEY in your loved ones’ pockets by following simple Inheritance Tax Planning Tips
RETAIN your profits by triggering various tax saving reliefs
WIPE-OUT large tax liabilities
IMPLEMENT simple tax saving strategies yourself
REDUCE the tax liabilities of your business and thus boost your profits
AVOID paying too much in taxation and accountancy fees
PLAN your own tax strategy which will save you £thousands
RE-INVEST your income to save on taxes
AVOID the trauma of a tax investigation and a hefty tax bill & fine
DECIDE yourself if a tax saving strategy will work for you
TAKE ADVANTAGE of overseas tax friendly loopholes
INVEST in locations that will not take all your profits in tax
PLAN for retirement in a tax efficient manner
SLASH VAT bills
BENEFIT from tax saving reliefs for children
AVOID BURDENING your loved ones with unnecessary taxes

That’s not all!
Tax insider will also:

Notify you of any tax law that will improve or worsen your tax position!
Provoke your mind to start thinking of how to continue to bring your tax liabilities down
Reveal tax planning secrets which, until today, were only accessible to the wealthy because only the highly paid advisors in the country knew about them!
Reveal strategies that are not permissible to use to avoid paying taxes

1 2 3 4 5 next » Tax Articles 1 - 10 of 196

Personal Services Companies – Watch the Pitfalls(February 2012)
The Recession and Self-Employed ‘Hobbies’ - Protect the Tax Relief!(February 2012)
Director’s Loan Accounts – Be Careful!(February 2012)
Tax and NIC – How The Limited Company Can Help(January 2012)
Cashing in on Your Children!(January 2012)
Which Trust to Use? Discretionary Trusts v Interest in Possession Trusts(January 2012)
The 15 Biggest Inheritance Tax Mistakes – Be Warned! (Part 1)(December 2011)
CGT Planning – Basic Steps(December 2011)
What is a ’Reasonable Excuse‘?(November 2011)
Saving the Family Silver! Asset Protection Trusts(October 2011)

Ask A Question

1 2 3 4 next » Questions 1 - 10 of 34

When does it become a requirement to inform HMRC that my property has become unfurnished?(February 2012)
Can my parents give me a lump sum (around £50,000) towards buying a property without either of us being taxed on this 'gift'?(February 2012)
Is a service charge still out of the scope of VAT?(January 2012)
What steps can I take with my accountant and the taxman?(January 2012)
Am I liable for tax on my share of the house?(December 2011)
Could I claim back PAYE I have paid?(December 2011)
What are the tax implications?(November 2011)
Can We Merge Our Portfolio and Split the Income?(November 2011)
Can Mortgage Interest Be Included on My Tax Return?(October 2011)
Is the following possible in relation to buy to let?(October 2011)

Back to Questions

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Question 4 of 34

What steps can I take with my accountant and the taxman?

My wife and I jointly own a small number of buy-to-lets, and ten years ago my accountant completed a Form 17 declaration to HMRC to have the income allocated to my wife. Around six years ago, we bought three more buy-to-lets but did not complete further Form 17s although income continued to be allocated to my wife. The accountant mentioned this and I told him to advise me or just go and do it. New senior management at the Accountants have advised me that I could be asked to pay tax at my higher tax rate. I am concerned that having employed a large accountancy firm and paid relatively high fees, I may now be expected to pay a large amount of back tax due to their errors. Is there any way forward on this?

Arthur Weller Replies:

In a case called Rowland v HMRC, the taxpayer claimed they relied on their accountant, who made a mistake. The taxpayer won and this was accepted as a 'reasonable excuse' (see HMRC Enquiry Manual:

http://www.hmrc.gov.uk/manuals/emmanual/EM4110.htm. Page EM4110). You can use this in your 'negotiations' with HMRC. I don't know all the details of your case but seems to me, from what you have written, you have a good argument to support your case.

1 2 3 4 5 next » Tax Tips 1 - 10 of 109

Minimise Taxes - Spread it Around(May 2010)
Inheritance Tax and Lifetime Transfers(April 2010)
How to Wipe-out your CGT by Offsetting Losses!(March 2010)
How to Improve the Energy Efficiency of a Building and Get Tax Relief(March 2010)
Pension Contributions and Higher Rate Tax Relief(February 2010)
Which Home Should You Pay Tax On?(January 2010)
Expenditure(December 2009)
Inheritance Tax(November 2009)
National Minimum Wage(August 2009)
Do you incur service charges at the restaurant?(August 2009)

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