Inheritance Tax – Whose Money Is It?
A potential inheritance tax pitfall of jointly held money accounts in banks and building societies etc. If a bank or building society account is jointly held by family members (e.g. father and adult daughter) it can cause some difficulties for inheritance tax (IHT) purposes. For example, when one of the joint account holders (say, father) […]
How’s The Family? Penalties And ‘Reasonable Excuse’
Does HMRC properly consider whether penalties are appropriate when taxpayers file their tax returns late due to serious illness? Every year, numerous appeals by taxpayers against penalties from HM Revenue and Customs (HMRC) for the late submission of tax returns reach the First-tier Tribunal. Excuses, excuses… Those taxpayers are normally appealing to the tribunal for […]
HMRC Enquiries: Should I Stay Or Should I Go?
Some issues to consider regarding potential meetings with HM Revenue and Customs in tax return enquiries. A tax return enquiry by HM Revenue and Customs (HMRC) is a possibility for virtually anyone who files a return. A common feature of tax return enquiries (especially for business owners) is that HMRC often request a meeting with […]
HMRC Enquiries: Should I Stay Or Should I Go?
Some issues to consider regarding potential meetings with HM Revenue and Customs in tax return enquiries. A tax return enquiry by HM Revenue and Customs (HMRC) is a possibility for virtually anyone who files a return. A common feature of tax return enquiries (especially for business owners) is that HMRC often request a meeting with […]