HMRC gives some drivers some more money

Those of us who drive conventionally-fuelled cars will have noticed that it costs significantly more to fill them up with petrol or diesel than it used to in years gone by. Over the course of this year, we’ve seen increases to as much as £2 a litre in some areas and although the average forecourt […]

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The early bird catches the (HMRC) fine…

We are occasionally asked by clients what are the advantages of paying tax early.  The answer is relatively simple.  You avoid the late payment penalty. …  You won’t be tempted to spend the money. …  You’ll receive any tax refunds sooner. …  And you won’t start the new calendar year with a (large) bill. If you […]

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Private school payments

Two Questions We’ve Been Asked have recently been issued by IR, which look to explore and provide answers to the questions of: when a parent’s payment to their child’s private school will qualify for a donation tax credit; and, the GST treatment of payments parents make to private schools. The QWBA’s are in two separate […]

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Trust us when it comes to your Trust

In 2017, the government adopted EU money laundering legislation and, as a result, the Trust Registration Service (TRS) was created. At that time, only those Trusts with a tax liability had to register. From 6th October 2020, the registration requirement was extended to cover the vast majority of Trusts and then on 1stSeptember 2021 HMRC announced they would […]

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UOMI rate change

Perhaps not that surprising given the Reserve Bank’s recent enthusiasm to continue to increase interest rates and really deepen the pain for the average New Zealander already struggling to pay their mortgage with the present cost of living crisis, we’ve now seen IR move to also increase its UOMI rates, effective 30th August 2022. The […]

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HMRC plays the man, not the ball…

HMRC are, as we know, the subject of regular letters of complaint in the press and justified criticism from professional bodies all add to the pressure.  However, scoring an own goal like this simply makes things worse… As reported in the press recently, former Polish international goalkeeper, Łukasz Załuska and his wife Magda have spent the […]

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Company tax losses IS

Inland Revenue (IR) has issued a fairly comprehensive draft interpretation on company tax losses, titled ‘Company losses – ownership continuity, sharing and measurement’, and referenced PUB00398. It’s 80 pages in length (so it’s likely to take longer than your average cuppa to read), and delves into the following issues: Explaining important concepts like a tax […]

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Developers of long-term rentals to obtain tax concession

The Government has announced that it wishes to incentivise developers by encouraging more build-to-rent projects, wherein the developer will receive an exemption from the new interest limitation rules, if the new homes are held as long-term rentals. The exemption will apply to both new and existing build-to-rent developments, which satisfy a new build-to-rent asset class […]

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Technical decision summaries

For those of you who have been unfortunate enough to have endured a long dispute with Inland Revenue (IR), you will no doubt appreciate that throughout your journey, you are essentially dealing with the same person who commenced the initial review of your client’s tax filing positions. Added to that mix of personnel will be […]

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