The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
If you give advice or services about tax or finance relating to offshore income or assets, you may need to send a Client Notification letter to your clients. The letter is under HMRC branding, and aims to raise awareness among those individuals most likely to be affected when HMRC receives the offshore data. It will also make them aware that there is still an opportunity to come forward and use the Worldwide Disclosure Facility .
Read this Client Notification Leaflet from HMRC for further information.
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1.3m married couples boosted their finances in 2016 9 January 2017
According to HMRC more than 1.3 million couples across the UK have boosted their finances with the Marriage Allowance.
However around 4.2 million married and civil partner couples are eligible for the free tax break worth up to £220 per year. HMRC are saying why not start 2017 with a bit of a financial boost; since the start of the new tax year in April couples can backdate their allowance and boost their payment up to £432.
Applying for Marriage Allowance is quick and easy with the online form, and with customers being able to apply at any stage in the tax year, and still receive the full entitlement, there really is nothing to lose.
Everyone has a tax-free personal allowance of £11,000 and no tax is due on income up to this amount. The Marriage Allowance allows a spouse or civil partner who earns less than their personal allowance to transfer £1,100 of it to their partner – as long as their partner doesn’t pay more than the basic rate of Income Tax.
Couples have four years to claim their backdated allowance and can apply at www.gov.uk/marriage-allowance.
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Beating the tax cheats – HMRC’s criminal case highlights of 2016 10 January 2017
HMRC’s criminal investigations have led to 679 individuals being convicted for their part in tax crimes, with sentences for 2016 totalling more than 730 years.
HMRC has revealed its top ten most significant fraud and organised crime cases of the last year.
In the ongoing fight against tax evasion, HMRC took a range of tax fraudsters through the courts in 2016 for prosecution. HMRC’s criminal investigations have led to 679 individuals being convicted for their part in tax crimes, with sentences for 2016 totalling more than 730 years. Many of the cases won by HMRC in 2016 involved company directors, accountants and organised criminals. These individuals were involved in a wide range of criminal activity including excise smuggling, hiding assets from HMRC in offshore accounts, and frauds disguised as tax avoidance schemes. 1. a group of film producers, accountants, financial advisers and investment bankers jailed for a total of 36 years for their part in a £2.2 million film tax scheme fraud 2. three men jailed for a total of 27 years for a film fraud disguised as a tax avoidance scheme, which was intended to defraud taxpayers of £100 million 3. three men – including an accountant and a construction firm boss jailed for a total of 19 years, after stealing £6.9 million in a payroll fraud to fund lavish lifestyles 4. a criminal gang from the South East jailed for a total of 19 years, after getting caught red-handed with bundles of ‘dirty’ cash, as part of £15 million made from selling alcohol illegally 5. two charity con-men , who faked charitable donations to fraudulently claim more than £5 million in Gift Aid repayments, were jailed for a combined total of 19 years These ten most significant cases each came with large prison sentences. They include:
The Chartered Institute of Payroll Professionals
Policy News Journal
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