Company cars: The future is electric!

Government figures show that battery/hybrid electric vehicles make up more than half of all new cars sold, with fully electric vehicle (EV) sales having risen 70% in the last year. Fleet cars represents a large proportion of the new car sales. In this article we consider the incentives and other tax implications associated with EVs which make them so attractive as company cars.

To read the full publication, click the button below.

Support Analyst

Duties and Responsibilities

  • Be the first point of contact to provide 1st, 2nd technical support for the Service Desk
  • Provide cover to the business from 08:00 – 18:00 on a shift basis
  • Accurately record all details of calls (via telephone or email) on the Service Desk application and pro-actively manage the call queue on a regular basis
  • Maintain a high degree of customer service for all support queries and adhere to all service management principles
  • Take ownership of user problems and be proactive when dealing with user issues
  • Update and maintain the IT asset database whilst ensuring a high degree of accuracy
  • Support the firm’s laptop environment with Windows 10 and Office 365
  • Application support of key business applications
  • Providing remote assistance to support staff and partners working away from the office
  • Provide support for the cloud hosted Teams telephony and collaborative system
  • Configure, deploy and support the firm’s fleet of mobile devices and printers
  • Support new and existing users in the use of the firm’s IT system by providing necessary training and advice including induction training for new staff
  • Configure and deploy desktop PCs, laptops in line with departmental deployment / moves & changes processes
  • Follow and maintain departmental procedures, such as the starter & leaver process
  • Work with the Systems Administrator \ IT Service Delivery Manager on complex problems
  • Assist the IT team with the implementation of new projects

 

Required Skills

  • 2-3 years’ experience working within a 1st/2nd line Service Desk support role
  • Knowledge of Active Directory Users and Computers
  • Knowledge of Windows 10
  • Knowledge and experience with Office 365
  • Excellent communications skills, both verbal and written

 

Preferred skills and qualifications

  • Strong networking and troubleshooting experience
  • ITIL Foundation

Trusts Senior

General Summary

You will be a member of an established team.  Primarily you will be responsible for the accounting, tax and administration of a portfolio of clients. You will need to be familiar with tax and accounting issues of trusts, estates and charities to ensure compliance. You will also need to be client facing, show willingness to work as part of a team and be able to meet deadlines.

You will be ambitious to develop your technical skills and foster good relationships with clients.

 

Key Responsibilities

  • Manage a portfolio of trusts and estate clients to ensure that agreed timetables are being adhered to
  • Maintain accounting records for UK Trust and Estates
  • Responsible for all client and professional correspondence (written and telephone) e.g. HMRC, brokers, banks and lawyers ensuring highest professional standards are met
  • Prepare management accounts for clients when required
  • Prepare annual trust and estate accounts
  • Computation of taxes for all types of trust and estates including income tax, inheritance tax and capital gains tax
  • Completion and submission of income tax and inheritance tax returns
  • Review accounts and tax returns prepared by junior staff and advise on areas for improvement and problems encountered
  • Assist members of the team with advisory projects, including in the wider private client team
  • Delegate effectively to junior staff minimising the chargeable hours spent on routine return preparation without sacrificing standards
  • Attend client meetings and prepare documentation before and after, including minutes of meetings

 

Essential Job Functions

  • Good understanding of the taxation and other compliance requirements for UK and offshore trusts and UK charities
  • Works independently to manage day-to-day activities and is accountable for work produced
  • Plans tasks effectively and monitors assignment /case budget and timelines, advising manager and client of progress (as appropriate)
  • Managing own workload to ensure deadlines are met with accuracy

 

Person Specification 

Worked Based Competencies

  • Professional services or partnership environment in a similar role would be ideal
  • A good level of IT skills required, including knowledge of CCH and trust accounts, MS Office applications
  • One or more of ACCA, STEP or CTA qualifications should have been obtained or are being studied for

Behavioural Competencies

Excellent communications skills essential, being able to communicate with all levels externally and internally

You will also be:

  • A team player
  • Good at building effective relationships with colleagues and partners
  • Strong interpersonal skills with the ability to relate well with clients

Getting tough on share sales – latest HMRC action incoming

The Chartered Institute of Taxation (CIOT) have published details of an HMRC briefing stating that they have undertaken a project reviewing declared proceeds from share sales in 2019/20 Self-Assessment tax returns, against the values declared by purchasing companies. This is seen as an area of tax risk by HMRC, and they have the information available to investigate and challenge the declared values of share sale proceeds.

HMRC will be sending ‘nudge letters’ to those where a discrepancy is identified, as part of its one-to-many strategy. HMRC receives data from a vast number of sources and believe that the use of nudge letters provides it with a cost-effective approach to communicate with many taxpayers.

Nudge letters are a targeted communication from HMRC to a large group of taxpayers. HMRC’s nudge letters to date have either identified a potential loss of tax or, more broadly, are used as an educational exercise.

It is worth noting that representatives do not always receive a copy of these communications from HMRC. The communications are aimed at encouraging taxpayers to review their own tax affairs and voluntarily correct any errors or omissions. Our experience has shown that there can be inaccuracies with some of the information held by HMRC, or it has been interpreted incorrectly.

This latest HMRC nudge letter will contain an invitation to make a disclosure for those who agree that the tax return contains an inaccuracy, or a written response from those who are happy the information in their tax return is correct. Caution is advised here: if an error is found later, HMRC may use the written confirmation as evidence of deliberate or fraudulent behaviour in penalty negotiations.

HMRC is expected to take further action against those who do not respond, which may include discovery assessments or other compliance action, and could carry higher penalties.

We recommend reviewing declared share sales in 2019/20 and seeking professional advice should there be a discrepancy. A voluntary unprompted disclosure, ahead of the receipt of any letter, would benefit from the lowest available penalties. We expect HMRC to undertake similar projects in tax years going forward.

Should you require any professional advice please contact our head of tax disputes and resolutions, Danielle Ford.

The full publication can be found here.

Private Client Briefing Spring 2022

We again find ourselves in challenging and uncertain times. Economic uncertainty and increases to the cost of living are coupled with increases to the rates of National Insurance and income tax on dividends.

Alongside these tax increases, we continue to see increased enquiry activity from HM Revenue & Customs (HMRC) and confirmation of fundamental changes to the tax system in less than two years with the introduction of Making Tax Digital for Income Tax.

Please do not hesitate to contact me or any of the Team, if we can assist you in any way.

Tax Return Aide Memoire 2022

Your haysmacintyre team is ready to prepare your 2021-22 tax return, and hope that this aide memoire will assist you in collating the required information and documents.

Please get in touch by the following dates should you require support:

  • By 30 June if you wish us to check your 31 July 2022 payment on account; and
  • By 31 October at the very latest, to be sure of meeting the filing deadline

If you are due a repayment from HMRC: the sooner you submit your return, the sooner you’ll receive your repayment.

Whilst writing, a reminder that Making Tax Digital for Income Tax will apply to the self-employed and those with rental income, in just two years’ time. From April 2024, real time, digital tax records will be required.

Please do not hesitate to contact us if you have any queries, or if we can assist in any way.

UK Trust Registration Service guide for non-UK trusts

Definition of a non-UK trust

A non-UK trust is any trust which is not a UK trust. A trust is defined as a UK trust if the following apply:

  • All trustees are residents in the UK*; or
  • There is a mixture of UK and non-UK resident trustees and the settlor was resident and domiciled in the UK when the trust was set up, or when the settlor added funds to the trust. Deemed domicile status is ignored for this purpose.

*A trustee is a UK resident if either:

  • It is a UK body corporate
  • They are an individual who is UK resident for the purposes of one or more of the following taxes:
    • Income Tax
    • Capital gains tax
    • Inheritance tax
    • Stamp duty land tax
    • Land and buildings transaction tax (Scotland)
    • Land transaction tax (Wales)
    • Stamp duty reserve tax

Stephanie Parker, Trust Director, outlines topics such as the types of non-UK trusts that need to be registered and trusts with a UK tax liability in our guide below.

Major Sporting Events (Income Tax Exemption) Regulations 2022 for summer

1. Finalissima football match – SI 2022/487

The Finalissima football match between Italy and Argentina is due to be held at Wembley Stadium on 1 June 2022.

SI 2022/487 will come into force on 27 May 2022. The Income Tax Exemption will be available from 28 May 2022 until 2 June 2022 and only applies to individuals within the meaning of an accredited person. The individuals must be non-UK resident in the 2022/23 tax year or, if split year treatment applies, the income must relate to the overseas part of the tax year.

2. UEFA Women’s EURO 2022 finals – SI 2022/489

The UEFA Women’s Euro 2022 finals tournament is due to be held in England in July 2022.

SI 2022/489 will come into force on 30 June 2022. The Income Tax Exemption is available from 1 July 2022 until 6 August 2022 and only applies to individuals within the meaning of an accredited person. The individuals must be non-UK resident in the 2022/23 tax year or, if split year treatment applies, the income must relate to the overseas part of the tax year.

3. Birmingham Commonwealth Games – SI 2022/493

The Birmingham Commonwealth Games will take place from 28 July 2022 to 8 August 2022.

SI 2022/493 will come into force on 30 June 2022. The Income Tax Exemption is available from 1 July 2022 to 11 August 2022 and applies to duties or services in connection with the Birmingham Commonwealth Games which are performed by an accredited person in the UK during this period. The individual must be a non-UK resident in the 2022/23 tax year or, if split year treatment applies, the income must relate to the overseas part of the tax year.

If you require further information, please contact Danielle Ford, Director and Head of Tax Disputes & Resolutions.

Penalties for facilitating avoidance schemes involving non-resident promoters

Following our Tax Disputes and Resolutions team’s recent article in Taxation ‘HMRC’s power to publish information about avoidance schemes’ Finance Act 2022, s 86 (read the full article here), HMRC has published guidance on penalties for facilitating avoidance schemes involving non-resident promoters, Finance Act 2022, s 91 schedule 13.  The legislation introduces a new penalty that is to be applied to UK entities who facilitate tax avoidance schemes involving non-resident promoters.

The penalty will be up to 100% of the total fees or equivalent thereon received by all entities involved in the promotion of the avoidance scheme

This is part of HMRC’s wider focus on clamping down on promoters.

Tackling tax avoidance schemes involving offshore promoters has proved a challenge for HMRC.  The new penalty is a positive step to tackle non-resident promoters of tax avoidance schemes.

The new penalty together with POTAS and Enablers penalties and the publication of information to identify promoters will act as a greater deterrent to UK entities from promoting such schemes.

For more information, please do not hesitate to contact Danielle Ford, Head of Tax Disputes and Resolutions.

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