{"id":25997,"date":"2024-03-13T10:47:33","date_gmt":"2024-03-13T10:47:33","guid":{"rendered":"https:\/\/smh.group\/?p=25997"},"modified":"2024-03-13T10:47:33","modified_gmt":"2024-03-13T10:47:33","slug":"hmrc-intensifies-its-inspections","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/hmrc-intensifies-its-inspections\/","title":{"rendered":"HMRC intensifies its inspections"},"content":{"rendered":"<h3><strong>HMRC are carrying out inspections and heavily scrutinising <a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/wills-probate\/estate-tax-planning\/inheritance-tax\/\" target=\"_blank\" rel=\"noopener\">inheritance tax (IHT)<\/a> accounts, undeclared dividend income and gains from share disposals.<\/strong><\/h3>\n<p>Presently, HMRC is engaged in numerous inspections, examining IHT accounts, identifying undeclared dividend earnings, and ensuring gains from share transactions are accurately reported.<\/p>\n<h2><strong>Inheritance tax accounts<\/strong><\/h2>\n<p>The complexities of IHT can catch out even seasoned observers and there are many pitfalls, including:<\/p>\n<ul>\n<li><strong>Business property<\/strong>: 100% relief from IHT may be available, so it is important to make sure claims are correct. It is worth noting that relief may not be available if a business has a large amount of cash or assets held as investments.<\/li>\n<li><strong>Valuations:<\/strong> HMRC might contest valuations submitted in respect of unquoted shares, property or jointly owned assets. To avoid problems, obtain formal IHT valuations from experts.<\/li>\n<li><strong>Payment deadline:<\/strong> IHT on an estate must be paid within six months after the end of the month in which death occurred; this is a much tighter deadline than for most other major taxes.<\/li>\n<\/ul>\n<h2><strong>Dividend income<\/strong><\/h2>\n<p>HMRC is writing to company owners who may have undeclared dividend income. Its approach is to compare a company\u2019s reported profits with the movement in reserves. Where a difference is identified, this could be an indication of dividends being paid to shareholders.<\/p>\n<p>Anyone receiving a letter should contact HMRC within 30 days of its receipt, even if there is no dividend income to declare, or risk facing a compliance check.<\/p>\n<h2><strong>Share disposals<\/strong><\/h2>\n<p>Letters are also being sent to taxpayers who have disposed of shares but are suspected of omitting the details from their tax returns.<\/p>\n<p>HMRC has looked for discrepancies by checking the information it has on share disposals against details declared on self-assessment tax returns. Anyone receiving a letter will have 60 days to amend their return.<\/p>\n<p>If no capital gains tax is due on the disposal identified by HMRC, the taxpayer needs to explain why in writing.<\/p>\n<p>HMRC\u2019s guide to valuing an estate for IHT purposes can be found <a href=\"https:\/\/www.gov.uk\/valuing-estate-of-someone-who-died\">here<\/a>.<\/p>\n<p>For more information, contact our <a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/\"><strong>Yorkshire and Derbyshire based Accounting &#038; Business Advisory<\/strong><\/a>\u00a0can assist on\u00a0<strong>0114 266 4432<\/strong>\u00a0or\u00a0<a href=\"mailto:info@smh.group\"><strong>info@smh.group<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HMRC are heavily scrutinising inheritance tax (IHT) accounts, undeclared dividend income and gains from share disposals.<\/p>\n","protected":false},"author":4,"featured_media":25998,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3],"tags":[83,11,13,19],"class_list":["post-25997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","tag-chartered-accountants","tag-hmrc","tag-inheritance-tax","tag-tax"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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