Tax Round-up 2020
This webinar from the Tax Faculty provides a round up of all the measures that are under review and subject to consultation, and how the faculty will be responding.
Tax compliance
Expert commentary and practical guidance from ICAEW related to tax compliance, as defined by HMRC. This includes appeals and investigations, avoidance, evasion, and penalties.
Need to know
In this section
Appeals, disputes and investigations
Practical points
In each issue of TAXline the Tax Faculty publishes short, practical pieces of guidance to help agents and practitioners in their day-to-day work. Here is a complete digest of these tips.
Practical points
In each issue of TAXline the Tax Faculty publishes short, practical pieces of guidance to help agents and practitioners in their day-to-day work. Here is a complete digest of these tips.
Adjudicator reports on HMRC complaints
Complaints about HMRC received by the independent Adjudicator fell in 2021/22 but remain above pre-pandemic levels. ICAEW’s Tax Faculty summarises the annual report.
VAT: HMRC guidance on DIY Housebuilders scheme claims
Guidance clarifies when subsequent claims might be accepted following a First-tier Tribunal decision.
Avoidance
Mandatory disclosure rules replace DAC 6 in the UK
Cross-border tax avoidance arrangement disclosure rules devised by the OECD (known as the mandatory disclosure rules, or MDR) will enter into force in the UK on 28 March 2023. Arrangements entered into on or after this date must be reported to HMRC under this regime.
Practical points
In each issue of TAXline the Tax Faculty publishes short, practical pieces of guidance to help agents and practitioners in their day-to-day work. Here is a complete digest of these tips.
HMRC releases tax avoidance scheme summary
The annual summary for 2020/21 sets out the estimated amount of tax avoidance carried out in the year, the number and nature of promoters involved, and the action that HMRC is taking against it.
Evasion
PAC makes recommendations to close the tax gap
Key issues raised in the Public Accounts Committee report on HMRC performance in 2021/22 include resourcing of compliance activity and customer service.
NAO reports on tax compliance following COVID-19
The National Audit Office (NAO) reports on the impact of the pandemic on HMRC’s ability to carry out compliance activities. The report makes recommendations to maximise the effectiveness of these activities going forward.
HMRC invites till system users to give notice of tax reduction activity
Disclosures are requested between 6 January and 9 April 2023 by businesses that are using till systems to reduce their tax bill.
HMRC releases tax avoidance scheme summary
The annual summary for 2020/21 sets out the estimated amount of tax avoidance carried out in the year, the number and nature of promoters involved, and the action that HMRC is taking against it.
Penalties
New VAT penalty regime guidance published
HMRC releases guidance on the new penalty regime for late submission and payment of VAT returns. Guidance on late payment and repayment interest has also been published.
HMRC interest rates for late and early payments increase again
As HMRC interest rates are linked to the Bank of England base rate, its 15 December increase from 3% to 3.5% has triggered another increase in rates for late payments and repayment of tax.
TAXguide 03/22: changes to VAT penalties and interest charges
This TAXguide provides details of the new penalties for late submission and payment of VAT returns, which takes effect for VAT periods starting on or after 1 January 2023.
New VAT penalty rules
This webinar from the Tax Faculty will explain the new penalty rules for late submission and payment in relation to VAT
Bloomsbury Core Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.
Value added tax 2022-23
An accessible guide to current VAT law, written for both professional advisers and non-professionals.
Selling the owner-managed business or company
Tax planning advice on selling a family or owner-managed company, written for anyone who advises or runs one.
Remuneration strategies
Chapter containing advice on remuneration strategies and tax planning, written for anyone who advises or runs a family or owner-managed company.
Tax planning versus tax avoidance
Expert commentary on how to draw a line between tax planning, tax avoidance and illegal tax evasion, in relation to capital gains tax.
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