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
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.
Changes to allocation of tax cases to categories in the tax chamber
How cases will be allocated before the First-tier Tribunal is changing from 1 June 2022. ICAEW’s Tax Faculty explains the changes.
Use Alternative Dispute Resolution to settle a tax dispute
Guidance on HMRC's ADR process, which provides businesses and individuals with an alternative way of resolving tax disputes. ADR was initially trialled for small and medium enterprises and individual customers only, but has now been made available to larger and more complex businesses too.
Avoidance
Finance Bill 2021-22 receives Royal Assent
Finance Act 2022 received Royal Assent on 24 February 2022, bringing into law various tax measures with effect from that date, including a package of measures designed to tackle promoters of tax avoidance schemes.
Gifts with reservation: de minimis and other let-outs
Mark McLaughlin points out some important exceptions from the inheritance tax gifts with reservation anti-avoidance provisions affecting gifts.
HMRC’s power to issue joint and several liability notices explained
HMRC can issue notices to transfer tax liabilities of companies and limited liability partnerships to directors, shadow directors and other individuals connected with managing the business
Evasion
HMRC tackles suspected R&D tax relief fraud in new campaign
ICAEW reported that payment of some R&D tax credits have been stopped while HMRC investigated some concerning claims. HMRC has now provided further details relating to this campaign.
European Commission: tackling tax evasion and aggressive tax planning
The European Commission has issued a stakeholder consultation on options for addressing the role of enablers that contribute to tax evasion and aggressive tax planning.
Corporate criminal offence investigations: 28 cases underway
Companies or partnerships can be found guilty of a criminal charge, where someone associated with that business has facilitated tax evasion, and where they have not done enough to prevent this from occurring.
Estimated tax gap falls to £32bn
HMRC figures released for the pandemic period of 2020/21 show the tax gap held steady at 5.1% in percentage terms, but fell by £2bn in real terms as theoretical tax liabilities fell. ICAEW’s Tax Faculty looks at the key data.
Penalties
Employer Bulletin: NIC thresholds, student loan deductions, PAYE RTI penalties
ICAEW’s Tax Faculty summarises some essential reading for employers and payroll agents.
New guidance on MTD VAT penalties
HMRC has published a fact sheet on MTD VAT penalties, filling a gap in the information available on gov.uk.
Tax news in brief 11 May
Highlights from the broader tax news for the week ending 11 May 2022, including: late payment interest rate increase; guidance on changes to VAT penalties and VAT interest charges; revocation of recognised status for Moscow Stock Exchange; a GAAR Advisory Panel Opinion; exclusivity clauses in employment contracts; and HMRC’s Residential Property Developer Tax Manual.
Tax news in brief
Highlights from the broader tax news for the week ending 23 March 2022, including: guidance on plastic packaging tax that has the force of law; increased interest rates for late payment of tax; and a tax-geared penalty for failure to comply with an information notice.
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.
Serial tax avoiders
A chapter on HMRC powers in relation to serial tax avoiders.
Guide to taxpayers’ rights and HMRC powers
Guide to the growing breadth of HMRC powers and the increasingly complex penalty regime for non-compliance.
Disclosure of tax avoidance schemes
A chapter on HMRC powers in relation to disclosure of tax avoidance schemes (DOTAS) rules.
Penalties
A chapter on HMRC powers in relation to tax penalties.
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