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
Make better use of existing HMRC powers, urges ICAEW
ICAEW’s Tax Faculty has called on HMRC to make better use of the rights it already has to investigate tax affairs and shift the perception of how it handles enquiries, before the government considers granting additional powers when reforming the UK’s tax administration system.
Bloomsbury Core Accounting and Tax Service - eBooks on appeals, disputes and investigations
Browse Bloomsbury Core Accounting and Tax Service eBooks on appeals, disputes and investigations.
Can a taxpayer request a partial closure notice?
Andrew Cockman looks at the implications of the Upper Tribunal decision in R & C Commrs v Embiricos [2020] UKUT 0370 (TCC) in relation to partial closure notices.
More detail on notification of uncertain tax treatment
HMRC has published a second consultation on developing rules for large businesses to report uncertain tax positions, as it continues to work with stakeholders on how to resolve tax disputes quickly.
Avoidance
Deadline nears for claims under disguised remuneration repayment scheme
ICAEW’s Tax Faculty reminds agents and taxpayers that applications to reclaim tax under the disguised remuneration repayment scheme must be completed and received by HMRC by 30 September 2021.
New tax avoidance promoter rules could be clearer, says ICAEW
Draft legislation aimed at tackling promoters of tax avoidance schemes includes subjective terms and tests which are open to interpretation, says ICAEW. The terms should be amended or HMRC guidance created outlining its interpretation to avoid confusion.
Mr Khan’s share buy-back mistake
Mark McLaughlin looks at the cautionary tale of Mr Khan, where a company purchase of own shares had unexpected and expensive tax consequences
Evasion
Estimated tax gap increases to £35bn
HMRC figures released for the pre-pandemic period of 2019/20 show a £2bn increase in the estimated tax gap, largely attributable to an increase in the VAT gap. ICAEW’s Tax Faculty analyses the key data.
New tax avoidance promoter rules could be clearer, says ICAEW
Draft legislation aimed at tackling promoters of tax avoidance schemes includes subjective terms and tests which are open to interpretation, says ICAEW. The terms should be amended or HMRC guidance created outlining its interpretation to avoid confusion.
Crypto investor brands most NFTs worthless after bubble begins to deflate
Bitcoin and cryptocurrency prices have been on a roller coaster over recent months, surging to never-before-seen highs before crashing back.
Answering the call to modernise the tax system
Anita Monteith explains the importance of HMRC’s call for evidence and creating a tax system fit for the future.
Penalties
Tax news in brief
Highlights from the broader tax news week ending 22 September, which includes: upcoming deadlines for final claims for SEISS grants and for bulk appeals of late-filing penalties, as well as additional HMRC support on reporting coronavirus support grants on CT600s.
Make better use of existing HMRC powers, urges ICAEW
ICAEW’s Tax Faculty has called on HMRC to make better use of the rights it already has to investigate tax affairs and shift the perception of how it handles enquiries, before the government considers granting additional powers when reforming the UK’s tax administration system.
Changes to late submission and late payment penalties
Andy Tall examines the changes to the penalty regime for VAT and ITSA contained in the Finance Act 2021.
HMRC continues ‘risk-based’ approach to late filed RTI
In its latest Employer Bulletin, HMRC confirms that late filing and late payment penalties under PAYE Real Time Information (RTI) will remain ‘risk-assessed’ for 2021/22. ICAEW’s Tax Faculty outlines the update and other key reminders from the Bulletin.
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
Chapter providing expert guidance on VAT in relation to business partnerships, including LLPs.
Trading company and investment company computations under CTSA
Chapter containing advice on computations and the corporation tax self-assessment (CTSA) return, written for anyone who advises or runs a family or owner-managed company.
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.
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