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.
DAC 6 is a system of mandatory reporting of cross-border tax arrangements affecting at least one EU member state where the arrangements fall within one of a number of “hallmarks”. Whilst the EU continues to apply DAC 6 in full, it was announced on 31 December 2020 that the UK has decided to only apply the regime in respect of arrangements that fall within a narrower set of hallmarks.
Guidance on Aggressive tax avoidance schemes – what you need to bear in mind
Professional Conduct in Relation to Taxation (PCRT) has been updated making it easier to navigate with a new digital structure. This edition is effective from 1 March 2019.
Features and articles
Caroline Miskin provides an overview of the status of HMRC’s digitalisation project, involving VAT, ITSA, CT and penalties
This month’s top technical stories on ICAEW Insights include news on the fourth self-employed grant, new EU sustainability disclosure rules and how auditors can report on irregularities, including fraud.
ICAEW members in practice have been among thousands of agents who have received late-filing penalty notices which are not for their clients. HMRC has investigated and provided an update on what went wrong.
The new penalty regime for the late payment of income tax and VAT is “overly complex” and needs to be simplified, according to the Tax Faculty’s response to the Finance Bill. It’s also recommending the deferral of changes to the construction industry scheme.
Highlights from the broader tax news week ending 31 March, which includes: HMRC repackaging its guidance on tax implications of cryptocurrencies and rate change for COVID statutory sick pay rebate scheme.
This month’s top technical stories on ICAEW Insights include updates on the government’s corporate governance reforms, Budget and Tax Day announcements and further news on COVID support schemes.
Highlights from the broader tax news week ending 24 March, which includes: new support on the tax treatment of paying employee transport costs due to COVID-19, an error in CWG5 and a reminder of self-assessment payment deadline.
HMRC has confirmed details of the temporary process which allows agents to submit an appeal against late filing penalties on behalf of up to 25 clients.
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This chapter identifies when income tax is payable and how interest is calculated on underpaid or late payments. It also touches on the tax penalties which may be imposed for failing to comply with tax law.
Bloomsbury Core Accounting and Tax Service
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A chapter on HMRC's powers in relation to tax avoidance, to help practitioners with tax administration and compliance.
Guide to the growing breadth of HMRC powers and the increasingly complex penalty regime for non-compliance.
A chapter on HMRC powers in relation to tax penalties.
An accessible guide to current VAT law, written for both professional advisers and non-professionals.
Briefing submitted to MPs on 12 April 2021 on Finance (No.2) Bill 2019-21 published by government on 11 March 2021 on clause 113 and schedule 25 which relates to penalties for failure to pay tax.
Late submission penalties
Trust registration service penalties
MTD - Interest harmonisation and sanctions for late payment