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
The future of business tax sits on shifting sands
A social compact appears to be changing.
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.
Evasion
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.
Government responds to House of Lords report
The government has responded to the recommendations made by the House of Lords Economic Affairs Finance Bill Sub-Committee in its report into two tax law changes: basis period reform and uncertain tax treatments.
ICAEW technical round-up: January 2022
This month’s top technical stories include the opening of the Statutory Sick Pay Rebate Scheme claims portal, and guidance to safeguard employers being caught out by complicated National Minimum Wage rules.
Charity challenges, non-financial misconduct and tax fraud
In this episode of ICAEW Insights, we look at the issues facing charities in the UK, the increasing focus of regulators, investors and stakeholders on non-financial misconduct and what’s new with tax.
Penalties
Act now to avoid late payment penalties
The 5% late payment penalty for self assessment income tax unpaid on 1 April 2022 can be avoided by setting up a time to pay arrangement by that date. ICAEW’s Tax Faculty explains.
HMRC to accept bulk appeals from agents
HMRC has confirmed that it will accept bulk appeals against late filing penalties where there is a COVID-19 related reasonable excuse. ICAEW’s Tax Faculty explains the process.
1.5m taxpayers have less than a week to file their returns
The deadline for avoiding a £100 late filing penalty for a 2020/21 self assessment tax return is 28 February 2022.
Filing extension from HMRC but interest accrues daily
Whilst HMRC has extended the filing deadline for 2020/21 self-assessment tax returns, the payment deadline remains as 31 January 2022. Late filing penalties will accrue interest.
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.
Self-assessment penalties
A full chapter providing practical guidance on penalties for incorrect tax returns.
Self-assessment
A full chapter providing practical guidance on company tax returns and dealing with HMRC.
HMRC powers
A full chapter providing practical guidance on HMRC powers, covering topics such as appeal procedures, documents and record keeping, time limits for raising assessments, HMRC correction of tax returns and HMRC action to counter tax avoidance schemes.
Buying and selling companies
Practical guidance on the taxation issues involved in buying and selling a corporate business, aimed at professional tax advisers.
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