HMRC’s Stakeholder Digest (6 January 2022) highlights a number of recent developments, including:
Self Assessment penalty waivers: HMRC will not charge late filing penalties for those who file online by 28 February 2022 or late payment penalties for those who pay the tax due in full or set up a payment plan by 1 April 2022.
Tax gap and compliance yield: updated HMRC technical note explaining the relationship between the tax gap (difference between tax that should in theory be paid and what is actually paid) and compliance yield (estimate of additional revenues that HMRC considers it has generated, and the revenue losses it has prevented).
The digest also notes the introduction of plastic packaging tax from 1 April 2022 with links to guidance on what businesses need include on PPT returns, reduction in IHT administration for non-taxpaying estates from 1 January 2022, and the ‘Help to grow schemes’ for small and medium-sized businesses, as announced in the March 2021 budget.
HMRC’s previous Stakeholder digest (22 December 2021) highlighted the customs changes from 1 January 2021, including full customs declarations being required on all imports from the EU and noting the continuing easements for goods moving from the island of Ireland to Great Britain while discussions on the Northern Ireland Protocol (NIP) are continuing.
HMRC’s Stakeholder Digest (6 January 2022) highlights a number of recent developments, including:
Self Assessment penalty waivers: HMRC will not charge late filing penalties for those who file online by 28 February 2022 or late payment penalties for those who pay the tax due in full or set up a payment plan by 1 April 2022.
Tax gap and compliance yield: updated HMRC technical note explaining the relationship between the tax gap (difference between tax that should in theory be paid and what is actually paid) and compliance yield (estimate of additional revenues that HMRC considers it has generated, and the revenue losses it has prevented).
The digest also notes the introduction of plastic packaging tax from 1 April 2022 with links to guidance on what businesses need include on PPT returns, reduction in IHT administration for non-taxpaying estates from 1 January 2022, and the ‘Help to grow schemes’ for small and medium-sized businesses, as announced in the March 2021 budget.
HMRC’s previous Stakeholder digest (22 December 2021) highlighted the customs changes from 1 January 2021, including full customs declarations being required on all imports from the EU and noting the continuing easements for goods moving from the island of Ireland to Great Britain while discussions on the Northern Ireland Protocol (NIP) are continuing.
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