NEWS

HMRC are consulting on draft regulations which will update the new late payment penalty rules, to enable HMRC to assess the second of the two late payment penalties before the tax due has been paid in full. The draft Penalties for Failure to Pay Tax...

In a detailed response to HMRC’s consultation: The Tax Administration Framework Review: enquiry and assessment powers, penalties, safeguards, the CIOT puts forward a number of points, concluding that the alignment of powers, penalties and safeguards...

The Public Bill Committee is expected to begin its scrutiny of Finance (No. 2) Bill 2024 on Tuesday 21 May, completing its work by Thursday 23 May at the latest.As usual, written evidence submissions can be sent to the Public Bill Committee for...

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.  

Tax Journal, in partnership with Tolley and Taxation magazine, is conducting research on the potential impact of AI on UK tax. By way of thanks, a random selection of 200 respondents will be sent a 20 Amazon voucher. To take part, visit...

The Treasury Committees evidence session on the work of HMRC (24 April 2024) looked into various aspects of HMRCs operations including the processing of RD claims, with Committee member John Baron MP raising a number of questions...

The European Commission is inviting feedback on the rules and procedures for exchanging information between EU countries tax authorities. The evaluation will assess the effectiveness, efficiency and continued relevance of the DAC and its amendments...

HMRC have issued new basic guidance on common errors in plant and machinery allowances claims and how to avoid them. This is an addition to HMRC’s Guidelines for Compliance series which HMRC say ‘makes clear our view on complex, widely misunderstood,...

Data commissioned by Tax Policy Associates from polling specialist WeThink suggests that 50% of the UK public do not understand how the income tax bands work. The survey data asked the following question: ‘Suppose that you earn £50,270, the highest...

Tax Policy Associates (TPA) has drawn attention to a form of VAT fraud which exploits companies which routinely receive VAT refunds. Fraudsters operate the scheme by submitting a paper form VAT484 (which is used to notify HMRC of changes to a...