NEWS

The OECD has published a public consultation document regarding a new global tax transparency framework to provide for the reporting and exchange of information related to cryptoassets. The document also sets out proposed amendments to the...

HMRC launched 137,000 tax investigations in the six months to December 2021 (1,062 investigations per day), up from 126,000 during the same period the previous year, according to the fee protection insurance specialist, PfP.As HMRC increases its...

HMRC has added a new section on the contractual disclosure facility (CDF) to its guidance How to make a voluntary disclosure to HMRC.The new CDF section is aimed at taxpayers who have deliberate behaviour to disclose. Taxpayers can ask to enter the...

HMRC’s Agent Update issue 94 brings together various updates and reminders, including the following:Employee home-office expenses: the temporary income tax and NICs easements for coronavirus-related home-office expenses reimbursed by the employer...

HMRC has published the outcome of an internal review of its powers to uphold standards for agents in the tax advice market. The report concludes that HMRC uses all options to secure positive outcomes where poor tax agent behaviours are found....

The HMRC late-payment interest rate for most taxes will increase to 3.25% from 5 April 2022, following the Bank of England’s decision on 16 March to increase the bank base rate from 0.50% to 0.75%.Interest charged on underpaid quarterly instalments...

The OECD has published its fourth peer review report assessing the actions taken by jurisdictions to prevent tax treaty shopping and other forms of treaty abuse under BEPS action 6.Commenting on progress on action 6, the OECD notes that ‘members of...

The European network on debt and development (Eurodad) and the Global alliance for tax justice have launched a proposal for a United Nations convention on tax which would aim to ensure tax systems are ‘transparent, equitable and effective’.The Global...

Financial Secretary to the Treasury, Lucy Frazer, has announced that the UK is freezing tax co-operation with Russia and Belarus by suspending all exchange of tax information with effect from 17 March 2022, as part of the UK’s wider response to the...

The CIOT has published guidance designed to help those who will become subject to making tax digital for VAT from 1 April 2022 (‘mandated businesses’) to understand when they should sign up for MTD.The guidance comes in the form of a written...