HMRC’s latest Agent Update highlights a key change to penalties for late filing of self assessment tax returns.
Enhanced capital allowances will be available for plant and machinery investment in designated areas in a limited number of Enterprise Zones, the government announced as it named 11 new Enterprise Zones in England.
‘These arrests are just the start,’ said a senior HMRC official as the department announced the arrest of five plumbers in London, Hampshire, Surrey, Middlesex and the West Midlands.
Taxpayers who were due to pay income tax by the end of July, but do not receive a self assessment statement until this month, will have until 27 September to pay the tax without incurring an interest charge.
More than 600 tax enquiries targeting people in the plumbing industry will be under way by the time the Plumbers Tax Safe Plan disclosure opportunity closes at the end of this month, HMRC have warned.
HMRC are inviting comments by 30 September on draft guidance on the definition of ‘production’ for the purpose of research and development tax relief.
A tax relief for disincorporation of small businesses and a system of flat rate expenses allowances for the smallest businesses are among options for reform being suggested by the Office of Tax Simplification.
Around 500,000 taxpayers are affected by a delay in issuing paper self assessment statements, HMRC said as they announced that those affected will not be charged interest if they make their second payment on account for 2010/11 within 30 days of receiving the statement.