Eight statutory instruments published last week make changes to the pensions tax regime. A list of instruments expected to be laid following the coming into force of FA 2011 was provided in an annex to the explanatory memorandum to SI 2011/1751 (see below).
Helen Lethaby provides this month’s review of recent developments affecting the financial services industry
HMRC have launched their fourth tax evasion task force in three months, declaring that ‘there is a problem with some fast food outlets deliberately falsifying their records and mis-declaring their true sales levels’.
The government issued a call for evidence on possible integration of the operation of the income tax and NIC systems, with a view to building ‘a strong evidence base on the burdens to employers of having to operate two different systems’.
Robert King examines the tax traps SMEs fall into and how to avoid them
HMRC have released their twentieth and final ‘toolkit’, dealing with business profits. The toolkits are designed to help tax agents and their clients reduce errors in completion of tax returns.
HMRC are seeking views on how to ensure that genuine losses incurred in business or employment are relieved against income or gains while deterring taxpayers from entering into tax avoidance arrangements intended to exploit the reliefs.