HMRC are inviting comments by 30 September on draft guidance on the definition of ‘production’ for the purpose of research and development tax relief.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.
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’.