To QCB or not to QCB, that is the question. Aaron Fairhurst investigates
A redeployment of resource to ‘higher priority work’ will affect turnaround times until the end of October for the processing of paper forms 64-8 and registrations for self assessment and self-employment, HMRC announced.
HMRC has published guidance to help tax agents to manage the 31 October self assessment deadline. The guidance says:
‘If you send in a paper tax return, it must reach HMRC by midnight on 31 October. The deadline for paper tax returns is only later than 31 October if:
David Kilshaw and Vanessa Patterson provide an update on Entrepreneurs’ Relief following the extension of the lifetime limit to £5m
Radical reforms to the PAYE system, saving employers an estimated £500 million, are among proposals set out in nine tax policy documents released ‘for discussion and consultation’ as Parliament rose for the summer recess.
Tax advisers expressed surprise that only 1,500 medical professionals made disclosures under HMRC’s Tax Health Plan (THP) by the 30 June deadline. HMRC told Tax Journal that there were over 2,000 ‘notifiers’ and the THP had yielded around £9 million.
The UK’s top rate of personal income tax is ‘substantially above the OECD average and likely to adversely affect work incentives and entrepreneurship’, according to an OECD report. Consideration should be given to reducing the rate to close to 40%, it said.
Review of the Budget by Francesca Lagerberg
Peter Cussons on business taxes
Review of the Budget by Christine Oates and Stephen Heath