The Taxes and Duties (Interest Rate) Regulations, SI 2010/1879, set out the interest rate setting formulae for late payment interest and for repayment interest. The regulations will apply whenever the new harmonised interest regime is applied to any tax or duty administered by HMRC.
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.
HMRC’s performance in collecting debt has improved, with amounts due from taxpayers but not yet paid decreasing by £1.6 billion to £26.1 billion, the National Audit Office (NAO) said.
Joseph Howard considers what constitutes 'cheating' the Revenue and how HMRC are likely to react
There is a consensus that the introduction of a GAAR must be accompanied by a clearance mechanism.
Andrew Goodall reports on the main concerns around the potential introduction of a GAAR
Review of the Budget by James Bullock and Jason Collins
Review of the Budget by Bill Dodwell
Julie Cameron on the implications of HMRC's new toolkits
Your impartial need-to-know guide to the coalition Government's emergency Budget