The City of London Law Society’s Revenue Law Committee has bemoaned the government’s ‘lack of respect for legislation as the only proper source of law, and over reliance on guidance’ as a source of uncertainty in taxation policy, in its response to the Office of Tax Simplification’s review on tax
HMRC recently issued letters to approximately 1,000 taxpayers with income in excess of £150,000 whose effective tax rate is 22% or less.
New figures published on 27 May show that HMRC secured a record £23.9bn in additional tax revenue over the past year.
HMRC has announced the launch of online training (using computer-based tutorials) in tax matters for landlords.
With the EU audit reforms set to come in over the next year or two, these will have a significant impact on the market for tax compliance and advisory services, especially in the financial sector, writes Peter Carville
HMRC has doubled its use of private sector bailiffs and debt collection agencies over the last two years as it takes more aggressive action to chase overdue tax, says national accountancy group UHY Hacker Young.
According to a recent study In the shade: Research on the UK’s missing economy, published by Richard Murphy of Tax Research UK, the Treasury is losing more than £40bn of tax a year because of evasion and the hidden economy, which is nearly four times official estimates.
HMRC has published guidance on the way interest is calculated, since 19 May 2014, when PAYE payments are made late.
Implementation of tax scheme not negligent
Jason Collins, partner at Pinsent Masons, looks at the key issues arising from the revision of the European Union Savings Directive (EUSD) and examines the relationship between the various global tax information sharing regimes.