HMRC’s head of tax was set to face questions from MPs today over a settlement with Goldman Sachs in which the bank was ‘forgiven’ interest of £10m on a failed tax avoidance scheme, according to reports in Private Eye and today’s Guardian.
The Taxes and Duties, etc (Interest Rate) Regulations, SI 2011/2446, set out the interest rate setting formulae for late payment interest and for repayment interest.
HMRC has launched a campaign to target private tutors and coaches who have failed to declare their income.
HMRC will ‘stay on the trail’ of British investors who fail to come clean under the UK-Switzerland agreement signed last week, an investigations expert has told Tax Journal.
Parts of HMRC’s online filing system were closed for upgrades and maintenance over the weekend, and some services will remain unavailable until 6 am on Tuesday.
HMRC is reminding employers that from April 2012 they may be asked to provide security where there is a risk of deliberate non-payment of PAYE tax and NICs. HMRC can already request a security for VAT.
HMRC is to extend its trial of a proposed ‘single compliance process’ to ensure that sufficient data is collected to ‘test the process fully’.
The government is consulting on plans to allow more small companies to decide whether to have an audit and a proposal to give companies preparing accounts under IFRS ‘more flexibility’ to change to UK GAAP.