Company submitting unsigned accounts
Revenue & Customs Brief 14/11 explains how FA 2010 Sch 10 allows for a higher penalty, of up to 200%, where people fail to declare income or gains arising offshore.
Revenue & Customs Brief 15/11 explains that HMRC have changed their approach to the operation of the FA 2007 Sch 24 para 8 ‘delayed tax’ provision.
A revised guide to concessions in use at 1 April 2011 and previously operated by the Inland Revenue has been published.
The Enactment of Extra-Statutory Concessions Order, SI 2011/1037, gives legislative effect to seven extra-statutory concessions including the ‘equitable liability’ concession.
HMRC confirmed that ‘real time information’, a new system intended to improve the operation of PAYE, will go ahead.
Employers will report tax and NIC deductions when they pay their employees, rather than at the end of the tax year.
HMRC’s practice of ‘equitable liability’ provided a ‘relief of last resort’ for certain taxpayers who were unable to fully engage with the tax system.
The Finance Act 2010, Schedule 10 (Appointed Days and Transitional Provisions) Order, SI 2011/975, appoints 6 April 2011 as the day on which FA 2010 Sch 10, increasing the level of penalties that may be charged where certain
HMRC have reminded ‘tax evaders hiding money offshore’ that penalties for non-compliance will be linked to the ‘tax transparency’ of the country involved, beginning with 2011/12 tax returns.