HMRC has announced updates to the following guidance manuals (see Tax Journal issue 1098, 26 October 2011 for previous announcements). Details of the changes are provided on the HMRC website.
The tax practice at KPMG in the UK reported revenues of £395m in the year ended 30 September 2011, an increase of 12% on 2010.
HMRC has launched an Alternative Dispute Resolution service for SMEs, in an effort to resolve disputes ‘much earlier’ than at present and reduce compliance costs.
HMRC has reminded taxpayers completing an online tax return for the first time that they need to register for online filing.
HMRC’s Agent Update issue 27 has articles on managing the 31 January self assessment deadline, online security, recent consultations and details of task forces established to tackle evasion.
HMRC is now accepting payments under the Faster Payments Service (FPS), which allows taxpayers to make faster electronic payments, typically via internet or telephone banking, “enabling them to be processed on the same or next day”.
The UK/Dominica tax information exchange agreement signed in March 2010 entered into force on 23 December 2011.
HMRC has published FAQs on employment income provided through third parties. The NIC rules came into force on 6 December 2011 and are not retrospective, HMRC said.
Consultation on the introduction of a general anti-avoidance rule appears likely to feature in the Budget on 21 March, after David Cameron backed Nick Clegg’s call for tougher action to ensure that large companies pay their ‘fair share’ of tax.