HMRC have flagged new penalties taking effect this autumn for late tax returns and late payments by individuals and businesses:
‘The new penalties for late self assessment returns are:
An avoidance scheme in which the recipient of a manufactured overseas dividend (MOD) seeks a credit for UK income tax where ‘no actual UK income tax has been paid’ is to be blocked with effect from 15 September.
The UK and the US are acutely aware of the need for competitive effective tax rates but, as Steve Edge and Willard Taylor explain, they achieve that result in different ways.
HMRC and the tax bodies share an enthusiasm to ‘press ahead’ with a new initiative to resolve longstanding HMRC service delivery issues, a leading expert has told Tax Journal.
‘The Treasury should be held to account for a tax system that is “inefficient, overly complex and frequently unfair”, the Institute for Fiscal Studies has said in a stinging critique of tax policy.’
Financial Times, 14 September 2011
The government's responses to recent tax consultations will be published ‘on or by’ 6 December, along with draft legislation to be included in Finance Bill 2012. George Osborne will deliver his autumn statement on the economy on 29 November.
Estimating the tax gap provides an important tool in understanding the causes of non-compliance and helping HMRC to focus on ways of reducing it, Dave Hartnett told the Treasury Sub-Committee yesterday.
A man who set up more than 50 fake tax agent companies to commit a £1m tax fraud has been jailed for two years.