HMRC will send out more than 40,000 letters over the next few weeks, inviting people who have failed to register for VAT to make a full disclosure and take advantage of a reduced penalty.
Richard Clarke and Jessica McLellan provide this month's update on recent HMRC activity, including HMRC's extension of their EBT settlement proposal, a refinement in HMRC's approach to the largest partnerships and record keeping requirements for non-residents using the new statutory residence test
Your monthly review of key international tax issues by Chris Morgan, with comment on the patent box and CFC proposals and the informal consultation on the debt cap, and details of recent cases on EU issues
‘The Dutch banking industry has attacked government plans to impose a €300m annual tax on Dutch banks, arguing that any such levy should be introduced across the European Union rather than by individual countries …
Issue 24 of HMRC’s Agent Update includes guidance on the completion of company tax returns:
HMRC have released their twentieth and final ‘toolkit’, dealing with business profits. The toolkits are designed to help tax agents and their clients reduce errors in completion of tax returns.
The House of Commons report stage continued yesterday. No amendments were made to the Finance Bill but there were some interesting exchanges on capital allowances and group filing for companies, and a surprise ‘impact assessment’ for the Tax Personality of the Year award.
More than £25 billion of tax was ‘under consideration’ in HMRC’s Large Business Service (LBS) enquiries at 31 March 2011, but the department emphasised that the estimate did not represent tax owed or unpaid.