Tax experts will take to the road next month to find out how and where the complexities of the tax system are causing an administrative burden for small businesses.
The Government will work with international partners to explore the costs and benefits of a Financial Activities Tax on profits and remuneration, the Treasury said as it published draft legislation implementing the Bank Levy announced in the June 2010 Budget.
HMRC budget cuts announced in the spending review demonstrate ‘a lack of vision’ and are ‘wholly counterproductive’, according to a union representing senior HMRC officials.
HMRC will reduce resource spending by 15% and capital spending by 44% over the four-year spending review period, the Treasury announced, with £900 million of those savings ‘then being recycled’ to transform HMRC’s work against avoidance, evasion and criminal attack and bring in extra revenue of £
The House of Commons Public Bill Committee on the Finance Bill met for the first time on 19 October.
HMRC said it expected to publish four new toolkits for agents on 21 October, Tax Journal reported on 15 October.
Only four of the 15 largest banks have signed the Government’s code of practice on taxation for banks, the Chancellor told the BBC on 17 October. The Treasury said last year that it expected all banks operating in the UK to adopt the code.
The question whether legal professional privilege should be extended to tax advisers who are not lawyers looks likely to become one that will have to be considered by Parliament, said the ICAEW’s Chief Executive Michael Izza.
In-house perspective from Nick Watson on the role of tax technology
In-house perspective from Tim Branston on tax risk