HMRC has announced it will allow users of disguised remuneration schemes wishing to settle before the new loan charge takes effect in April 2019 to spread their payments over five years, if their taxable income in 2018/19 is estimated to be less than £50,000 and they are no longer participating i
The government has published further draft legislation for Finance Bill 2019 to correct, with retrospective effect, omissions from existing legislation on late payment interest and repayment interest.
HMRC’s ‘publishing details of deliberate defaulters’ programme, under which taxpayers are named and shamed, does not act as an effective deterrent, according to research commissioned by HMRC.
Operating corresponding deficiency relief
Tax-related penalty
Effect of favourable judgment for test claimant under GLO
HMRC’s latest annual report and accounts show total revenues collected in 2017/18 of £605.8bn, an increase of £30.9bn (5.4%) over 2016/17. Compliance interventions yielded £30.3bn.
HMRC has published a further package of information on making tax digital (MTD), to support businesses and agents in the run up to the introduction of mandatory digital record-keeping and reporting for VAT from April 2019.
The package includes:
HMRC has updated its guidance on the ‘requirement to correct’ rules for offshore matters with more information about the precise requirements to make a disclosure by 30 September 2018, and about penalty reductions.
HMRC has published a list of cases decided during 2017/18 in which tax avoidance was involved. Of the 24 decisions listed, HMRC won 23, with one producing a mixed result.
See https://bit.ly/29SAk1r.