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.
There was a marked increase during 2017/18 in the number of penalties HMRC issued for ‘deliberate and concealed’ inaccuracies in returns. This category, which allows HMRC to charge a penalty of up to 100% of the amount of tax at stake, saw an increase of 46% between 2016/17 and 2017/18.
HMRC has published the following:
Deduction of input tax
Ignorance of the law is a reasonable excuse
Notice to file must be signed by officer