HMRC has published guidance for authorised representatives of relevant corporate bodies on the procedure for voluntarily notifying HMRC (self-reporting) where those bodies have failed to prevent the facilitation of UK tax evasion, giving rise to an offence under the Criminal Finances Act 2017.
HMRC has published the following:
The European Commission has set out its plans for ‘a fair and efficient tax system in the EU for the digital single market’ in a communication to the EU Parliament and the Council.
The Financial Reporting Council is proposing amendments to FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, which would allow the tax effects of gift aid payments made by subsidiaries to their charitable parents to be taken into account at the repo
The Office of Tax Simplification has set out the scope of its review of replacing capital allowances with accounts depreciation as a simpler way of giving companies tax relief for investment in tangible assets.
HMRC still finds many new registrations on the employment-related securities (ERS) online service showing an incorrect scheme type and has issued guidance for employers on how to identify the various tax-advantaged schemes.
The next round of consultation and draft legislation for the tax changes required in response to the International Accounting Standards Board’s new leasing standard, IFRS 16, originally expected in Summer 2017, is not now likely to appear until the end of the year.
HMRC has begun issuing ‘simple assessments’ in the form of a tax calculation (P800) or simple assessment letter (PA302), to certain new state pensioners and PAYE taxpayers with underpayments which can’t be coded out.