Tax Compliance

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Tax | HMRC winds up more firms due to unpaid tax

HMRC applied to shut down 3,000 businesses to meet unpaid tax bills last year and succeeded in over half of cases, according to research by Funding Options, warning that as the July 31 deadline for self assessment tax payments is near small businesses need to ensure they make payments on time

29 Jun 2015

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Tax | HMRC invests £45m to reduce caller frustration as one in four fail to connect

HMRC is to spend £45m to improve customer service as a result of inconsistent call handling across call centres over the last 12 months with some months where over a third of calls only reach an engaged line and are not even added to the call queuing system

26 Jun 2015

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Tax | Dodwell: taxation of savings interest fraught with pitfalls

The reforms to pension savings are welcome but Bill Dodwell, head of tax policy at Deloitte warns that there isn’t much time for HMRC to link interest income for 24.8m individuals with the rest of their tax liabilities

26 Jun 2015

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Tax | Nunn: making a claim for bad debt relief shouldn't be so painful

Yvette Nunn, director of Berkeley Associates, considers the process for making claims for bad debt relief and recommends the best approach for reducing some of the current difficulties dealing with HMRC in light of the problematic Michiels case

26 Jun 2015

Tax | Mauritius signs tax transparency agreement with OECD

Mauritius is the latest country to sign up to the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters is Mauritius, becoming only one of seven African countries who are supporting the treaty agreement to curb global tax avoidance by multinational corporations

24 Jun 2015

International Tax

Tax | HMRC improves guidance on PAYE tools to reduce calls to contact centres

HMRC has updated the Basic PAYE Tool User Guide relating to the annual reporting of PAYE in Real Time Information (RTI) and more explanations of how to use the tools to reduce the level of errors

24 Jun 2015

Tax | HMRC IT failure knocks out PAYE real time reporting system

An IT outage at HMRC is causing delays to submissions for PAYE which means that the system is running slowly and there are delays to confirmation receipts for payments

23 Jun 2015

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Tax | Scottish rate of income tax: how it will affect UK businesses

As Scotland mulls the idea of setting its own income tax rates, HMRC has issued draft guidance on how the Scottish Rate of Income Tax (SRIT) will work. Chas Roy-Chowdhury casts his eye over the proposals and highlights some of the potential problem areas for employers and PAYE payrolls

23 Jun 2015

Tax | HMRC updates CASC guidance to clarify eligibility rules

HMRC has updated the guidance on community amateur sports clubs (CASCs), following the introduction of new eligibility rules which came into force on 6 April 2015 in a bit to clarify which clubs can take advantage of the new framework

23 Jun 2015

Tax | HMRC steps up raids on premises to root out tax evaders

HMRC raids on premises in the course of investigations into tax evasion have gone up by almost a fifth in the last year and have trebled in the last four years, according to analysis by Pinsent Masons

22 Jun 2015

Tax | HMRC’s new RTI penalty approach could create avoidance loophole

Tax advisers are warning that HMRC needs to do more to explain its new approach to levying penalties for late filing of self assessment returns and PAYE real time information (RTI) submissions, which has seen it abandon a rigid application of the rules in favour of a more risk assessment-based approach, or risk seeing the system abused

19 Jun 2015

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Tax | Accountant loses appeal over tax penalty for group tax relief claim

An ACCA member who jointly owned a bookkeeping business with his wife has lost a First Tier Tribunal (FTT) appeal against a tax penalty for wrongly claiming group tax relief relating to the business and other companies they owned

19 Jun 2015

Tax | Annual tax receipts hit £514bn as stamp duty revenue soars

Total tax receipts for 2014-15 were up £2.18bn year on year to £514.4bn, marking two consecutive years of growth after a sharp fall in tax revenue in 2009-10 during the recession when tax revenues were only £414bn

19 Jun 2015

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Tax | Injunction against HMRC enforcing £220k Partner Payment Notice refused

Two individuals who were seeking an injunction to prevent HMRC from issuing or enforcing partner payment notices (PPNs) requiring upfront payment of disputed tax of around over £330,000 pending the outcome of a judicial review of the issues have been refused permission by the court

19 Jun 2015

Tax | Nursery owner tots up £1m employment tax fraud

The co-owner of a Hampshire chain of children’s nurseries who failed to pay around £950,000 in tax deducted from his employees’ salaries to HMRC has been jailed for five and a half years and suspended from being a company director for ten years

19 Jun 2015

Called to Account

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Tax | Director's loan accounts under FRS 102: tax implications

Taxing debt will now be largely driven by the FRS 102 requirements for financial instruments, says Peter Rayney FCA CTA, who unpicks the tax implications of the new accounting framework and the impact on director's loan accounts and various loan relationships (LR)

17 Jun 2015

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