HM Revenue & Customs
1st October 2020
There are circumstances where HMRC has a legitimate need to directly approach financial institutions to obtain tax related information where taxpayers are unwilling or unable to do so. As things stand, HMRC has the power to issue a Schedule 36…
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18th January 2018
HMRC has exposed the most original excuses for late tax return and expense claims ahead of the 31 January deadline From being too busy touring the country to claiming to seeing aliens, the following excuses were all used in unsuccessful…
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14th July 2017
HMRC’s online registration service for trusts and estates is now available. All trusts and estates with a tax liability must be registered, including any already reported in paper form 41G. The deadline is 5 October 2017 – http://bit.ly/1PjPOwE
25th April 2017
HM Revenue & Customs has developed an online calculator to enable estate administrators to calculate any additional threshold to which an estate may be entitled, under the residential nil-rate band rules now in effect. Well worth a visit for executors…
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3rd February 2017
According to a Freedom of Information Act disclosure obtained by chartered accountants RSM, the number of penalties imposed by HM Revenue & Customs (HMRC) for deliberate understatement of income increased to 28,663 in 2015–2016. The figure was 5,162 in 2012–2013.
17th January 2017
The House of Commons Treasury Committee has published a report criticising HM Revenue & Customs’ Making Tax Digital (MTD) project, which will require small businesses, landlords and the self-employed to keep digital records of income and outgoings and report them…
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19th October 2016
New guidance has been issued by HM Revenue & Customs concerning a recently discovered capital gains tax avoidance scheme. HM Revenue & Customs has identified a scheme that attempts to exploit Entrepreneurs’ Relief by turning income into a capital gain,…
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21st September 2016
HM Revenue & Customs has commissioned Ipsos MORI to conduct an independent survey to assess what motivates people to set up trusts, to help them understand the impact of policy changes in this area. Ipsos will give £50 to each…
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20th July 2016
The National Audit Office has warned that HMRC will need to build public trust in its new digital services The NAO said in the Revenue’s 2015/16 report and accounts that, while its plan to have “the most digitally advanced tax…
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19th July 2016
The National Audit Office has confirmed that HM Revenue & Customs has not tried to estimate the costs for individual taxpayers and businesses of its planned transition to online quarterly financial reporting. The NAO’s review of HMRC’s 2015/2016 annual accounts…
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