HM Revenue & Customs

Best late tax returns excuses and expense claims

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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Trust Registration: New Online Requirement

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

Six-fold increase in penalties issued by HMRC

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.

HMRC warning on Entrepreneurs’ Relief tax avoidance scheme

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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HMRC survey asks why people set up trusts

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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HMRC must create trustworthy digital system

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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HMRC ‘too optimistic’ about rapid technological change

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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