HMRC have published a Call for Evidence entitled ‘The tax administration framework: Supporting a 21st-century tax system’. It seeks views on how the framework might be reformed.
SME Tax News
In a recent agent webinar HMRC advised that they will soon be issuing determinations of Income Tax and NICs to taxpayers affected by the loan charge who have failed to include the charge on a 2018/19 Self Assessment return.
HMRC have opened a new call for evidence about the timely payment of Corporation Tax by small companies, and Income Tax. It seeks views on the opportunities and challenges of introducing in-year calculation and payment of these taxes.
HM Treasury have released a summary of the responses to their 'Call for Evidence on Social Investment Tax Relief' (SITR).
HMRC have published a consultation on the requirement for anyone providing tax advice to hold professional indemnity insurance. The consultation will also consider the definition of tax advice. The consultation will close on 15 June 2021.
The Financial Secretary to the Treasury has written on behalf of the Chancellor to the Office of Tax Simplification (OTS) in response to the first report on Inheritance Tax. The response details two new measures announced.
HMRC have published a summary of responses to their call for evidence: ‘Tackling disguised remuneration tax avoidance’ where the government sought views on what drives the continuing use of Disguised Remuneration schemes, and what further action they might take to deal with them.
Hello
We have a blend of old and new for you this time as we look at last-minute tax planning for the end of another tax year and topical tax tips for the start of the new one.
Late filing penalties will soon be issued for the 1.1 million taxpayers who failed to file their returns by 28 February 2021. It is understood that HMRC are planning on allowing bulk appeals, where the reasonable excuse is COVID-19.
In Cheshire Cavity Storage 1 Ltd & Anor v HMRC [2021] UT 0156, the Upper Tribunal (UT) dismissed the appellants appeal against the FTT decision denying a capital allowances claim on the creation of underground storage cavities for the storage of gas.