HMRC have launched a consultation 'Tackling offshore tax evasion: A Requirement to Correct.' This would require anyone with undeclared UK tax liabilities relating to offshore matters to correct the situation by September 2018 or face stiff penalties.
SME Tax News
HMRC have released Revenue and Customs Brief 13 (2016), 'VAT, the liability treatment of a dwelling formed from more than one building', this sets out a change in its VAT treatment for contruction and conversion of dwellings.
HMRC have issued a consultation 'Company car tax for low emission cars' in order to seek views on the design of new ultra-low emission vehicle (ULEVs) bands for company car tax.
HMRC have launched a consultation: 'Reforms to the taxation of non-domiciles: further consultation'. This provides updates on the changes to the non-dom regime which were originally announced last year together with some draft legislation.
HMRC have published their Employer Bulletin for August 2016. We summarise the key content for you, with links to our detailed guidance on the topics covered.
HMRC have launched a consultation 'Strengthening Tax Avoidance Sanctions and Deterrents: A discussion document.' This proposes new penalties for ‘enablers’ of failed tax avoidance arrangements together with a change in the way penalties are applied to users.
HMRC have launched a technical consultation: ‘Gift Aid and Intermediaries’ which proposes how the extended involvement of intermediaries should be regulated.
In Cyclops Electronics Limited and Graceland Fixing Limited V HMRC [2016] TC05234 tax planning involving an award of loan notes to directors as bonuses failed. The loan instruments were held not to be forfeitable restricted securities and were taxable as if they were cash bonuses.
HMRC have announced that their late payment rate will drop to 2.75% from 23 August 2016 following the Bank of England's decision to reduce the base rate.
As part of its Making Tax Digital (MTD), HMRC have published a consultation, ‘Making Tax Digital: Transforming the system through the better use of information’. This describes how HMRC intend to make more and better use of third party information.