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CC/FS43: Compliance checks: penalties for enablers of defeated tax avoidance

HMRC has updated its factsheet on the penalties it may charge for enablers of tax avoidance which are subsequently defeated to reflect changes made by

21 Jul 2021 00:00 | Published by a Tolley Corporation Tax expert

Law Society response: Timely payment call for evidence

The Law Society has responded to HMRC’s call for evidence on timely payment for income tax self-assessment and corporation tax for small companies.

20 Jul 2021 00:00 | Published by a Tolley Corporation Tax expert

Legislation Day 2021 summary

The initial draft clauses for the 2022 Finance Act were published on 20 July 2021 and include more detail on previously announced proposals. Whilst the Government refers to it as draft legislation for Finance Bill 2021/22, in this commentary, for clarity, it is referred to as Draft Finance Bill 2022. The final contents of the Bill will be subject to confirmation at a later date, expected to be in the Autumn, though it is uncertain whether this will be combined with an Autumn Budget.

20 Jul 2021 00:00 | Published by a Tolley Corporation Tax expert

CIOT response: Tax administration framework: supporting a 21st century system

The Chartered Institute of Taxation (CIOT) has published its response to the HMRC call for evidence on the tax administration framework: supporting a 21st century system.

19 Jul 2021 00:00 | Published by a Tolley Corporation Tax expert

Updated guidance on relief from Stamp duty when instruments effect intra-group transfers of stock or marketable securities

HMRC has updated its guidance with new sections on what to do if taxpayers have not submitted a notification or claim by email before, if they cannot submit their claim electronically, and guidance on common errors.

19 Jul 2021 00:00 | Published by a Tolley Corporation Tax expert

Weekly roundup of HMRC manual changes: 19 July 2021

19 July 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

19 Jul 2021 00:00 | Published by a Tolley Corporation Tax expert

Agent Update: issue 86

HMRC has published Agent Update issue 86 (July 2021) providing a round-up of recent developments for tax agents and advisers.

16 Jul 2021 00:00 | Published by a Tolley Corporation Tax expert

More frequent tax payment proposal for small businesses worries ATT

The Association of Taxation Technicians (ATT) has responded to a government consultation on bringing tax payments for small businesses closer to the point where the income or profit arises.

16 Jul 2021 00:00 | Published by a Tolley Corporation Tax expert

Updated HMRC guidance: Tax avoidance: general anti-abuse rule

HMRC has updated its general anti-abuse rule (GAAR) guidance with effect from 16 July 2021.

16 Jul 2021 00:00 | Published by a Tolley Corporation Tax expert

Publishing details of deliberate tax defaulters (PDDD1)

HMRC has updated the PDDD1 letter it sends out before publishing a taxpayer’s details following a deliberate inaccuracy penalty.

14 Jul 2021 00:00 | Published by a Tolley Corporation Tax expert

Plea for new tax rules to fit with digital systems

The Association of Taxation Technicians (ATT) has called for tax policies and legislation to develop in parallel with any new digital systems to avoid placing more burdens on, or adding to the frustrations of, taxpayers.

14 Jul 2021 00:00 | Published by a Tolley Corporation Tax expert

First edition of Tax Transparency in Latin America report outlines growing role of tax transparency and exchange of information

The OECD has published the Tax Transparency in Latin America 2021 report, which outlines a Latin American initiative to tackle tax evasion, corruption and other financial crimes through transparency and exchange of information (EOI) for tax purposes.

13 Jul 2021 00:00 | Published by a Tolley Corporation Tax expert

Weekly roundup of HMRC manual changes: 12 July 2021

12 July 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

12 Jul 2021 00:00 | Published by a Tolley Corporation Tax expert

Relief from Stamp Duty Land Tax in Freeport tax sites

HMRC has published new guidance on how to claim relief from Stamp Duty Land Tax (SDLT) when buying land or buildings in a Freeport tax site.

12 Jul 2021 00:00 | Published by a Tolley Corporation Tax expert

Legislation Day: Tuesday 20 July 2021

Draft legislation for the next Finance Bill will be published on Tuesday 20 July 2021.

08 Jul 2021 00:00 | Published by a Tolley Corporation Tax expert

OECD Secretary-General Tax Report

The OECD secretary-general has published his report to the July 2021 meeting of G20 leaders in Italy, covering international tax developments including the digital economy, the tax policy aspects of climate change and supporting developing countries to build sustainable tax bases.

06 Jul 2021 00:00 | Published by a Tolley Corporation Tax expert

Weekly roundup of HMRC manual changes: 5 July 2021

5 July 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

05 Jul 2021 00:00 | Published by a Tolley Corporation Tax expert

HMRC’s compliance approach for large business

HMRC has updated its guidance to add new sections on the Compliance Risk Management framework, Business Risk Reviews and large business consultation forums.

05 Jul 2021 00:00 | Published by a Tolley Corporation Tax expert

Updated HMRC guidance on extended loss carry-back for companies

HMRC has updated its guidance on how to make a de minimis claim for extended loss carry-back claims for companies.

05 Jul 2021 00:00 | Published by a Tolley Corporation Tax expert

New framework for international tax reform

130 countries and jurisdictions have joined a new two-pillar plan to reform international taxation rules and ensure that multinational enterprises pay a fair share of tax wherever they operate.

02 Jul 2021 00:00 | Published by a Tolley Corporation Tax expert

Popular Articles

Double tax relief

Double tax reliefWhen income arises in a foreign country to a UK resident company and that income is taxable in that foreign country, the UK may give the company relief for the foreign tax by crediting the foreign tax against the UK tax charged on that income. This might include withholding tax on

14 Jul 2020 11:31 | Produced by Tolley Read more Read more

Indexation allowance and rebasing

Indexation allowance and rebasingThis guidance note explains the general rules surrounding the availability of indexation allowance (which was frozen at December 2017) on the disposal of company assets and provides information on the rebasing rules for assets held on 31 March 1982. For an overview

14 Jul 2020 11:59 | Produced by Tolley in association with Jackie Barker of Wells Associates Read more Read more

Interest and penalties on late paid tax under self assessment

Interest and penalties on late paid tax under self assessmentInterestIf the capital gains tax, the balancing payment or payments on account of tax and / or Class 4 national insurance contributions (NIC) are paid late, HMRC will charge interest on the amount overdue from the original due date. The

14 Jul 2020 12:00 | Produced by Tolley Read more Read more