In general, the document General Approach to VAT compliance controls (Part 2) makes it clear that HMRC expect to see that businesses have processes to identify risks of non-compliance through the use of appropriate tools and procedures, which should be regularly evaluated. Each process should have...
Do any other penalties apply? Yes – HMRC can also impose a penalty of 15%-100% of the unpaid amount owed if your VAT return is inaccurate. How can Entertainment Partners help? The team at Entertainment Partners is here for you every step of the way! We've got thetools you need to ...
and the new government is expected to boost HMRC funding in its first Budget as part of its commitment to closing the tax gap. 'Nudge' letters are often used to target non-compliance risks, which are informed by HMRC's large database of financial information and issued to taxpayers who may...
HMRC’s bid to tackle offshore non-compliance has received a significant boost from the dramatic increase in the automatic exchange of information between jurisdictions (under the common reporting standard (CRS)) and the introduction of beneficial owner registers which are accessible to revenue authorit...
Ignore a nudge letter, and you might face serious consequences, such as: Personal asset seizure: HMRC could take possession of your personal assets to settle outstanding tax debts. Company closure: Your company may be forced to shut down due to non-compliance or inability to pay tax arrears....
"Time is running out for anyone with underpaid tax involving offshore matters to regularise their affairs without being exposed to swingeing new penalties. Those who take the first steps to correcting their non-compliance before 30 September 2018 may be available to avoid penalties of as much as...
The latest government body to be lumbered with a tax bill for IR35 non-compliance is the non-departmental funding body UK Research and Innovation (UKRI), and
If you’ve reached the late submission penalty point threshold, to remove points so you avoid further £200 penalties, you must “complete a period of compliance, submitting all returns by their deadline” and “submit all outstanding returns for the previous 24 months”. When don’t the ne...
Outline ideas were discussed and DW added he felt it might be very informative for agents to have an insight into how his BU apply penalties in mainstream compliance work. Agents were concerned about their clients potentially being 'named and shamed' as Deliberate Defaulters. There was discussion...
Yes, UK exchanges share transaction data and user information with HMRC to ensure tax compliance. Accurate reporting of your transactions is crucial. What happens if I don’t report crypto gains or losses? Failing to report gains or losses can lead to penalties and interest charges. HMRC consid...