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...
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...
Company closure: Your company may be forced to shut down due to non-compliance or inability to pay tax arrears. Director disqualification: You could be banned from serving as a director for up to 15 years if you fail to meet your tax obligations or are found guilty of misconduct. County C...
highlighting approaches that may lead to errors and HMRC interventions. GfC will also suggest practical approaches to lower the risk of non-compliance.
"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...
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...
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
Analysis of R&D claims for the 2020-21 tax year revealed troubling figures: 24.4% of claims under the SME scheme and 3.6% under the Research and Development Expenditure Credit (RDEC) scheme were either erroneous or fraudulent. This level of non-compliance, which equated to £1.13bn in costs...
The new guidance is likely to increase the compliance burden and, potentially, the risk of challenge for individuals who have previously relied on non-UK specific tax reporting information in preparing their returns. While this will be unwelcome news to many, the reform of ...
HMRC and DBT are seeking to understand how differing approaches to e-invoicing may integrate within business systems with a view to ensuring that the UK develops an approach to e-invoicing which improves business productivity by reducing administrative burdens and improves tax compliance. Responses ...