HMRC have published new guidance (atIFM37800andIFM37850) on how carried interest is reported in self-assessment tax returns and what support should be given for the positions taken. The guidance emphasises that: individuals should provide as much supporting information as possi...
Failing to file your tax returns on time or accurately.This is a serious offence, and HMRC can take a number of actions against you, including charging you penalties and interest. Not paying your taxes on time or in full.This can also lead to penalties and interest, and in some cases, ...
The Supreme Court upheld the Court of Appeal’s decision on the procedural issue. Both the High Court and Court of Appeal had undertaken a detailed analysis of the self-assessment provisions in order to answer this question. In contrast, the Supreme Court adopted a ‘broad-brush’ approach (...