As the tax return deadline approaches it has become traditional for HMRC to publish a list of the most outlandish excuses which people have put forward for not filing on time. This year was no exception – the latest list includes ‘my boiler had broken and my fingers were too cold to type’. However, is it reasonable to reveal customer information in this way?
Public perceptions of unacceptable tax behaviour have driven massive tax changes in the UK. But reputation is as fragile as public perception is fickle. HMRC, accustomed to calling taxpayers its ‘customers’, may find its brand as susceptible to being damaged as the household-name companies and individuals who have received so much adverse tax publicity over the last 20 years.
After weeks of speculation Hitachi has announced it is walking away from its £16bn Horizon project, being unable to find an economic rationale to continue. Work on Olbury-on-Severn in Gloucestershire will also cease.
Campaigners who were lobbying for the loan charge to be overturned secured a modest victory this week when MPs voted through a late amendment to the Finance Bill. This will require HMRC to report on the loan charge by 30 March 2019 – just before it is due to come into effect. ¬So what will this mean in practice?
HMRC has this week opened a new disclosure facility for multinationals that it believes may be under-declaring corporation tax or Diverted Profit Tax (DPT) liabilities. Affected companies should take note - this looks less like a fishing trip and more like a targeted intervention.
The 31 January 2019 deadline for submitting 2017/18 tax returns to HMRC is just around the corner. If you completed your self-assessment tax return in January last year, chances are you are doing it again this January. But this isn't a Groundhog Day moment. There have been important changes and you need to be aware of them.
It could be a new year of cheer for HMRC as they look forward to bumper tax receipts from Bitcoin investors this January; but what do Bitcoin entrepreneurs need to consider to figure out their forthcoming tax liabilities?
Mike Thornton, head of manufacturing at RSM, looks ahead to what 2019 has in store for the sector.
If HMRC could accelerate tax refunds by an average of two weeks, that would put an extra £1 billion into the UK economy. It would also help the government regain the high moral ground over businesses which cause hardship to their suppliers through slow payments.