The Government’s plan to create a public register of the ultimate owners of all UK property is a bad idea. It could simply provide criminals with information they need to target their victims. If a register is required, RSM urges that it should be kept private and only accessible to specific bodies.
Surely HMRC needs a watertight data trail to prove that a penalty is due? But a recent appeal case uncovers a fundamental flaw and explains why HMRC is struggling to provide evidence in certain tribunal cases.
Until a time when all taxes are paid in full, on time through a simple system that requires nobody to administer it, then HMRC will play a pivotal role in the nation’s finances. But there’s mounting evidence that funding and resourcing pressures are reducing HMRC’s effectiveness and impacting adversely on taxpayers.
As the changes to mortgage interest relief for higher and additional rate taxpayers; stamp duty surcharges; and the ban on upfront letting fees all begin to bite, is selling up the right move for landlords?
Estimates published by HMRC shine the spotlight on those taxes which might be increased if the Chancellor needs to boost the tax yield after Brexit.
The second reading of the Taxation (Cross-Border Trade) Bill has brought into sharp focus the fact that, post-Brexit, the UK will lose access to some of the beneficial VAT rules available to EU members for the intra-community supply of goods. So could the future solution lie in adopting the special regime operated by the Netherlands?
HMRC has recently revised its penalty factsheet which appears to impose new penalty arrangements for those wishing to correct historic tax errors. There is an urgent need for HMRC to clarify exactly what the policy now is and to confirm its legal basis.
While we remain of the view that robots should not be taxed as if they were human beings, AI presents a fundamental challenge to the tax base.
If you are not one of the thousands who file their tax returns over Christmas and end up being hit with an automatic £100 penalty for late filing, help may be at hand.