Weekly tax brief - 19 July 2016

In this edition of RSM’s weekly round-up of the most important tax news, we cover the latest developments.

Weekly Tax Brief will be taking a two-week break for the summer but don’t worry normal service will resume in the week commencing 8 August.

Hidden surprises in HMRC's annual report

19 July 2016

We’ve been delving into HMRC’s Annual Report and Accounts. It’s a magnificent production but we’ve found some surprises. There’s plenty of scope for the new management to do better.

HMRC’s ‘careless’ approach fails to topple Mr Steady

19 July 2016

HMRC continues to take a strict approach to imposing penalties, but when is a mistake ‘careless’ behaviour or genuine human error? And why is HMRC so intent on pursuing such modest amounts of penalty in such a vigorous way?

Could companies selling shares get better tax exemptions?

19 July 2016

Following the surprise announcement in this year’s Budget to launch a consultation into substantial shareholding exemption, businesses will be eagerly awaiting the outcome. Will we see a better, simpler corporate tax exemption?

Transparency is not a one way street

19 July 2016

Dispute resolution with HMRC has changed out of all recognition since the controversy over the “sweetheart” deals with Vodafone and Goldman Sachs. The latest annual report shows that while the process is a lot more rigorous, there are still a number of cases where HMRC failures have left them unable to recover tax they would otherwise have been able to collect.