In this edition of RSM’s weekly round-up of the most important tax news, we cover the latest developments. Please feel free to share this update with any of your colleagues.
Should 31 January tax return penalties be delayed again?
Chris Etherington
The tax return filing deadline on 31 January 2023 is looming large on the horizon and millions of taxpayers could face initial penalties of £100 for late submissions of their returns. At a time when HMRC is under scrutiny for its performance levels, should taxpayers be given more time and penalties waived until the end of February?
HMRC requests taxpayers disclose more information on their tax returns
Matt Taylor
HMRC has made it known that it would like certain taxpayers to voluntarily disclose more information on their tax returns. What does this mean and should taxpayers follow its advice?
Those rushing to submit tax returns must beware the tax return traps
Eugenia Campbell
The deadline to submit self assessment tax returns for the year to 5 April 2022 is 31 January 2023. Taxpayers who are yet to file their tax returns will be tempted to rush and may inadvertently omit sources of income and gains. Inaccurate returns can be financially costly and increase the risk of HMRC’s checks so taxpayers must be careful to avoid the potential traps.
How one small slip can land you with a huge customs duty bill
Brad Ashton
A recent tribunal decision has upheld a surprisingly heavy customs duty bill from HMRC for administrative errors by a business importing goods for processing/repair. The case highlights the dangers for international traders of not checking the work of customs agents who complete declarations on their behalf for goods entering and leaving the UK.
Positive news for some SME businesses as government consults on R&D regimes
James Tetley
The government has announced it will consult on reforming the research and development (R&D) tax regimes, offering some potentially positive news for small and medium sized businesses and suggesting measures to try and further curb abuse of the system.
