Weekly tax brief | 5 January 2022

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 and invite them to sign up to our regular briefings here.

Don’t count on HMRC scrapping penalties for late tax returns
George Bull
If you have not already filed your tax return, it’s unwise to leave it until the last minute. This is particularly important if you may need to use HMRC’s telephone helplines. Service levels for these helplines are likely to be impaired by illness, reduced productivity and absences to assist with the vaccination booster programme. And there’s no guarantee that HMRC will postpone penalties for late returns.

Crypto scam victims face tax relief pain
Chris Etherington
Scammers are conning millions from investors seeking large returns from cryptocurrency and it’s becoming increasingly easy for the unscrupulous to join them. Websites have been established that allow individuals to quickly create a new crypto coin with minimal effort that enables them to effectively steal investors’ funds. Unfortunately, the victims of crypto scams are unlikely to find much sympathy from HMRC.