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.
Over 100,000 taxpayers hit with penalties for inaccurate tax returns
Matt Taylor
RSM has discovered under a Freedom of Information request that HMRC issued over 100,000 financial penalties to taxpayers for submitting inaccurate tax returns last year. Over 11,000 of these penalties were issued because HMRC decided that taxpayers had deliberately submitted inaccurate returns.
GPs brace for another tax raid by HMRC
Rob Harris
The transitional year for basis period reform starts in April 2023, which HMRC’s policy paper estimates will raise an additional £1.7bn in the first four years. Good news for the Chancellor, not so good news for those having to pay it; including GPs where there are already significant shortages in available hours to meet the country’s needs.
Is HMRC unfairly targeting taxpayers rather than pension schemes?
Sara Bonavia
HMRC has issued a number of information notices to taxpayers where pensions tax charges arose back in 2018. What has prompted this action and is it being addressed with the right person?
The tax cost of settlement agreements and non-disclosure
Lee Knight
The complex rules applying to termination payments can often result in disagreements about the tax position. The recent tribunal case of Mrs A v HMRC looks at how compensation for non-disclosure should be considered.
