Tax Online Blog

The new penalty regime replaces instant late filing penalties and aligns the VAT and income tax penalty regimes. The legislation allows HMRC to issue penalty points if returns are submitted late.... Read more

Overpayment relief is a claim to be made if a taxpayer realises they have overpaid their tax. The time limit for claiming overpayment relief is four years from the end of the tax year to which the... Read more

You will probably be aware that penalties for an inaccurate return vary depending on the “behaviour” that led to the tax loss. The “behaviour” is split into three different categories – reasonable... Read more

All legislation references are to s.122, (draft) Finance Bill 2021, unless otherwise stated. Read more

In the middle of tax return season, your main role is to ensure clients’ self-assessment returns are accurate and submitted on time. Bear in mind that as an adviser, you also want to minimise risk of... Read more

As you may be aware, HMRC are receiving huge amounts of information from overseas, particularly as a result of the Common Reporting Standard. The CRS is a multi-lateral agreement between over 100... Read more

Royal Assent was given to the Finance Bill on 22 July 2020 and with it came an increase in HMRC’s jurisdiction to go after those who have incorrectly claimed Coronavirus Support Payment (CSP)... Read more

For some time, HMRC have been lobbying to become preferred creditors on liquidation of a company. Under current rules, secured creditors are paid first and all unsecured creditors (HMRC included) are... Read more

Over the last month HMRC have swiftly changed from a tax collection machine to a money distribution centre and they have carried this out admirably. Read more

As HMRC’s powers increase, we are seeing more and more cases being decided in the High Court under Judicial Review (JR). For many tax advisers, JR remains a black box; it has been heard of and... Read more