Articles & Video
Requirement To Correct Tax Due On Offshore Assets
As HMRC continue their mission to stamp out offshore tax evasion new legislation could result in many inadvertent casualties. The Requirement to Correct (RTC) legislation imposes significant fixed penalties and sanctions if underpaid tax is discovered as being owed in relation to offshore assets.
Tackling The Hidden Economy – The Next Big Thing?
With all the recent focus on measures to combat tax avoidance and offshore evasion, it’s easy to overlook those that take a more basic approach of not paying their taxes by either failing to register with HMRC (‘ghosts’) or declaring only part of their activities (‘moonlighters’). Together these make up the hidden economy.
Trustees Warned Over Tax Return Requests
RSM has become aware of a number of incidences in which HMRC’s gateway system shows a tax return has been issued to a trust, even if no corresponding notice to complete a tax return has been issued to trustees. Trustees shouldn’t however assume that a tax return issued through the gateway is an error as failure to complete a return could incur a penalty. You have been warned!
An Opportunity To Reform The UK Tax System?
Recent statements by the Chancellor of the Exchequer Philip Hammond suggest a willingness to overturn some of the piecemeal changes put forward by his predecessor and to take a broader view of the UK fiscal system. So what can we expect at the Autumn Statement? We suggest five areas that the Chancellor may wish to tackle.
Will The Latest HMRC Nudge Initiative Help Plug The Tax Gap?
In an effort to maximise recoveries, HMRC is carrying out a trial to find out if sending text message alerts to taxpayers will increase the chances of them paying their taxes on time. So will this help plug the £34bn tax gap?
How Should HMRC Be Organised?
To some people that’s an easy question. And the answer is equally easy: “better than it has been during the last few years”. With the cultural groundswell running against HMRC, we were pleased to hear news of a proposed internal reorganisation by the UK’s tax authority.
Strengthening Tax Avoidance Sanctions & Deterrents
At a stakeholder meeting held on 21 September, HMRC confirmed that the policy intention behind its 17 August 2016 consultation on strengthening tax avoidance sanctions and deterrents is to change future behaviour.
Consultation - Tackling Offshore Tax Evasion: A Requirement To Correct
HMRC has issued a consultation on incentivising those with any UK tax irregularities in respect of offshore interests to correct those irregularities fully by 30 September 2018, after when, tougher sanctions will apply. The legislation will be introduced in Finance Bill 2017.
Client Notifications Concerning International Tax Compliance
International Tax Compliance: Regulations have been issued requiring financial institutions and service providers, such as tax advisers, to issue notifications to those who are ‘specified clients’ on 30 September 2016.
Has The Treasury Misled Taxpayers?
In the Finance Act 2014 the Government introduced anti avoidance provisions called Pre Owned Asset Tax which charged an income tax charge on taxpayers who had entered into a ‘double trust scheme’ to avoid an inheritance tax on their own homes. Many of these people had entered these schemes confident that they were within the law, relying on Counsel’s opinions and taking advice from top ranking lawyers.
Worldwide Disclosure Facility: Offshore Assets Last Chance New Disclosure Facility Offers ‘Last Chance’ For Those With Undeclared Offshore Interests
Last week HMRC launched the new Worldwide Disclosure Facility (WDF) – a new online facility which provides a ‘last chance’ to those who want to disclose a UK tax liability that relates wholly or partly to offshore interests. Unlike previous facilities, the WDF offers very little in the way of carrot, and rather more in the way of stick given the new sanctions that are set to be introduced in 2018.
Private Client Deadlines
Although most tax deadlines recur every year, they still seem to catch many individuals and businesses by surprise. The ability to take advantage of valuable tax reliefs that save you money or to avoid penalties is just one reason why timely tax planning is so important. To help you plan and take appropriate action, RSM sets out the forthcoming tax deadlines.
Taxing Sports Stars: The Olympics - Now here's a Rio league table which the UK shouldn't try to top!
Team GB is doing brilliantly well at the Rio Olympics. As the achievements continue to add up, we don’t want to see the UK’s HMRC competing with the US Internal Revenue Service to tax our winners’ medals!
We all admire sportswomen and men striving to achieve excellence in their chosen sports. The rewards are personal – huge levels of achievement. There is also global and national recognition. And then there are the elusive medals.
Income Tax & Trade Loss: Gray v HMRC
In Gray v HMRC  UKFTT 0379 (TC), the First-tier Tribunal (FTT) has held that a taxpayer conducting promotional activities for his musician wife was not entitled to set losses from those activities against profits from his legal business.
Tribunal Allows Taxpayer's Appeal In VAT Repayment Supplement Case
In Shaun David Corrigan v HMRC, in allowing the taxpayer's appeal, the First-tier Tribunal (FTT) found that HMRC's enquiry into a repayment claim had lasted only a day and therefore only a day could be left out of account of the 30 day period HMRC was entitled to in order to authorise the claim.