The GAAR Advisory Panel (GAP) has published its first Opinion Notice, ‘Employee rewards using gold bullion’. It considers the consequences of remunerating employees by means of gold bullion held in an Employee Benefit Trust. This is the first published opinion of the GAP.
HMRC have issued their Agent Update for August / September 2017. We have summarised the key content for you with links to our detailed guidance on the topics covered.
In Davinder Heaven v HMRC [2017] TC05992 a lack of suitable evidence resulted in penalties for deliberate error for omissions from a tax return for a stressed lawyer.
In Gareth Clark v HMRC [2017] TC5856 the First Tier Tax Tribunal (FTT) extended the scope of discovery assessments. The case concerned a pensions unauthorised payment charge. The decision was confirmed by the Court of Appeal in February 2020.
The government has announced major changes to its Making Tax Digital for business (MTD) proposals. MTD will initially only apply for VAT. VAT registered businesses are mandated into HMRC's plans for quarterly bookkeeping and reporting from 2019. MTD will not become compulsory for other businesses or taxes until at least 2021.
Responses to HMRC Consultation 'Making Tax Digital sanctions for late submission and late payment' have been mixed. Now the main bodies have published their responses to HMRC’s consultation it may be useful to see how their thoughts compare.
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