SME Tax News

HMRC will not be charging penalties for late filing of SA returns on 1 or 2 of February 2012 because of strike action.

In an effort to establish value for money for taxpayers, the House of Commons Public Accounts Committee (PAC) has called for independent scrutiny of HMRC’s high value settlements with large corporates. 

While we rush to comply with SA filing obligations ahead of the 31 January deadline, HMRC have their own deadlines to meet. 

HMRC is lodging an appeal against the recent decision of the First Tier Tax Tribunal (FTT) concerning late P35 penalties in HOK Limited v HMRC [2011] UKFTT (TC01286).

HMRC have created new guidance on how the carry forward for the deemed annual allowance works from 2008/09 onward.

My prediction for 2012 is that tax penalties for both Self Assessment and PAYE will continue to jam up the tax tribunal system whilst also demoralising both clients and their agents.