SME Tax News

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.

2011 has been the most interesting year in tax as well as on the economic front. Yet it seems that it has taken the spectre of a double dip recession to make MPs realise that HMRC needs proper management, control and accountability.

The House of Commons ‘Treasury Select committee recommended in September 2011 that HMRC should work closely with the professional bodies, tax charities and businesses to improve the end-to-end experience of dealing with HMRC.

HMRC can at last accept Faster Payments by internet or telephone banking.

This applies after 16 December 2011 and payments will be processed on the same or next day.

Taxpayers are advised to check their bank or building society offers this service.

HMRC advises that when making a payment to use the correct bank account details and reference number.

 

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