Technical News

 


This week, HMRC has written for the third time to over 200k VAT registered businesses in Great Britain that currently have trade with the European Union, providing information about what steps must be taken and additional guidance for the new rules from 1 January.

Members may be interested in the papers published last week on the Wealth Tax Commission website. The project is being run by Emma Chamberlain with two academics from LSE and Warwick and is the first full scale investigation into wealth tax since 1974 when the Labour Government produced a Green paper. 

What does a risk based approach mean for tax practitioners?

HMRC’s Wealthy External Forum have issued a briefing to forum members regarding an educational ‘One to Many letter’ to individuals who are named as a Person of Significant Control of a mid-sized businesses. 

HMRC’s Wealthy External Forum have issued a briefing to forum members regarding a ‘One to Many letter’ in relation to potential pay and tax discrepancies in 2018/19 SA returns.

HMRC’s Wealthy External Forum have issued a briefing to forum members regarding a ‘One to Many letter’ in relation to errors in the declaration of residential property disposals for CGT in 2018/19 SA returns.

HMRC’s Wealthy External Forum have issued a briefing to forum members regarding a ‘One to Many letter’ in relation to CGT on disposal of a residential property that is not a primary residence. 

HMRC’s Wealthy External Forum have issued a briefing to forum members in relation to a ‘One to Many letter’ about investment income from financial institutions. Where individuals are represented the letter will be sent to the agent. Unrepresented individuals will receive the letter directly. Letters are planned for issue during October/November 2020 although HMRC note the date of issue is subject to change.

HMRC’s Wealthy External Forum have issued a briefing to forum members regarding a letter to be sent to corporates who appear to have purchased a dwelling/residential property worth £500,000 or more from 1 April 2020 and have not filed an ATED return. It is proposed that the letter will be sent to corporates in October 2020. However, HMRC note the dates that letters are to be issued may be subject to change.

HMRC’s Wealthy External Forum have issued a briefing to forum members regarding a ‘One to Many letter’ in relation to benefit in kind discrepancies. The One to Many letter will be issued by HMRC Wealthy Teams. The aim is to issue these letters during October and November 2020. Where taxpayers are represented by an agent the letter will be directed to the agent. Unrepresented individuals will receive the letter direct. HMRC note the date that letters are to be issued may be subject to change.