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HM REVENUE AND CUSTOMS

Did you know that tax avoidance bosses have been named for the first time in the latest move to help protect the public?

HM Revenue and Customs has used new powers today to publicly name directors of tax avoidance promoting companies, with customers being warned to leave the firms’ schemes or risk large tax bills.

Read more here.

HMRC has proposed a massive expansion of the data it collects from taxpayers.

Is this data grab justified, and how will it affect those businesses and individuals?  The consultation: 'Improving the data HMRC collects from its customers', covers six areas where HMRC says that collecting additional data could bring significant benefits.  However, those benefits generally appear to favour the government, rather than the individual or business who will be obliged to complete extra boxes on their tax return.  If the additional boxes are not completed, penalties will apply for inaccurate tax returns.

Read more here.

I hope you find these useful.

Sharron, Westwood Accountancy