This week’s UK tax tidbits, 6 November 2017

Nov 06, 2017

News from various areas of interest includes publication of the latest tax gap data, the latest HMRC monthly performance report and a warning for anyone filing corporation tax returns.

  • HMRC have published their report measuring the UK’s tax gap for the year 2015-16 
  • HMRC’s monthly performance report for September 2017 has been published
  • According to Agent Update 62, HMRC will reject any company accounts or tax computations submitted in non-iXBRL format from 1 November 2017 unless a specific exception applies
  • HMRC is consulting on draft guidance covering new legislation on enablers of defeated tax avoidance schemes
  • HMRC has updated its guidance on when off-payroll working rules apply to a worker providing services through an intermediary and when one needs to check
  • HMRC has recently updated its 2017 guidance on Class 1A national insurance contributions on benefits-in-kind, formerly known as booklet CWG5
  • HMRC has published research report 433 “Understanding evasion by small and mid-sized businesses” which looks at what causes businesses to engage in tax evasion and whether they hold particular attitudes making them more likely to seek to evade tax
  • The House of Commons Library has published a briefing paper “Taxation of termination payments” discussing the background to the legislative reform amending the tax treatment of termination payments included in the Finance (No.2) Bill 2017
  • HMRC is looking for small scale users of the VAT Retail Export Scheme – ‘Tax free shopping’ - to provide input in developing a digitalised system. See Agent Update 62