Simple assessment: not so simple perhaps?
From HMRC’s point of view, there are three main ways an individual can be assessed to income tax:
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ATT Autumn Budget 2024 representations
The ATT made four representations in advance of the Autumn Budget on the following topics:
State pension and the annual taxable figure
LITRG is hearing from more and more people who are unsure about their state pension tax obligations.
The Penalties for Failure to Pay Tax (Assessments) Regulations 2024
Currently, the legislation allows HMRC to assess the second late payment penalty once, when the amount of outstanding tax is paid in full, within a two-year assessment time limit.
HMRC one to many agent letters: guidance for CIOT members
In recent years, HMRC have been increasing their use of one to many (OTM) letters in their compliance approach.
Archiving of HMRC manuals
HMRC say that Ocelot is more user-friendly for caseworkers, setting out information on a single platform with task-based procedural guidance that is easier to follow than the manual format.
Non-domicile changes
The Budget in March 2024 contained proposals for changes to the taxation rules for foreign income and gains and inheritance tax (IHT) deemed domicile rules.
Making disclosures to HMRC: Guidance for CIOT members
Members may be asked by clients or potential clients to provide advice, guidance and support to enable the person or business to make a disclosure to HMRC.