HMRC Business Records Checks programme to be reviewed
Date:
6 January 2012
Summary:
HM Revenue & Customs (HMRC) has announced that it will review its Business Records Checks programme following pressure from the tax profession and small business groups. HMRC acknowledges that more detailed consultation with professional bodies at an earlier stage would have benefitted the programme and it now intends to do so as part of a strategic review of the programme.
The Business Records Checks programme – which aims to check the adequacy of the records of small businesses (and which could mean penalties of up to £3,000 for those with seriously inadequate records) – was piloted between April and July 2011. After analysing the initial results, HMRC announced that the programme was to be expanded, with up to 12,000 Business Records Checks to be completed by the end of 2011/12 and a provisional target of 20,000 for 2012/13.
Despite the review, HMRC is not postponing the current Business Records Checks programme.
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Tax Catch Up Plan – Register before the start of term
Date:
5 January 2012
Summary:
HM Revenue & Customs (HMRC) launched the Tax Catch Up Plan (TCUP) on 10 October 2011. It is an opportunity for people providing tuition or coaching who have undeclared tax liabilities to come forward and settle matters with HMRC.
The deadline for anyone wishing to register for the TCUP is 6 January 2012. Anyone missing this deadline risks detailed investigation by HMRC. If an individual chooses not to participate in the TCUP and it is later established that they owe tax, HMRC has stated that they will face significantly higher penalties or possible prosecution.
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HMRC aims to score with footballer 'perks' investigations
Date:
3 January 2012
Summary:
Premier League footballers and their clubs are facing investigation by HM Revenue & Customs (HMRC) over some of the 'perks' provided to players and their families.
Investigators from HMRC's High Net Worth Unit have already interviewed Finance Directors at some of the league's richest clubs and have sent out a questionnaire to others requesting details of any free holidays, first-class flights, luxury accommodation, private security and other gifts that have been provided to players.
HMRC will use the information to examine players' individual tax returns to ascertain whether they have under-declared their tax liabilities. Additionally, the clubs themselves could be liable to further National Insurance Contributions on any previously undeclared Benefits-in-Kind.
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