- The government is introducing legislation to help up to a thousand businesses which were affected by the ‘staircase tax’ introduced following a legal ruling on the way in which business rates in adjoining properties are calculated
- HMRC proposals to speed up capital gains tax (CGT) payments for residential property sales could cause cashflow and compliance issues for landlords, individuals and investors. The consultation document proposes changes to the way capital gains tax is collected on the sale of a residential property, suggesting that a payment on account of CGT will need to be made to HMRC within 30 days of a residential property sale. If the proposal is accepted, the new system will take effect from April 2020.
- Companies directors could be held personally liable for failing to assess, manage and report climate risk, where it poses a foreseeable and material financial risk to the company
- News of HMRC cancelling 270,000 late penalty notices in 2016 has been uncovered after a freedom of information request spurred on by a wrongly issued late tax return penalty. So, HMRC have done it again!
- HMRC has issued factsheet CC/FS9 on the individual rights of taxpayers who are facing penalties for non-compliance with tax rules, focusing on article 6 of the European Convention on Human Rights
- Medium sized businesses are proving slow to address the risks of falling foul of anti-money laundering (AML) and anti-bribery legislation, according to a survey commissioned for You.Gov
Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice