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Penalty reductions for inaccuracies—disclosure and special circumstances

Penalty reductions for inaccuracies—disclosure and special circumstances FORTHCOMING CHANGE relating to penalty reform calls for evidence and behavioural penalties consultation: Building on a previous 2021 call for evidence, on 15 February 2024, HMRC published a further call for evidence entitled The Tax Administration Framework Review: enquiry and assessment powers, penalties safeguards, which included potential options for the reform of penalties, including the reform of penalty suspension and penalty escalation for continued or repeated non-compliance. On 30 October 2024, HMRC published the outcome of the call for evidence providing a summary of responses and the government’s next steps. Following up on this, at Spring Statement 2025 on 26 March 2025, the government published a consultation on behavioural penalties reform in relation to penalties for inaccuracies in returns and failure to notify. The consultation proposes two different approaches for reform of these penalty regimes: (1) reforming the existing framework but simplifying how penalties are calculated and applied, and (2) exploring an alternative model for a more fundamental redesign, including a proposed...

Penalty reductions for failure to notify a liability to tax

Penalty reductions for failure to notify a liability to tax FORTHCOMING CHANGE relating to penalty reform calls for evidence and behavioural penalties consultation: Building on a previous 2021 call for evidence, on 15 February 2024, HMRC published a further call for evidence entitled The Tax Administration Framework Review: enquiry and assessment powers, penalties safeguards, which included potential options for the reform of penalties, including the reform of penalty suspension and penalty escalation for continued or repeated non-compliance. On 30 October 2024, HMRC published the outcome of the call for evidence providing a summary of responses and the government’s next steps. Following up on this, at Spring Statement 2025 on 26 March 2025, the government published a consultation on behavioural penalties reform in relation to penalties for inaccuracies in returns and failure to notify. The consultation proposes two different approaches for reform of these penalty regimes: (1) reforming the existing framework but simplifying how penalties are calculated and applied, and (2) exploring an alternative model for a more fundamental redesign,...

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If a private company was a quoted company at some point during its previous accounting reference period, do its accounts have to comply with the quoted company accounting regime?

If a private company was a quoted company at some point during its previous accounting reference period, do its accounts have to comply with the quoted company accounting regime? Section 385 of the Companies Act 2006 (CA 2006) is clear that ‘for the purposes of this [Part 15] a company is a quoted company in relation to a financial year if it is a quoted company immediately before the end of the accounting reference period by reference to which that financial year was determined’. So for example, if a company’s year ends on 31 December 2019, but it ceases to meet the definition of a quoted company on 6 December 2019, then it will not be regarded as quoted for the year ended 31 December 2019. If, however, it ceases to be regarded as quoted on 3 January 2020, then it is treated as quoted for the year ended 31 December 2019. For further details, see Practice Note: The quoted companies regime. By the same section an...

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UK Competition law—daily round-up (29/01/2024)

A round-up of UK competition law developments including (amongst other things) the latest UK merger control developments.

UK Competition law—daily round-up (15/12/2023)

A round-up of UK competition law developments, including (amongst other things) the CMA’s decision to impose a fine of £2.5m on Coporat for three breaches of an interim enforcement order.