The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Increased penalties are levied where a failure to notify, failure to file a return or an inaccuracy within a return involves an offshore matter or an offshore transfer and the taxpayer’s behaviour is deliberate. The tax arising from the failure must relate to income tax, capital gains tax or (from 1 April 2016) inheritance tax.
Under the rules the maximum penalty can be up to 200% of the tax at stake depending on a number of criteria.
Offshore matters and offshore transfers are becoming increasingly easy for HMRC to track with the introduction of various automatic exchange of information agreements, including the common reporting standard. See IEIM402340 for the list of jurisdictions that report information to HMRC.
For more discussion on the behaviour of the taxpayer, see the Calculating the penalty for inaccuracies in returns ― behaviour of the taxpayer guidance note. For more on whether the disclosure to HMRC is prompted or unprompted, see the Penalty reductions for inaccuracies guidance note. Although these notes relate to penalties which are charged for submitting an inaccurate return, the same principles apply for failure to notify and late filing penalties.
For further reading of penalties for offshore matters and offshore transfers, see Simon’s Taxes A4.575A.
The offshore matters and offshore transfers enhanced penalties apply to:
inaccuracies within returns where the tax at stake is income tax, capital gains tax or (from 1 April 2016) inheritance tax, see the Penalties for inaccuracies in returns ― overview guidance note
failure to notify chargeability where the tax at stake is income tax or capital gains tax, see the Penalties for failure to notify guidance note
failure to file a return where the tax at stake is income tax, capital gains tax or (from 1 April 2016) inheritance tax ― the enhanced penalties only apply if the tax return is over 12 months late, see the Penalties for late filing guidance note
FA 2007, Sch 24, Part
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
IntroductionUK tax must be withheld on UK payments including:•interest•royalties•rental incomeWithholding tax may be reduced under double tax treaties (DTT) or European directives, both of which may be subject to making a formal claim.This guidance note outlines the rules for UK withholding tax, and
Summary of capital allowances on carsThe current capital allowance rates applicable to cars are as follows:Pool typeDescription of carRateLegislationMain rate poolNew and unused cars with CO2 emissions over 50g/km but not more than 110g/km (to be reduced to 50g/km and below from April 2021)18%CAA
This guidance note provides details of quarterly instalment payments (QIPs) for corporation tax purposes and which companies need to pay their tax liabilities in this manner.Generally, corporation tax is payable nine months and one day after the end of the relevant accounting period. However, large
Why is this important?Tax-free amountEach individual, whether or not they are resident in the UK, is entitled to an annual exempt amount when calculating the taxable amount of their chargeable gains for the tax year (although see the exceptions below). The annual exempt amount is also known as the
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.