HMRC’s handling of tax investigations under scrutiny
It's an old question, but who investigates the investigators? In the case of HMRC, it's the Treasury Sub-Committee of the House of Commons. With many tribunal decisions going against HMRC, and a growing concern that the way in which HMRC uses its powers may appear disproportionate and heavy-handed, the committee has decided to examine HMRC's approach to conducting tax enquiries, resolving tax disputes and determining the amount of tax to be paid.
Overstating your tax liability? On your head be it!
If you under-declare your tax liability, you can face an HMRC investigation, a demand for payment of the tax due plus interest, and perhaps a penalty. But what happens if in error you overstate your liability? It’s more common that you might expect but putting it right can be a huge headache.
More delays for EU state aid tax approval – this time it’s EIS and VCT
George Bull and Emma Milgate
We've previously reported on the shock lapse in the EU state aid approval for EMI schemes. It now seems that the recent changes to the enterprise investment scheme and venture capital trusts, which were extremely welcome to knowledge-intensive companies, are also being held up while the UK waits for state aid approval.