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Penalties
The tax authority issued 101 045 financial penalty notices to taxpayers for submitting inaccurate tax returns in the year to 31 March 2022 HMRC has confirmed in response to an RSM freedom of information request. Of these 89 317 were issued to taxpayers who had failed to take reasonable care 70 856 of which HMRC agreed to suspend. The remaining 11 728 were imposed for deliberate conduct.
VAT
The VAT (Refund of Tax) Order SI 2023/19 enables the four Welsh corporate joint committees to claim refunds of VAT charged on goods and services purchased for their non-business activities ensuring they receive parity of treatment with other local government bodies.
Upgraded allowances
The Income Tax (Indexation of Blind Person’s Allowance and Married Couple’s Allowance) Order SI 2023/36 increases the blind person’s allowance and married couple’s allowance for 2023-24.
Company insolvencies
The number of registered company...
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