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News – 19.12.24

Buzzacott advises Rose Street Partners on its investment in Kenwood Damp Proofing PLC

Discover how Buzzacott supported Rose Street Partners on its investment in Kenwood Damp Proofing PLC … Read more

Insight – 18.12.24

Start-up guide: Everything you need to know about Tronc schemes to set your new hospitality business up for success

One challenge for new hospitality businesses is the management of tips and service charges. … Read more

Upcoming event – 16.01.25

VAT on Private School fees training

This in-depth, interactive training seminar is designed to provide school administrators, bursars, finance officers, accountants, and trustees with tailored support and expert insights on the practical implementation of VAT. … Read more

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What five key points should be taken away from our latest ‘Evening with HMRC’ event?

Our Tax Investigations team recently held their popular ‘Evening with HMRC’ event, where Graham Davies, Senior Policy Adviser at HMRC, and Mark Taylor, Buzzacott's Head of Tax Investigations and Dispute Resolutions, speak on a particular subject matter.

The latest event provided attendees with an exclusive insight into HMRC's Requirement to Correct (RTC) powers, where Graham Davies, Senior Policy Adviser at HMRC, and Mark Taylor, shared their knowledge. The latest event provided attendees with an exclusive insight into HMRC's RTC obligation, highlighting what information HMRC expects to be shared under Common Reporting Standards, HMRC’s viewpoint on RTC and how to approach the 30 September deadline.

The five main points taken away from the event are:

The 30 September 2018 date is a registration deadline, not a deadline whereby a full disclosure or settlement must be made;
There are a number of ways available to register your intention to correct even in cases where there is uncertainty of exposure.
Penalties for Failing-to-Correct by 30 September 2018 are draconian, especially compared to what is currently available;
Extension of assessment time limits mean that those that fail to correct are not financially better off than those that do correct; and
Tightening of ‘reasonable excuse’ arguments meaning that in certain cases getting a health-check done now would be prudent.

Feedback provided by attendees was extremely positive. Further topics in our series of ‘Evening with HMRC’ events will be announced shortly. Keep an eye on our website for further updates.