Autumn Statement - Analysis

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Tax Administration 25
“Simple” Assessment: The Government will publish draft legislation that will enable a new process for paying tax. This will be used for taxpayers in self-assessment who have simple tax affairs where HMRC already holds all the data it needs to calculate the tax liability, and where existing payment processes are not available. Taxpayers will be sent a calculation which will be a legally enforceable demand for payment, and taxpayers will be able to challenge and appeal these calculations. This represents a drastic shift from the typical self-assessment process, and at present we have little information on what will constitute “simple tax affairs”. These new rules will come into effect in the 2016-17 tax year. Death of the Tax Return & Making Tax Digital: The Government is set to invest £1.3 billion to transform HMRC into one of the most digitally advanced tax administrations in the world. Most businesses, self-employed people and landlords will be required to keep track of their tax affairs digitally and update HMRC at least quarterly via their digital tax account, giving rise to concern from tax practitioners that the Revenue is seeking to drive out their involvement, with increased risk of non-compliance as a result. This will not apply to individuals in employment, or pensioners, unless they have secondary incomes of more than £10,000 per year. A consultation on the Government’s plans in this area is to follow in 2016. 26
Page 1 and 2: Autumn Statement 2015 Analysis
Page 3 and 4: Contents BUSINESS & CORPORATION TAX
Page 5 and 6: Company Distributions: The Chancell
Page 7 and 8: Salary Sacrifice: The Government ha
Page 9 and 10: Deeds of Variation Advisors will be
Page 11 and 12: Tax-Free Childcare: The Government
Page 13 and 14: Venture capital schemes - changes t
Page 15 and 16: Indirect Taxes 14
Page 17 and 18: Stamp Duty Land Tax - Authorised Pr
Page 19 and 20: Disguised Remuneration: In another
Page 21 and 22: Stamp Duty & Stamp Duty Reserve Tax
Page 23 and 24: Tools to encourage voluntary compli
Page 25: Criminal offence for tax evasion: I
Page 29: Springfield House Springfield Court

Autumn Statement - Analysis

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