28 September 2021
How HMRC’s increasing access to data will affect taxpayers
In a recent article "How HMRC's Increasing Access to Data will Affect Taxpayers", Benedict Jennings, Senior Tax and Trust Manager at Payne Hicks Beach, explores the increasing powers of the UK’s HMRC to request and access data on taxpayers. First published in IFA Magazine online on 27 September 2021 and reproduced with kind permission.
The existing powers in the Finance Acts of 2008 and 2011 are being supplemented in the upcoming Finance Act and the little-known Connect software which knits together data from multiple sources. Added to this is the "Making Tax Digital" initiative, with digital tax returns already delivering more information to HMRC. With the government has plans to implement the OECD rules as early as January 2023, digital platforms and online marketplaces (including the likes of eBay, Amazon, Deliveroo and Airbnb) will be required to share information with HMRC. Benedict reassures taxpayers that most have nothing to fear, if their tax affairs are complete and they are not attempting to evade tax.
A Senior Tax and Trust Manager in the Private Client Department, Benedict Jennings has worked as an Accountant since 2012 and is experienced in corporate accountancy and taxation, as well as planning and compliance for both Individuals and trusts and estates. He is a member of the ICAEW (ACA) and the Chartered Institute of Taxation.
Click below to read Benedict's article
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