HM Revenue & Customs (HMRC) published a briefing paper (27 August 2020) setting out the continuing support being provided to the UK economy during the ongoing coronavirus (COVID-19) pandemic.
The briefing paper is consistent with previous communications from HMRC and does not contain any real surprises; however, the briefing paper provides clarity on HMRC’s approach and indicates the beginning of a shift in focus—away from the initial scramble to provide urgent support toward resuming debt collection and compliance activity. Taxpayers may be re-assured by the briefing paper, as it emphasises that HMRC remains sympathetic to taxpayers facing difficulties and encourages taxpayers to engage with them.
Key takeaways from the briefing paper include the following:
Read a September 2020 report prepared by the KPMG member firm in the UK
Other related items from HMRC include:
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.