This month’s UK tax tidbits
- A number of end of year templates to support employment related securities procedures have been published as follows: Share Incentive Plan, Save As You Earn, Other employment related securities schemes and arrangements, Enterprise Management Incentives and the Company Share Option Plan.
- Updated guidance and disclosure documents in relation to the Liechtenstein Offshore disclosure facility have been published.
- A collection of all VAT Notes published from the beginning of 2013 is now available. The first edition of VAT Notes 2015 is also now available.
- Two updated toolkits can be accessed as follows: the HMRC National Insurance contributions and statutory payments toolkit and the HMRC expenses and benefits from employment toolkit.
- A collection of Revenue and Customs briefs published from 1 January 2013 is available.
- In advance of the 30 April 2015 deadline for completion and payment of the annual tax on enveloped dwellings, updated guidance is available. It should be noted that this tax applies to properties valued at more than £1 million on 1 April 2012 or at acquisition (if later) for returns from 2015 to 2016 onwards.
- Regulations to implement the UK’s automatic exchange of information agreements have been published.
- Guidance explaining what to do to submit a Foreign Account Tax Compliance Act (FATCA) Return on behalf of a financial institution, when to submit it, and links to more detailed guidance is available.
- HMRC has recently said that its process for dealing with the non-resident landlords scheme has changed, and has published updated guidance and forms as follows: Guidance for letting agents and tenants, the Eighth information bulletin and Annual Information Return.
- An update has been published recently in relation to reporting information under the FATCA.
- HMRC have published a range of helpsheets relevant across a wide spectrum of the UK tax regime – these are available under latest documents on www.gov.uk.
- A number of updated VAT forms and a notice have been published: VAT: pay by BACS or standing order (VAT622), VAT: application to join the Annual Accounting Scheme (VAT600AA) and VAT Notice 700/56: insolvency.
- Several updated forms and guidance relevant to employers are also now available as follows: Statutory Adoption Pay and Leave, Statutory Sick Pay and Leave, Statutory Maternity Pay and Leave, Statutory Paternity Pay and Leave and Basic PAYE Tools: Earlier Year Update.
- With P11D season now upon many employers and agents, updated forms and guidance are available to support the process: End-of-year expenses and benefits (P9D) and End-of-year expenses and benefits (P11D(b)).
- An updated disclosure form for those wishing to make a disclosure under the Credit Card Sales Campaign has been published.
- HMRC is introducing new processes to manage applications for advance assurance and Enterprise Investment Schemes compliance statements.
- Key tax deadlines for tax agents in 2015–16 have been published.
- An updated HMRC organisation chart showing senior management is available.
- A guide detailing Extra-Statutory Concessions in use at 6 April 2015 has been published. The guide is useful in the context of the numerous changes there have been in this area as a result of the Wilkinson decision in 2005.
- HMRC have published details of a new version of the Company Tax Return form (CT600) – version 3. The revised form (and details of any supplementary pages) is available here, together with an updated guidance document. This revised version of the form will need to be used for all Corporation Tax Returns for periods commencing on/after 1 April 2015. Updated versions of the relevant supplementary forms are also available.
- Form AAG4(PRN) is available, this should be used to report to HMRC the promoter reference number (PRN) where someone expects to get a tax advantage from one of the monitored promoter’s schemes and the PRN does not have to be reported on a tax return or the tax return is late.
- Guidance supporting the new Diverted Profits Tax which applies from 1 April 2015 has been published.
- HMRC have given direction about the approved method of electronic communication which may be used to give an employee a notice of a tax code under regulation 17(1) or regulation 19(3) of the PAYE Regulations. This direction has effect from 20 March 2015.
- An updated list of approved promoters, agents and merchandisers in the middleman scheme for non-resident rock and pop entertainers has been published.
- HMRC has updated the list (List 3) of professional bodies and learned societies, approved by HMRC for the purposes of Section 344 ITEPA 2003 (allowable deductions from earnings for fees and subscriptions paid to professional bodies and learned societies). The list includes all bodies approved by the commissioners for HMRC up to 7 April 2015.
- An online form to support and pay the new capital gains tax charge on the disposal of UK residential property by non-residents is available. A helpsheet has also been published.
- Guidance on the proposed technical criteria for peer to peer bad debt relief has been published.
- Detailed guidance on the new capital gains tax charge applicable to non-residents disposing of UK resident property interests has been published.
- An updated list of overseas corporate lenders who are recognised passport holders is available.
- Updated guidance on residence, domicile and the remittance basis (RDR1) is available.
- HMRC have announced that they expect to publish a draft pensions manual in the near future.
- Detailed guidance on how to use and register for the UK VAT Mini One Stop Shop service.
- An updated Corporation Tax: Company Tax Return guide is available.
- Form R185 which enables taxpayers to receive interest tax free is now available. This form applies from 6 April 2015.
- Various VAT helpsheets have been published as follows:- VAT Notice 731: cash accounting and VAT Notice 714: zero rating young children’s clothing and footwear.
