TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

March UK tax tidbits

Interesting items cover a number of areas:

  • HMRC have released guidance for employers on the tax codes to use for the 2015/16 tax year, and what action they should take in advance.
  • An updated Company Tax Return guide (CT600 (2008) Version 2) has been published.
  • Slides in relation to the new Diverted Profits Tax which were presented by HMRC at an open day in January are available.
  • Draft legislation explaining the reporting regulations for employment intermediaries has been published.
  • A plethora of VAT forms covering notification of multiple vehicles brought into the UK are available on https://www.gov.uk.
  • Guidance on the Double Taxation Treaty Passport Scheme has been updated.
  • A list of Community Amateur Sports Clubs registered with HMRC as at 12 January 2015 is available to view.
  • The most recent HMRC Pensions Scheme newsletter has been released.
  • The 2015–16 rates and thresholds for employers which should be used to operate payroll or provide expenses and benefits to your employees have been published.
  • A number of VAT forms have been updated and published as follows: Application for permission to opt (VAT1614H), Notification of an option to tax land and/or buildings (VAT1614A), and Registration – land and property (VAT5L)
  • A number of guidance documents have been published recently including: Stamp Duty Land Tax: shared ownership property, updated guidance on the General Anti Abuse rule (this guidance takes effect from 30 January 2015), an updated list of overseas corporate lenders who are recognised passport holders under the Double Taxation Treaty Passport Scheme register, the updated Debt Management and Banking Manual, guidance on payment options for paying taxes, penalties and enquiry settlements that are not covered in specific guides and guidance for pension scheme administrators on how to pay charges arising and the time it takes for payment to reach HMRC.
  • Vat Notes Issue 4 of 2014 is now available and covers such topics as changes to the VAT place of supply rules from 1 January 2015 and the VAT Mini One Stop Shop.
  • Indexation allowances for the 2014 year have been published together in one easily accessible place.
  • HMRC have updated the VAT Appeals updates page. Whilst some of the information is already known via court information, it does provide some useful insights on which cases HMRC are or are not appealing.
  • A tax information exchange agreement has been signed between the UK and Monaco in London on 22 October 2014 and in Monaco on 23 December 2014. The text of same will be scheduled to a draft Order in Council and laid before the House of Commons in due course.
  • HMRC have announced that the official rate of interest applicable from 6 April 2015 falls from 3.25% to 3%.
  • The latest Employer Related Security Bulletin giving information and updates about employment related securities including tax-advantaged employee share schemes has been published.
  • More than 8 million taxpayers who filed their 2013 to 2014 tax return electronically by the 31 January deadline can now access their online tax summary. The summaries set out how much tax and National Insurance each person has paid in the tax year, and how it contributed to public expenditure.
  • The February 2015 Employer Bulletin, the bi-monthly magazine for employers and agents giving up-to-date information on payroll topics has been released. In addition to various other topics, this edition also contains information about a number of changes which have just been introduced or are about to be introduced and may have an impact on payroll processes.
  • An online trial has been launched by HMRC, allowing company car drivers to make changes to car and fuel benefits that will affect their tax codes.
  • The 2014 versions of various employment related securities: return forms and templates have been made available.