This month’s UK tax tidbits
Updated customs notices and guidance on the income and property allowances feature this week.
- Find out about the new Anti-Tax Avoidance Directive, controlled foreign companies and EU Exit
- Use the updated register to check the status of overseas corporate lenders who are passport holders for Double Taxation Relief on UK loan interest
- The guidance on how to recognise when a contact from HMRC is genuine, and how to recognise phishing or bogus emails and text messages has been updated
- Manage and Register Pension Schemes service newsletter – June 2018 is available
- Fit and proper person requirements for pension scheme administrators guidance has been updated
- HMRC has published guidance on how the Customs Declaration Service will be introduced
- HMRC has now published a paper on Mutuality of Obligation
- Scotland has introduced a first-time buyer property tax relief from the land and buildings transactions tax
- SI 2018/630 brings into effect arrangements between the UK and 77 other jurisdictions to prevent base erosion and profit shifting
- The advisory fuel rates are amended from 1 June 2018
- The following toolkits have been updated: Capital allowances for plant and machinery toolkit, Private and personal expenditure toolkit and Chargeable gains for companies toolkit
- Claim repayment of subcontractor deductions has been updated
- Check the Double Taxation Treaty Passport Scheme register for the status of overseas corporate lenders who are passport holders for Double Taxation Relief on UK loan interest
- HMRC has updated the list (List 3) of professional bodies and learned societies, approved by HMRC for the purpose of section 344 ITEPA 2003 (allowable deductions from earnings for fees and subscriptions paid to professional bodies/learned societies). The list includes all bodies approved up to October 2017
- Claim repayment of subcontractor deductions has been updated
- HMRC has published an agreement aimed at building a collaborative relationship with online marketplaces and to promote VAT compliance by users of the marketplaces. When an online marketplace signs up to the agreement, the list of signatories is being updated
- The form to authorise an adviser to deal with your High Income Child Benefit Charge has been updated
- Corporate offences for failing to prevent criminal facilitation of tax evasion contains the latest guidance in this area
- Tax and administrative treatment of short term business visitors from overseas branches is a new consultation launched looking at how to improve the tax and administrative treatment of short term business visitors from overseas branches of UK companies
- The following corporation tax forms and guidance have been updated: Corporation Tax: group and consortium relief (CT600C (2018) version 3), Corporation Tax: group and consortium relief (CT600C (2018) version 3), How to complete a Company Tax Return and Corporation Tax: cross-border royalties (CT600H (2015) Version 3)
- Community amateur sports clubs (CASCs) registered with HMRC has been updated
- The form to authorise an adviser to deal with the annual tax on enveloped dwellings has been updated
- The following forms relevant to employers have been updated: Send an Earlier Year Update using Basic PAYE Tools, Send an Employer Payment Summary using Basic PAYE Tools, Use Basic PAYE Tools to tell HMRC when an employee leaves and Check a National Insurance number using Basic PAYE Tools
- The following forms relevant to pensions have been updated: Claim a tax refund when you’ve taken a small pension lump sum, Claim a pension death benefit lump sum Income Tax repayment, Claim a tax refund if you’ve stopped work and flexibly accessed your pension, Claim an Income Tax refund on a flexibly accessed pension death benefit payment, Claim Income Tax back on a pension death benefit lump sum, Claim a refund of Income Tax deducted from savings and investments (R40) and Claim back a flexibly accessed pension overpayment
- The results of HMRC’s survey exploring the experiences of mid-size businesses in dealing with HMRC, and their wider perceptions of tax administration and policy have been published
- How Double Taxation Treaties affect non-UK residents with UK income has been updated
- Taxonomies accepted by HMRC has been updated
- Use the P11D guide to help complete forms P11D and P11D(b)
- The Intergenerational Commission was convened by the think-tank Resolution Foundation to explore questions of intergenerational fairness and after two years of work it published a report A New Generational Contract in May. The report includes some tax recommendations
- HMRC have now opened the beta version of their country by country reporting (CbC) online reporting service for businesses to register and file their CbC reports online
- Use the updated register to check the status of overseas corporate lenders who are passport holders for Double Taxation Relief on UK loan interest
- The following factsheets were recently updated: Compliance checks: customs and international trade: CC/FS1g, Compliance checks: tax avoidance schemes – follower notices – CC/FS25a and Compliance checks: tax avoidance schemes – partnership follower notices – CC/FS25b
- Tell HMRC you’ve disposed of End Use goods entered into the UK has been updated
- The following inheritance tax forms have been updated: Inheritance Tax: reduced rate of Inheritance Tax (IHT430), Inheritance Tax: debts owed by the deceased (IHT419), Inheritance Tax: interest in another estate (IHT415), Inheritance Tax: business and partnership interests and assets (IHT413), Inheritance Tax: domicile outside the United Kingdom (IHT401), Inheritance Tax account (IHT400) and Inheritance Tax: houses, land, buildings and interest in land (IHT405)
- Use the updated form DTTP1 to apply for a Double Taxation Treaty passport
- Check which payers have been approved to be included in the middleman scheme and see if you need to deduct withholding tax when paying a non-resident entertainer