Enhanced capital allowances increases: green technology

New legislation will extend the list of energy-saving and environmentally beneficial technologies and products that benefit from enhanced capital allowances.

Business premises renovations allowance

The Finance Act 2014 will clarify the scope of Business Premises Renovation Allowance.

Annual investment allowance increased to £500,000

Temporary increase sees AIA double to £500,000.

Tax Evasion and Avoidance

Three new consultations have been launched on the subject of tax evasion.

2014 Autumn Statement

The Autumn Statement will take place on Wednesday 3 December 2014.

Intermediaries and workers

Updates have been issued on when an intermediary must treat a worker they provide to a UK-based client as an employee for Income Tax and National Insurance purposes.

RTI Penalties: HMRC at a glance guide

HMRC has produced a handy at-a-glance guide to RTI penalties.

Consultation: Tackling offshore tax evasion

HMRC's Offshore Evasion and Strategy Team has initiated its first consultation documents on tackling offshore tax evasion, which are open for comment until 31 October 2014.

RTI: Disputed PAYE liabilities

HMRC have started to send letters to employers who are disputing a PAYE charge.

PAYE RTI penalties

HMRC announces a change to the proposed penalty regime for RTI with the phasing in of in-year penalties. Find out more here.

Latest news and announcements from HMRC

HM Revenue & Customs latest news August 2014 can be accessed on the link below.

HMRC guidance-Reconciling PAYE charges

HMRC has issued guidance that allows employers to understand how HMRC works out what is owed and identify reasons for an inconsistence. There may be occasions where there is an inconsistency between the amount HMRC say is owed and what employers believe they owe. Employers may become aware of these inconsistencies when checking the Business Tax Dashboard and cannot reconcile a charge shown with their records, or when HMRC contacts them about an unpaid amount or an unexplained credit

Childcare payments

Tax-free childcare - Childcare Payments (Eligibility) Regulations and draft Childcare Payments Regulations 2015 have been issued for comment.

HMRC New Debt Recovery Powers

HMRC to be given powers to collect tax debts from salary; not just bank accounts?

Tax avoidance schemes and accelerated payments

HMRC has today published a list of those avoidance scheme reference numbers (SRNs) whose users may be issued with an accelerated payment notice (APN).

Non-resident Landlord Scheme

There is an obligation on letting agents and tenants to operate the non-resident landlord scheme (NRL scheme) under certain conditions.

Appeal provisions

Changes to appeal provisions for out of time reviews.

Agency workers

HMRC has issued guidance on the status of workers supplied via intermediaries called Agency workers: changes to treatment of workers supplied through UK based agencies, employment businesses or other intermediaries.

Travel costs – deductible or not?

The Samadian case outlines the key considerations when considering what relief is available for travel and when travel to work is not travel to work.

HMRC Agent Dedicated Line - Debt Management and Banking

HMRC has introduced a new priority service

Pension protection

From August those with pension savings on 5 April 2014 valued at over £1.25 million can apply for Individual Protection.

Fees and subscriptions

Which professional fees and subscriptions are allowable for income tax purposes.

Tax Credit Award Renewals – Changes

Following the introduction of RTI, HMRC has announced some changes to the procedure for calculating Tax Credit renewal awards for 2014-15.

Social investment tax relief

Following a consultation last year, Finance Act 2014 introduces a new form of tax relief onto the statute books, called social investment tax relief.

HMRC’s alternative dispute resolution

HMRC's Alternative Dispute Resolution Service has now been made nationwide and permanent and offers a simpler way of resolving tax disputes.

Construction industry scheme repayment

Guidance and information is being produced by HMRC to help ease the time and cashflow burden faced by subcontractors. ACCA and other professional bodies have provided input.

HMRC powers: pension schemes

HMRC gains new powers relating to pension schemes.

Unpaid Class 2 national insurance contributions

Unpaid Class 2 National Insurance Contributions to be collected from PAYE tax codes from 6 April 2014.

Limited liability partnerships - salaried members

Following the consultation and feedback the new LLP rules regarding disguised employment are now in force, with effect from 6 April 2014.

HMRC Agents Blog

As part of its Tax Agent Strategy, HMRC has introduced a new agents blog, providing useful information for agents.

Partnership tax changes

Partnership tax is changing; Finance Act 2013 made some changes and Finance Bill 2014 is making further changes.

Scottish rate of income tax

Legislative changes resulting from the introduction of the Scottish rate of income tax.

Artificial dual contracts of non-domiciles

New measures will tax the overseas employment income of non-domiciles on the arising basis, rather than on the remittance basis, in the case of artificially arranged contracts with the same or associated employers.

Accelerated payments "tax-follower" cases

New legislation will place greater emphasis on previously decided tax cases.

HMRC powers extended - Direct collection from bank accounts

The government plans to give HMRC the power to recover tax directly from debtors’ bank accounts.

Starting tax rate for savings

From 6 April 2015, the starting tax rate for savings will be reduced from 10% to zero, and the limit will be increased from £2,880 to £5,000.

Upfront payment of tax associated with avoidance schemes

Taxpayers will be required to pay upfront tax disputed under schemes that fall within the DOTAS rules or are counteracted under the GAAR.

Transferable tax allowances

The transfer of a portion of personal allowances between spouses or civil partners has been announced.

Childcare boost for parents

The Tax-Free Childcare Scheme includes an increased costs cap and will support working families with children under 12.

New ISA

Changes will make ISAs more flexible and increase the annual subscription limit.

Income tax personal allowances

The personal allowance is increased. Higher rate threshold increased for the first time since 2009/10.

Defined contribution pensions advice

Government to introduce new guarantee offering free and impartial guidance on pension choices at the point of retirement.

Pension flexibility increases

Individuals will benefit from changes to withdrawals from registered pension schemes. Saving was a theme of this Budget and the reform of pensions was a headline measure.

Pensions Consultation: Freedom and Choice

On 19 March 2014 the government issued a consultation entitled 'Freedom and Choice in Pensions’...

LLPs in the spotlight

Under the Finance Bill 2014, salaried members of limited liability partnerships (LLPs) will become employees under certain conditions, while excess profits in mixed partnerships will be reallocated...

Venture capital trusts: anti-avoidance

New legislation around VCTs will counter particular forms of share buy-back arrangements.

National Insurance £2,000 set-off

Business and charities will be eligible for a new £2,000 Employment Allowance to set off against their employers’ (secondary) national insurance contributions.

Residence, domicile and the remittance basis

As business becomes ever more global and the workforce more mobile, accountants will often need to consider issues such as residence, domicile and the remittance basis: issues that would have been much rarer just a generation ago.

RTI penalties - HMRC announces a relaxation of penalties

Following feedback from taxpayers and the professional bodies, HMRC has decided to stagger the start of new, automated, in-year late payment and filing penalties, to give HMRC and employers more time to adapt to reporting in real time.

Tax Information - HMRC and GOV.UK websites  

HMRC business and agent content is gradually being transferred to the Gov.UK site.

Let property campaign

The Let Property Campaign targets the residential property letting market and offers a chance for landlords in this sector to get up to date or put right any errors they have made.

RTI: reporting, payments and penalties  

HMRC has highlighted information that is now required for submissions

Pension transfer - QROPS

Draft guidance has been made available that is intended to apply from 6 April regarding the transfers of pension savings to qualifying recognised overseas pension schemes (QROPS).

Benefit in kind: works bus

Tax legislation specifies that expenses payments reimbursed to an employee, eg travel expenses, courses, client entertaining, represent taxable earnings and need to be reported on the form P11D.

Long service award

This short article gives information on the taxable status of long service awards.

Claiming relief for losses

Supreme Court case clarifies the correct procedures that clients seeking to claim relief on losses should follow.

High income child benefit charge

The 2012/13 self-assessment tax return for individuals includes, for the first time, a section in respect of the high income child benefit charge.

Trading losses and how to utilise them

A review of how trading losses may be utilised for tax purposes.

Personal service companies

Expected changes to the rules affecting personal service companies will only affect persons working through an offshore agency.

Anti-avoidance and mixed partnerships

Draft legislation that counters excessive tax-motivated allocations of profits and losses in mixed partnerships and LLPs was published as part of the Chancellor’s Autumn Statement.

Income tax, national insurance, pensions and tax credits

What changes to personal taxes were announced in the Autumn Statement?

Robert Smith v HMRC (TC2768) 2013

[20/12/2013] The recent tax first tier tribunal case has caused controversy in the professional press and calls into question whether the 'enquiry window' for opening an HMRC inquiry is still meaningful. Is it as bad as it seems?

Entertainers: national insurance contributions

Revenue & Customs Brief 29/13, National Insurance contributions: HM Revenue & Customs’ position following the Court of Appeal decision in the case of ITV Services Ltd v Commissioners for HMRC, states that the decision reached in earlier tribunals has been upheld by the Court of Appeal.

Limit on income tax reliefs from 6 April 2013

[03/12/2013] Legislation was implemented by the Finance Act 2013 to place a limit on income tax reliefs from 6 April 2013. Here we look at how this limit will operate.

RTI and penalties

[01/11/2013] A look at the PAYE penalty regime under RTI.

US tax residents

[18/09/2013] HMRC has issued an update on the Foreign Account Tax Compliance Act (FATCA).

Disincorporation relief

[12/09/2013] Disincorporation Relief is available to small businesses looking to convert from being a corporation subject to the regulations of the Companies Acts to the flexibility of being unincorporated.

Benefits in kind

A detailed look at income, in the context of employment.

Gift aid

HMRC has published detailed guidance on The Gift Aid Small Donations Scheme (GASDS)

Tax avoidance schemes

HMRC, as part of its 'Spotlights' updates, has issued warnings on two types of tax scheme.

Withholding tax rates

Maximum rates of tax those countries with a Double Taxation Agreement with the UK can charge a UK resident on payments of dividends, interest, royalties and management/technical fees.

HMRC campaign targets tax return catch-ups

HMRC has launched its latest campaign entitled 'My Tax Return Catch-Up'

Remittance basis 2011-12: HMRC exercise

HMRC announce an "educational exercise" aimed at taxpayers taxed on the remittance basis due to a perceived lack of understanding of what constitutes a remittance.

Cash accounting - the pros and cons

Arguments in favour of and against the cash accounting regime for small businesses, which is optional for small unincorporated businesses from 6 April 2013.

Seed enterprise investment scheme - HMRC guidance

Several changes to the SEIS were announced in this year’s Budget.

Termination payments - a refresher

The tax consequences of termination payments on cessation of employment

Disclosure facilities and campaigns

A summary of the current HMRC campaigns and disclosure facilities that are currently running

Repairs and renewals

HMRC have issued Revenue and Customs Brief 05/13 Direct tax: Guidance on repairs and renewals of assets, its draft guidance on what is a repair for direct tax purposes.

Leaving the UK

ACCA UK have produces a series of articles on residence and domicile, following the introduction of the statutory residence test from 6 April 2013.

Arriving in the UK

ACCA UK have produces a series of articles on residence and domicile, following the introduction of the statutory residence test from 6 April 2013.

Temporary periods of non-residence

ACCA UK have produces a series of articles on residence and domicile, following the introduction of the statutory residence test from 6 April 2013.

Statutory Residence Test: Overview of the legislative changes

ACCA UK have produces a series of articles on residence and domicile, following the introduction of the statutory residence test from 6 April 2013.

Residence

ACCA UK have produces a series of articles on residence and domicile, following the introduction of the statutory residence test from 6 April 2013.

Sufficient ties test

ACCA UK have produces a series of articles on residence and domicile, following the introduction of the statutory residence test from 6 April 2013.

Split-year treatment

ACCA UK have produces a series of articles on residence and domicile, following the introduction of the statutory residence test from 6 April 2013.

Residence and Domicile

Visit our dedicated section on Residence and Domicile following the introduction of the statutory residence test with effect from 6 April 2013.

Back to basics: loan interest relief

A look at the rules relating to tax relief on loan interest.

Changes to class 2 and class 4 NICs

Sleeping and inactive partners will be affected by changes introduced by HMRC this month.

Finance Bill 2013

A look at some of the highlights of the 2013 Finance Bill

Taxable commission

HMRC have issued Revenue and Customs Brief 04/13 Payments of trail commission.

HMRC Isle of Man disclosure facility

Details of the recently agreed Isle of Man disclosure facility

HMRC Agent Account Manager service

HMRC has set up a team of Agent Account Managers (AAMs) to assist agents and advisers to deal with HMRC more easily and effectively

Charities online

From 22 April 2013, charities and Community Amateur Sports Clubs (CASCs) will be required to use HMRC’s charities online service to obtain repayment of gift aid.

Budget 2013

Information on ACCA's guides

Collecting small debts through PAYE

From April 2012 HMRC will be able to collect debts up to the value of £2999.99 by amending the tax code of individuals in PAYE employment or receiving a UK-based pension.

High-income child benefit charge - opting out

Elections not to receive child benefit for higher rate taxpayers will need to be considered soon for 2013/14

Business record checks

HMRC business record checks are revived from 1 November 2012.

Child benefit tax charge

The child benefit charge on ‘high income’ families applied from 7 January 2013

Universal credits

Universal credit is likely to have a significant impact on small businesses.

High income child benefit charge

What the changes to child benefit will mean for your clients