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In brief: option to file; shares; VAT; ISAs; child trust funds; charities

08 July 2014
Issue: 4459 / Categories: News

Option to file

The government has amended the VAT Regulations 1995 SI 1995/2518 to set out the circumstances in which HMRC will allow VAT-registered businesses to submit returns by telephone or paper instead of online. The measures, effective from 1 July 2014:

Option to file

The government has amended the VAT Regulations 1995 SI 1995/2518 to set out the circumstances in which HMRC will allow VAT-registered businesses to submit returns by telephone or paper instead of online. The measures, effective from 1 July 2014:

  • enable HMRC to approve telephone filing as an alternative form of electronic return system for certain businesses; and
  • provide an exemption from electronic filing (including telephone filing) for businesses for whom HMRC agree that it is not reasonably practicable for them to use either online channel. Such businesses will be able to file on paper.

Value of shares

HMRC have published for technical consultation a draft statutory instrument and explanatory memorandum, which simplifies the way the market value of shares in listed companies, and similar instruments, should be determined for tax purposes. Comments on this draft statutory instrument should be made by 22 August.

VAT

Minor revisions, including an updated telephone number, have been made to form VAT7 “Application to cancel your VAT registration”.

ISAs

HMRC have updated their frequently asked questions. Statutory Instrument: SI 2014/1450 The Individual Savings Account (Amendment No.2) Regulations 2014 has been published. It includes details of the increases to ISA and junior ISA annual subscription limits and the removal of the restriction on how much of the limit can be invested in cash ISAs.

Child trust funds

Statutory Instrument: 2014/1453 The Child Trust Funds (Amendment No 2) Regulations 2014 has been published.

Charities online

Following recent changes to the charities online service, HMRC have updated the online demonstrator to explain and show the new repayment claim summary screen.

Issue: 4459 / Categories: News
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