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...Agent update; Share capital; RTI
Child benefit
HMRC have reminded taxpayers with incomes exceeding £60,000 who are still receiving child benefit, that they should opt out before 28 March if they wish to avoid filling in a tax return and repaying the benefit for the 2013/14.
VAT registration
VAT1 “Notes to help you apply for VAT registration” has been revised to include an additional box for businesses established outside the UK.
Agent update
HMRC have published issue 34 of Agent Update, the bi-monthly round-up of news for tax professionals. It includes articles on real time information, gift aid, current consultations and more. It also has a section from the Working Together network.
Share capital
HMRC have published guidance on the tax treatment of payments to individuals and other non-corporates following a share capital reduction. It also applies to payments from other UK resident companies that are incorporated outside the UK which have undertaken capital reductions.
RTI
Leading tax and accounting bodies have issued updated guidance on letters of engagement for tax practitioners, to help prepare for the transition to real -time information (RTI) reporting, The amendments are in the payroll services appendix B6. The guidance, which can be downloaded from the ICAEW website, assumes rhe practitioner/payroll agent calculates payroll on the basis of information provided by the client and submits RTI returns once the employer has approved the data.
