The US tax authority, the Internal Revenue Service (IRS), has announced a relaxation of enforcement and administration of the due diligence, reporting, and withholding provisions under FATCA for 2014 and 2015 for entities that have made “good faith efforts to comply” with the regulations. (See IRS notice 2014-33 Further Guidance on the Implementation of FATCA and Related Withholding Provisions.)
The system is increasingly haphazard, the Institute for Fiscal Studies has warned
Key activities for you and your colleagues
Late PAYE payments will incur in-year interest charges for the first time, HMRC have warned following last month’s introduction of a regime that replaces annual levies.
Firms that want to avoid the new-style charges, which also apply to the construction industry scheme, should settle with the Revenue by the due date – 19th or 22nd of the month – the difference between what they report on their full payment submission (FPS) together with CIS charges for the tax month, and the deductions reported on an employer payment submission (EPS).
Mothers’ Union (TC3414)
Hogg Joinery Ltd (TC3425)
M Haynes Ltd (TC3418)
Mr and Mrs B (TC3395)
R (on the application of Derrin Brother Properties Ltd) v CRC, Queen’s Bench Division of the High Court
What to do this week
The first Finance (No. 2) Bill 2014 committee meetings maintained the usual low standard
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