News

HM Treasury has launched a consultation on the expansion of social investment tax relief and a new relief for social investment via an intermediary.

The plans aim to gather views on how to increase the investment limit and bring in a wider range of investors while keeping the relief well targeted and effective and minimising opportunities for tax avoidance. The consultation document also requests opinions on the approach to community farms, renewable energy and social impact bonds.

Tax credits

Tax credits claimants have until 31 July to submit a new claim, which can be done via GOV.UK, as well as by post and phone. HMRC have published the top ten excuses they have been given by claimants for not renewing on time.

Finance Act

The Finance Bill received royal assent on 17 July, becoming the Finance Act 2014.

Guaranteed guidance on pensions choices will be provided by independent organisations rather than by schemes or their providers, the government has announced following consultation on this year’s Budget announcements.

News measures will allow individuals to transfer from private sector defined benefit (DB) schemes to defined contribution (DC) schemes, subject to two safeguards:

Employee share option schemes look set to become simpler for companies to handle, as the government considers implementing a recommendation from the Office of Tax Simplification (OTS).

A consultation document seeks views on a new vehicle to make it easier for businesses wishing to manage their workers’ share arrangements and create a market for employee shares.

New-look EIM

HMRC are seeking views on the newly designed Employment Income Manual following its move to GOV.UK. The department is keen to know how easy it is to find information and how advisers prefer to stay up to date with changes to content. Send comments via a dedicated online form.

HMRC review findings follow Robinson Family case

Legislation to implement the new tax-free childcare scheme has been introduced in the House of Commons.

The Childcare Payments Bill provides the overall structure of the scheme and the way in which it will operate. It also contains a number of delegated powers to be exercised by regulations made by statutory instrument (SI), which are intended to provide flexibility to amend the detailed rules of the scheme.

PAYE and CIS firms face generic notification service alert

HMRC are seeking powers that would enable tax officials to temporarily withhold details of PAYE code changes from workers.

Employees of businesses instructed by the Revenue to use a new code could be kept in the dark for up to 30 days, via statutory instruments designed as amendments to the  Income Tax (Pay As You Earn) Regulations 2003.

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:

Condoc proposes simpler approach for smaller contractors

Taxpayers facing a code of practice 9 (COP9) investigation will no longer be able to take the denial route, after HMRC withdrew the option.

Fraud suspects offered the chance to make a full disclosure previously had three options: