News

HMRC drop anti-avoidance plans

HMRC’s new advice service has raised fresh concerns from tax experts, following the closure of the last of the department’s walk-in enquiry centres.

The 281 locations were phased out in favour of a system that encourages taxpayers to call longstanding helplines and offers personal visits by Revenue officials based on need.

Stock exchange

The National Stock Exchange of Australia has been designated as a recognised stock exchange.

ISA bulletin 59

The latest issue of HMRC’s ISA bulletin has been published. Topics covered include: budget amendments to the ISA regulations, stocks and shares to cash ISA transfers, holding cash in a stocks and shares ISA from 1 July, and repayment claims.

HMRC reveal two-part post-Bridport approach

Payroll Alliance wants examples of diminished information on GOV.UK

HMRC have mistakenly sent interim penalty letters for 2013/14 to some employers who met PAYE filing obligations for the tax year ending 5 April 2014 by sending:

MP Hodge attacked over report on tax breaks

Phishing

HMRC were alerted to 24,839 phishing emails during last year’s tax credits renewal period of April to July, with 11,219 scams reported in May, a 131 % rise on the same month last year. The Revenue closed down 1,740 illegal sites in 2013.

IR35

The IR35 FAQs on HMRC’s website have been replaced with updated guidance.

Employer Bulletin 48 published

HMRC have published a report on the impact of the VAT option to tax, the measure introduced in 1989 to alleviate the burden on UK businesses.

A supplier of land can opt to tax to recover the VAT incurred as input tax. The system removes the VAT cost for developers and investors, but they must charge output tax on onward sales and leases.

HMRC have published the consultation VAT: Prompt Payment Discounts to review invoicing and accounting arrangements when prompt payment discounts are taken up in relation to supplies made on or after 1 April 2015.

There will be a change from that date in the way many businesses account for VAT when offering prompt payment discounts will change.

Government publishes four condocs