News

HMRC will scan post to circulate around department

Agent helpline

HMRC’s new enforcement and compliance, debt management and banking agent dedicated line is now open. This helpline is intended for the sole use of agents with queries about debt management and banking. The number is: 0300 200 3887 and it is available from 8am to 8pm, Monday to Friday.

Online accounts could be the solution, survey finds

The retirements from the tax judiciary and an increasing workload has created vacancies for judges of the First-tier Tribunal and deputy judges of the Upper Tribunal (Tax and Chancery Chamber). These will be paid appointments, and most positions are expected to be in London.

The work of both tribunals is suitable for people with significant tax experience who are used to dealing with complex tax issues.

The Court of Justice of the European Union (CJEU) has dismissed the UK’s challenge of plans by Brussels for a financial transaction tax (FTT).

The country asked the court to annul a council decision that authorised 11 EU member states to use the enhanced cooperation procedure to set up the tax – which the UK believed would impose costs on non-participating member states.

The tax sector’s controversial new assurance standard is aiming to raise capital through the issue of shares.

Investors are being invited to put a minimum of £200 into the Fair Tax Mark (FTM), which is designed to encourage transparency by firms that pay corporation tax.

The FTM is registered with the Financial Services Authority as an industrial and provident society (IPS), categorising the standard is a not-for-profit organisation operating a business for the benefit of the community.

Pensions flexibility

Legislation in Finance Bill 2014 will ensure that people do not lose their right to a tax-free lump sum if they would rather use the new flexibility, announced in the 2014 Budget, instead of buying a lifetime annuity. HMRC guidance provides information about whether the unravelling of actions will give rise to a tax charge and how the tax rules will apply.

Earlier year updates must reach taxman by 19 May

Sales by reps cannot be used to recover input tax

ATT wants 19 May cut-off for payroll submissions

SAYE

The monthly save-as-you-earn limit increased from £250 to £500, with effect from 6 April 2014.

RTI flowchart

A new flowchart is available on HMRC’s website for employers who need to correct a 2013/14 submission made in real time.

HMRC have refined the way they handle construction industry scheme (CIS) repayments, following work by joint initiative on the tax authority’s service delivery.

The Revenue aims to process CIS repayment claims within 25 working days or less from the date of receipt, provided the information sent – by mail or online – matches that held by the department.

Part repayments will be made based on verified amounts while mismatches are discussed with the taxpayer company