Charge for non-residents
HM Treasury has launched a consultation of its approach to introducing a charge on non-residents disposing of UK residential property. The charge is expected to come into effect in April 2015 and will apply only to gains arising from that date. Comments should be emailed by 20 June 2014.
A retooled notification of vehicle arrivals (NOVA) regime is set to come into effect today (1 April), with changes focusing on notifying HMRC when the intention of the ultimate use of a vehicle is altered after entering the UK.
The NOVA system launched on 15 April 2013 as an anti-fraud measure to tackle the problem of motor vehicles being brought into the county without the payment of VAT.
Today’s revamp is geared to prevent the generation of penalties for late notification.
Administrators can report transfers of sums and assets from UK-registered pension schemes to qualifying recognised overseas pension schemes (QROPS) using the online service launched in December.
But some schemes, including retirement annuity contracts and executive pension plans that were approved before 6 April 2006, have no pension scheme tax reference code that can be used to gain online access, meaning administrators need to first digitally register each scheme before reporting transfers.
Physiotherapists, chiropodists and other health professionals have only a few days left to tell HMRC about income they have kept secret.
They must reveal details of unpaid tax by 6 April and settle their debts with the taxman, or face the possibility of criminal investigation.
The government abolished income tax relief for payment of patent royalties in December 2012 after HMRC found no evidence of any use of the break that was not for the purpose of avoidance.
Despite the action in that instance, the Revenue does not estimate the tax at risk or loss as the result of the abuse of reliefs but the amount is likely to be “significant”, according to the latest report from the National Audit Office (NAO).
Help for employers
HMRC have produced two helpsheets on getting ready for April 2014 and the tax year ahead. The first covers what employers need to do to get ready for their final 2013/14 submission and the start of 2014/15; the second looks at in-year interest charges being introduced from 6 April 2014.
Fuel scale charges
Businesses must use the new scales from the start of the next prescribed accounting period beginning on or after 1 May 2014.
A new scheme of tax-free childcare is scheduled to launch in autumn 2015 and rolled out within a year to all eligible families with children under 12, the government has announced. An earlier version of the set-up had the age limit at four years old.
The subsidy itself has also been increased, meaning parents will receive as much as £2,000 for each child: 20% support on care costs up to £10,000. The maximum amount proposed originally was £1,200.
Views sought on tax reform of defined contribution savings
RTI guidance updated
The new tax and National Insurance (NI) rules on offshore employment intermediaries will take effect from 6 April.
With regard to offshore intermediaries:
Employers face penalties at the end of the 2013/14 if they should have started using the real-time information (RTI) system but have not yet done so, HMRC have warned.
The department urged firms to act immediately, having already issued letters in June and September 2013 to urge employers to start reporting PAYE in real time as soon as possible.
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