HMRC have accepted that the ruling in the VAT case Goals Soccer Centres plc (TC2253) applies to all relevant traders.
HMRC have announced new fuel rates for company cars, to apply to all journeys on or after 1 March 2014 until further notice. Employers may use either the previous or new rates for one month from the date of change, and therefore make or require supplementary payments, but are under no obligation to do either. Petrol hybrid cars are treated as petrol cars for this purpose. The amounts can be used for VAT, but employers will need to retain receipts.
ICAEW “right behind” quality standard that experts call “ill-conceived”
Small enterprises such as hairdressers, window cleaners and cab drivers are being urged by HMRC to take advantage of the simpler system of recording income and expenses over the tax year.
Firms with an annual income of £79,000 or less can use the cash basis of accounting for money as it goes in and out of the business, rather than employing traditional method centred on accruals.
PAYE submissions
HMRC have compiled help for employers making their final PAYE submission of the year. The material includes advice on what to do if wrong payroll information has been sent or if the employer forgets to indicate the submission is the last of 2013/14.
There will be no alterations to the UK’s handling of the tour operators margin scheme (TOMS) following a legal ruling in Europe, HMRC have confirmed.
The Court of Justice of the European Union (CJEU) recently heard infraction proceedings against Spain, Poland, Italy, Czech Republic, Greece, France, Finland and Portugal in connection with the country’s operation of the TOMS.
The court ruled that wholesale supplies should be covered by the scheme and calculations must be carried out on an individual transaction basis.
A new annual flat rate expense allowance for laundering armed forces uniforms has been agreed between HMRC and the Ministry of Defence (MoD), with the figures set as:
- Navy – £80
- Army – £100
- Marines – £100
- RAF – £100
The allowance will be backdated to 6 April 2008, and claimants will receive the full amount due for each year of service, regardless of whether or not service started or ended part way through a year.
But costs shake-up could still hurt taxpayers, warn campaigners
HMRC have launched a helpline dedicated to tax problems as a result of the current flooding around the UK.
The service – which aims to provide fast and practical advice – is available on 0800 904 7900 from 8am to 8pm Monday to Friday (excluding bank holidays), and 8am to 4pm at weekends.
The Revenue says it will:
Share incentive plans (SIPs) and save-as-you-earn (SAYEs) schemes will see higher limits from 6 April.
The maximum value of free shares that can be awarded in a SIP will rise from £3,000 to £3,600 a tax year, while partnership shares will be capped at £1,800 (from £1,500), subject to the figure being no more than 10% of an employee’s annual salary.
The maximum monthly amount an employee will be able to contribute to SAYE savings arrangements will go up from £250 to £500.
Walk-in advice services for taxpayers will be withdrawn in May with the closure of the HMRC’s network of enquiry centres. They will be replaced by a telephone service, the tax authority has announced.
The move follows a seven-month trial in the northeast of England of the new system, which the Revenue claims will allow experts to be brought together in a single call to resolve multiple issues, removing the need for taxpayers to make multiple calls or be transferred around the department.
Download the exclusive Xero
free report here.
