...remittance basis; form P35; IHT manual
The UK and USA have updated annex II of their agreement to implement the Foreign Account Tax Compliance Act (FATCA).
The move will see a wider range of financial institutions and products become effectively exempt from FATCA’s requirements. The revised annex also provides greater clarity on the categories of bodies that will be non-reporting UK financial institutions treated as deemed-compliant.
The Revenue’s full online suite of benefit and expense forms is now available, enabling employers to submit forms P11D, P9D and P11D(b).
Firms have had access since April to digital versions of No Return of Class 1a National Insurance Contributions and Notification of Payrolled Benefits, and can now create amended forms P11D, P9D and P11D(b) and generate forms P11D and P11D(b) for expenses and benefits that have been part payrolled.
As a result of Croatia entering into the European Union today, annual EU savings directive reports made by UK financial institutions to HMRC must include payments made to Croatian individuals after 1 July. The Revenue will issue reminders to organisations that currently make such returns.
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Machine games duty
A technical problem is affecting a few machine games duty returns leading to valid returns not being accepted by HMRC’s system. As a result some taxpayers have received inappropriate notices of assessment of duty.
HMRC are set to issue penalty letters to employers who took part in the real-time information (RTI) pilot and have not submitted a final full payment submission (FPS) or employer payment summary (EPS) for 2012/13.
The correspondences – set to be sent out from tomorrow (25 June) – are the equivalent of 2012/13 end-of-year penalty notifications.
Fines have been applied from 19 May 2013 to ensure RTI trialists are treated in the same way as non-pilot employers, according to the Revenue.
The address for submitting paper forms P11D, P11D(b) and s 336 claims have changed. HMRC’s processing system has been centralised and will run throughout the year at the National Insurance Contributions and Employer Office (NIC&EO) in Tyne and Wear.
It will process the paper forms for 2012/13 and earlier tax years, as well as amendments for all tax years. Employers and agents should send them to HMRC (NIC&EO), Room BP2101, Lindisfarne House, Benton Park View, Longbenton, Newcastle upon Tyne NE98 1ZZ.
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Employers using products from one particular software provider have received penalty warning notices from HMRC because they sent their end-of-year information on the wrong type of submission.
The problem affects businesses that:
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