CRC v Anson, Court of Appeal
GF Ballard (TC2505)
Termination payments: the basic rules relating to tax treatment, their common pitfalls and potential planning opportunities
Tax credits claimants are being reminded by HMRC that they must immediately and accurately report changes in their circumstances, whether they concern working hours, childcare costs, living arrangements or income.
The income increase disregard will fall from £10,000 to £5,000 in April. Although a change of less than £5,000 may not affect current year awards, provisional payments from 6 April the following year would not be based on up-to-date figures, which could cause an overpayment that will have to be repaid by the claimant.
Employers are facing costs of up to £30,000 to ensure their BACS software is fully compliant with real-time information (RTI) requirements for PAYE, according to a survey by information service Payroll Alliance and the Chartered Institute of Payroll Professionals.
The results show that 42% of respondents incurred fees to include the hash total in field seven of their BACs submission, which is required by HMRC to match a payment to RTI data. Of those paying for the upgrade, 39% spent between £1,000 to £4,999, while 8% paid £7,000 and £30,000.
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