RTI is a new way of reporting PAYE information. It will enable employers and pension providers to tell HMRC about payments to employees/pensioners as they are made rather than at the end of the tax year.
The Expenses and Benefits from Employment Toolkit and the National Insurance Contributions and Statutory Payments Toolkit have been updated and can be used for 2011/12 tax returns. Access the HMRC toolkits via the link on this page.
HMRC have announced an extension to its Alternative Dispute Resolution (ADR) Scheme, following a successful initial trial period.
The essence of the scheme is to offer an is for an "independent HMRC facilitator" to offer a mediation-based approach to resolving a tax disputes which arise during the course of a compliance check, before an assessment or appealable decision is issued. Its aim is to reach a quick and fair conclusion the dispute and to avoid the need for either party to take the case to Tax Tribunal.
The Upper and First-Tier Tribunals – What is a Reasonable excuse?
The First-Tier Tribunal has made a number of decisions lately which have shown an appreciation of the reality of business life. In Enersys Holdings UK Ltd it was concluded that a Tribunal does have power to strike down a penalty if it is “not merely harsh but plainly unfair” In the face of increased penalties from HMRC, the Tribunals have brought a welcome balance of reason. This page examines some successful and unsuccessful appeal cases.
Updated VAT Notice 701/10 - Zero-rating of books etc.
The notice is effective now and replaces the earlier notice from October 2010. It seeks to provide guidance on how HMRC interprets The Value Added Tax Act 1994, section 30 and Schedule 8 Group 3 which sets out where zero-rating may apply.
An update on VAT and indirect taxes including intra-EU supplies, car VAT crime crackdown, fuel rates, machine game duty implementation, low value consignment relief, extra statutory concession, VAT margin schemes and VAT zero rating.
HMRC has announced that its latest campaign will target individuals and businesses who have income above the VAT threshold but who have not registered for VAT. This campaign will start in June/July 2011.
Following the Chancellor's announcement that the standard rate of VAT will be reduced to 15% on 1 December 2008, ACCA has prepared a guide to help members and their clients fully understand the changes.