Tax Update - Monday 30 April 2012

  1. GENERAL NEWS

    1.1. HMRC Agent Update 29

    HMRC Agent Update 29 contains news on a number of consultation and discussion documents, as well as Budget updates and the latest news on Real Time Information (RTI). It also includes details of the new HMRC tax calculator, the agents' key tax deadlines calendar for 2012-13 and information on the new Learning Together video which covers HMRCs appeals and reviews process. There are links to the latest publications for employers, Working Together, pensions, VAT, and trusts and estates.

    www.hmrc.gov.uk/agents/update29.pdf

  2. PAYE and Employment matters

    2.1. Draft regulations – age 75 draw down forms and non-UK pensions

    Finance Act 2011 removed a number of restrictions that previously applied to members of pension schemes from the age of 75 and also permitted individuals to draw unlimited amounts from their drawdown pension fund if certain conditions are met. Draft regulations have been published dealing with the changes as they affect members of foreign pension schemes, which contain funds that have received UK tax relief.

    www.hmrc.gov.uk/pensionschemes/age-75-drawdown.htm

    www.hmrc.gov.uk/pensionschemes/age-75-draft-regs.pdf

    www.hmrc.gov.uk/pensionschemes/age-75-em.pdf

    2.2. PAYE on share-based payments after employment has ceased

    From 6 April 2012 the 0T (zero T) tax code must be used on a non-cumulative basis against share-based payments (those in the form of securities, interests in securities and securities options) made to an employee after their employment has ceased, where these payments have not been included in the Form P45.

    HMRC has published a list of anticipated frequently asked questions.

    www.hmrc.gov.uk/thelibrary/tax-paye/share-payments.pdf

  3. BUSINESS TAX

    3.1. Alternative Dispute Resolution (ADR) for SMEs

    HMRC is running an Alternative Dispute Resolution (ADR) trial, which provides Small and Medium Enterprise (SME) customers with an alternative way of resolving tax disputes in compliance checks. In this stage of the trial ADR will be available to SME customers where a tax issue is in dispute, but before an appealable tax decision or assessment has been made by HMRC.

    ADR covers both VAT and direct taxes disputes, and entering into the ADR process will not affect the customer's existing review and appeal rights.

    The ADR trial is now available in the North West, South West, Wales and London regions. It is possible to make an online application to be included in the trial.

    www.hmrc.gov.uk/adr/i...

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