The Corporation Tax (Instalment Payments) (Amendment) Regulations, SI 2014/2409, have been laid before Parliament and will come into force on 1 October 2014. The regulations make changes to take account of the single unified rate of corporation tax being introduced from 1 April 2015. For accounting periods beginning on or after that date, the small profits rate and marginal relief will no longer apply (except to companies with oil and gas ringfence profits) and a 51% group test will replace the associated companies rules.
EMI order
The Finance Act 2014, Schedule 37, Paragraph 22 (Commencement) Order, SI 2014/2461, brings into effect from 1 October 2014 the amendments made by FA 2014 to the ‘independence requirement’ for enterprise management incentive (EMI) schemes. This ensures that companies controlled by employee-ownership trusts can continue to operate tax-advantaged EMI schemes.
Tonnage tax
Also coming into force on 1 October 2014 are the Tonnage Tax (Training Requirement) (Amendment) Regulations, SI 2014/2394, which have been laid before Parliament. These regulations increase the amount of the payments that companies within the tonnage tax regime are obliged to make to eligible officer trainees in lieu of training.
Maximum debt amount collected via PAYE code increased
The Income Tax (Earnings and Pensions) Act 2003 (Section 684(3A)) Order, SI 2014/2438, comes into force on 3 October 2014. This order increases the maximum amount of tax debts that HMRC can collect through an individual’s PAYE tax code from £3,000 to £17,000 for the tax year 2015/16 onwards. A separate set of regulations will specify the graduated scale of earnings on which this maximum is based, together with provisions preventing an employer from deducting more than 50% of an employee’s relevant pay.
APN precursor letters issued
Deloitte has said that accelerated payment notice (APN) precursor letters are being issued by HMRC to participants in schemes disclosed under the DOTAS legislation. The letters notify that formal requests will follow for payment of the amount that relates to use of the scheme, and that payment is due 90 days after the date of receipt of the formal APN. Read the HMRC helpsheet.
MOSS regulations
The Value Added Tax (Amendment) (No.3) Regulations, SI 2014/2430, have now been published, following earlier consultation. The regulations implement two special accounting schemes, collectively known as the mini one-stop shop (MOSS), forming part of the new VAT place of supply rules for digital services to non-business persons, which take effect from 1 January 2015. The regulations insert the registration requirements for the two schemes with effect from 1 October 2014, with the remainder coming into force on 1 January 2015. The schemes are:
the existing VAT on e-Services (VOES) scheme for supplies by traders outside the EU to non-business persons within the EU; and
the new ‘Union scheme’ for supplies of digital services by traders established in the EU to non-business persons in the EU. Legislation is in FA 2014 Sch 22.
HMRC guidance
HMRC has issued the following guidance on its website:
its approach to large businesses, explaining HMRC’s approach to engagement with the largest and most complex businesses through customer relationship managers;
guidance and a HMRC calculator regarding pension statements and the annual allowance, as pension providers will soon be sending annual allowance pension statements for the 2013/14 tax year to all pension scheme members contributing more than £40,000 per year to a pension scheme;
guidance for agents on the new NIC rules that took effect from April 2014 for offshore employers and agencies with workers on the UK continental shelf, where there is no employer or associated company present in the UK. The guidance is intended to cover practical issues such as the certification process and interaction with the mariner rules;
updated guidance for completing paper SDLT1 forms which makes it clear that, from 1 October 2014, HMRC will reject paper return SDLT1 forms which do not contain a valid local authority code at question 29; and
revised VAT Notice 700/44: Barristers and advocates, updated to reflect the introduction of the new online deregistration system.
The Corporation Tax (Instalment Payments) (Amendment) Regulations, SI 2014/2409, have been laid before Parliament and will come into force on 1 October 2014. The regulations make changes to take account of the single unified rate of corporation tax being introduced from 1 April 2015. For accounting periods beginning on or after that date, the small profits rate and marginal relief will no longer apply (except to companies with oil and gas ringfence profits) and a 51% group test will replace the associated companies rules.
EMI order
The Finance Act 2014, Schedule 37, Paragraph 22 (Commencement) Order, SI 2014/2461, brings into effect from 1 October 2014 the amendments made by FA 2014 to the ‘independence requirement’ for enterprise management incentive (EMI) schemes. This ensures that companies controlled by employee-ownership trusts can continue to operate tax-advantaged EMI schemes.
Tonnage tax
Also coming into force on 1 October 2014 are the Tonnage Tax (Training Requirement) (Amendment) Regulations, SI 2014/2394, which have been laid before Parliament. These regulations increase the amount of the payments that companies within the tonnage tax regime are obliged to make to eligible officer trainees in lieu of training.
Maximum debt amount collected via PAYE code increased
The Income Tax (Earnings and Pensions) Act 2003 (Section 684(3A)) Order, SI 2014/2438, comes into force on 3 October 2014. This order increases the maximum amount of tax debts that HMRC can collect through an individual’s PAYE tax code from £3,000 to £17,000 for the tax year 2015/16 onwards. A separate set of regulations will specify the graduated scale of earnings on which this maximum is based, together with provisions preventing an employer from deducting more than 50% of an employee’s relevant pay.
APN precursor letters issued
Deloitte has said that accelerated payment notice (APN) precursor letters are being issued by HMRC to participants in schemes disclosed under the DOTAS legislation. The letters notify that formal requests will follow for payment of the amount that relates to use of the scheme, and that payment is due 90 days after the date of receipt of the formal APN. Read the HMRC helpsheet.
MOSS regulations
The Value Added Tax (Amendment) (No.3) Regulations, SI 2014/2430, have now been published, following earlier consultation. The regulations implement two special accounting schemes, collectively known as the mini one-stop shop (MOSS), forming part of the new VAT place of supply rules for digital services to non-business persons, which take effect from 1 January 2015. The regulations insert the registration requirements for the two schemes with effect from 1 October 2014, with the remainder coming into force on 1 January 2015. The schemes are:
the existing VAT on e-Services (VOES) scheme for supplies by traders outside the EU to non-business persons within the EU; and
the new ‘Union scheme’ for supplies of digital services by traders established in the EU to non-business persons in the EU. Legislation is in FA 2014 Sch 22.
HMRC guidance
HMRC has issued the following guidance on its website:
its approach to large businesses, explaining HMRC’s approach to engagement with the largest and most complex businesses through customer relationship managers;
guidance and a HMRC calculator regarding pension statements and the annual allowance, as pension providers will soon be sending annual allowance pension statements for the 2013/14 tax year to all pension scheme members contributing more than £40,000 per year to a pension scheme;
guidance for agents on the new NIC rules that took effect from April 2014 for offshore employers and agencies with workers on the UK continental shelf, where there is no employer or associated company present in the UK. The guidance is intended to cover practical issues such as the certification process and interaction with the mariner rules;
updated guidance for completing paper SDLT1 forms which makes it clear that, from 1 October 2014, HMRC will reject paper return SDLT1 forms which do not contain a valid local authority code at question 29; and
revised VAT Notice 700/44: Barristers and advocates, updated to reflect the introduction of the new online deregistration system.
