The Income Tax (Pay As You Earn) (Amendment No. 2) Regulations, SI 2013/2300, and The Social Security (Contributions) (Amendment No. 4) Regulations, SI 2013/2301, have been laid before Parliament and come into force on 6 October 2013. These amending regulations extend until April 2014 the temporary relaxation of the ‘on or before’ provision of the real-time reporting rules for businesses with fewer than 50 employees. Both regulations will allow small businesses to send PAYE information to HMRC by the date of their regular payroll run, but no later than the end of the tax month. A draft of the regulations was published for consultation during July and August 2013.
Indexation allowance
The indexation allowances for calculating corporation tax on chargeable gains for the months of June and July have been updated and are available to view on the HMRC website. The value of the retail price index, as published by the Office for National Statistics, for both June 2013 and July 2013 is 249.7.
Pension scheme regulations
The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations, SI 2013/2259, take effect on 14 October 2013. This instrument makes a number of changes to the rules on tax-free transfers of UK tax-relieved pension savings to pension schemes overseas that meet the requirements to be qualifying recognised overseas pension schemes (QROPS). The changes are being made to further strengthen the QROPS regime by supporting the changes that took effect from April 2012 under the Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations, SI 2012/884.
HMRC guidance notes for charities
HMRC’s detailed guidance notes for charities, available on its website and intended to outline how the tax system operates for charities, has been updated. A new annex VIII containing finalised guidance on the tainted charity donations rules was added this month.
Aggregates levy: EC investigations into certain exemptions and reliefs
On 1 August 2013, the UK government received notification from the European Commission that it had decided to open a formal investigation in relation to certain exemptions, exclusions and tax reliefs from the aggregates levy. HMRC has published Revenue & Customs Brief 27/13 for businesses that may be affected by this, with a further briefing to follow.
ATED & SDLT returns guidance
HMRC has published on its website the Annual Tax on Enveloped Dwellings (ATED): Notice. This notice contains information about the requirement to make an ATED return and guidance on how to fill it in. The deadline for submitting the 2013/14 ATED return is 1 October 2013. HMRC has also published its Guide for completing paper SDLT 1 returns, which is available on its website. This guidance note has been updated with the new pre-completion transaction relief code 34 and relief from 15% rate of SDLT code 35.
CIS repayment claims: ‘top ten tips’
HMRC has published an additional checklist for limited company subcontractors claiming back construction industry scheme (CIS) deductions. The short leaflet, which is available in PDF on HMRC’s website, lists ‘the top ten tips to get it right first time’ to help limited company subcontractors and their agents reclaim any deductions they have had taken from their payments under the CIS.
Revised form P85
Form P85 Leaving the UK: Getting your tax right has been further revised to take account of changes in residence rules effective from 6 April 2013.
Reporting offshore funds
The list has now been updated to include the funds that have entered the reporting fund regime as at 6 September 2013.
The Income Tax (Pay As You Earn) (Amendment No. 2) Regulations, SI 2013/2300, and The Social Security (Contributions) (Amendment No. 4) Regulations, SI 2013/2301, have been laid before Parliament and come into force on 6 October 2013. These amending regulations extend until April 2014 the temporary relaxation of the ‘on or before’ provision of the real-time reporting rules for businesses with fewer than 50 employees. Both regulations will allow small businesses to send PAYE information to HMRC by the date of their regular payroll run, but no later than the end of the tax month. A draft of the regulations was published for consultation during July and August 2013.
Indexation allowance
The indexation allowances for calculating corporation tax on chargeable gains for the months of June and July have been updated and are available to view on the HMRC website. The value of the retail price index, as published by the Office for National Statistics, for both June 2013 and July 2013 is 249.7.
Pension scheme regulations
The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations, SI 2013/2259, take effect on 14 October 2013. This instrument makes a number of changes to the rules on tax-free transfers of UK tax-relieved pension savings to pension schemes overseas that meet the requirements to be qualifying recognised overseas pension schemes (QROPS). The changes are being made to further strengthen the QROPS regime by supporting the changes that took effect from April 2012 under the Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations, SI 2012/884.
HMRC guidance notes for charities
HMRC’s detailed guidance notes for charities, available on its website and intended to outline how the tax system operates for charities, has been updated. A new annex VIII containing finalised guidance on the tainted charity donations rules was added this month.
Aggregates levy: EC investigations into certain exemptions and reliefs
On 1 August 2013, the UK government received notification from the European Commission that it had decided to open a formal investigation in relation to certain exemptions, exclusions and tax reliefs from the aggregates levy. HMRC has published Revenue & Customs Brief 27/13 for businesses that may be affected by this, with a further briefing to follow.
ATED & SDLT returns guidance
HMRC has published on its website the Annual Tax on Enveloped Dwellings (ATED): Notice. This notice contains information about the requirement to make an ATED return and guidance on how to fill it in. The deadline for submitting the 2013/14 ATED return is 1 October 2013. HMRC has also published its Guide for completing paper SDLT 1 returns, which is available on its website. This guidance note has been updated with the new pre-completion transaction relief code 34 and relief from 15% rate of SDLT code 35.
CIS repayment claims: ‘top ten tips’
HMRC has published an additional checklist for limited company subcontractors claiming back construction industry scheme (CIS) deductions. The short leaflet, which is available in PDF on HMRC’s website, lists ‘the top ten tips to get it right first time’ to help limited company subcontractors and their agents reclaim any deductions they have had taken from their payments under the CIS.
Revised form P85
Form P85 Leaving the UK: Getting your tax right has been further revised to take account of changes in residence rules effective from 6 April 2013.
Reporting offshore funds
The list has now been updated to include the funds that have entered the reporting fund regime as at 6 September 2013.
