Following the decision of the CJEU in Deutsche Bank (C-44/11), HMRC has announced, in Revenue & Customs Brief 11/2013, a change in its VAT treatment of fees charged for portfolio investment management services. With effect from 1 December 2013, HMRC will include periodic fees charged on a flat-fee basis for buying and selling on a client’s behalf as part of a single, standard-rated, supply of portfolio management services. Currently, HMRC treats charges for purchases and sales as a separate, exempt, supply.
Notification of vehicle arrivals
HMRC has published VAT Information Sheet 6/2013 providing guidance on the online notification of vehicle arrivals system which began in April 2013 and was updated in June 2013. Changes include transitional arrangements for imported vehicles bought from a UK supplier before 15 April 2013, and information on vehicles brought to the UK in parts.
OECD discussion draft
The OECD is inviting comments by 13 September 2013 on a discussion draft concerning the tax treaty treatment of various payments that may be made following the termination of an employment. The current guidance on the model tax convention does not address the full range of such payments.
P11D & P9D
From April 2013, HMRC started to provide employers and agents with an additional method for reporting end of year expenses and benefits. This new online service, which is a web-based suite of forms suitable for employers who need to submit expenses and benefits information for up to 250 employees, is now fully available to employers and agents and can be used to file forms P11D, P9D and P11D(b). Further information is available on HMRC’s website. The deadline for filing forms for 2012/13 is 6 July 2013.
Croatia and EU savings directive
HMRC has issued Revenue & Customs Brief 12/2013 on the EU savings directive and accession of Croatia. The brief states that financial institutions in the UK who make payments of savings income in the form of interest to Croatian residents may need to report details in their ‘type 17 and 18’ returns under the EU savings directive, once Croatia joins the EU on 1 July 2013.
ax credits consultation response
Following consultation, HMRC has delayed until April 2014 the proposed new requirement for tax credits claimants to apply for ‘reconsideration’ of an HMRC decision before lodging an appeal with the tribunal. The new process is designed to align more closely with DWP appeals during the transition to universal credit.
HMRC toolkits
HMRC has published the following compliance toolkits for use by agents for 2012/13 self-assessment and company tax returns: Business Profits, providing guidance on the common errors HMRC finds in relation to business profits for small and medium-sized businesses; and Capital v Revenue Expenditure, updated and amended (in particular, risk 13 has been amended to clarify HMRC’s view on the capital v revenue nature of expenditure on website development).
DOTAS: SRN update
HMRC has updated the list of avoidance scheme reference numbers (SRN) for which the duty on promoters and/or clients to notify the SRN to clients and parties respectively no longer applies. The effective date for the latest change is 23 May 2013.
Following the decision of the CJEU in Deutsche Bank (C-44/11), HMRC has announced, in Revenue & Customs Brief 11/2013, a change in its VAT treatment of fees charged for portfolio investment management services. With effect from 1 December 2013, HMRC will include periodic fees charged on a flat-fee basis for buying and selling on a client’s behalf as part of a single, standard-rated, supply of portfolio management services. Currently, HMRC treats charges for purchases and sales as a separate, exempt, supply.
Notification of vehicle arrivals
HMRC has published VAT Information Sheet 6/2013 providing guidance on the online notification of vehicle arrivals system which began in April 2013 and was updated in June 2013. Changes include transitional arrangements for imported vehicles bought from a UK supplier before 15 April 2013, and information on vehicles brought to the UK in parts.
OECD discussion draft
The OECD is inviting comments by 13 September 2013 on a discussion draft concerning the tax treaty treatment of various payments that may be made following the termination of an employment. The current guidance on the model tax convention does not address the full range of such payments.
P11D & P9D
From April 2013, HMRC started to provide employers and agents with an additional method for reporting end of year expenses and benefits. This new online service, which is a web-based suite of forms suitable for employers who need to submit expenses and benefits information for up to 250 employees, is now fully available to employers and agents and can be used to file forms P11D, P9D and P11D(b). Further information is available on HMRC’s website. The deadline for filing forms for 2012/13 is 6 July 2013.
Croatia and EU savings directive
HMRC has issued Revenue & Customs Brief 12/2013 on the EU savings directive and accession of Croatia. The brief states that financial institutions in the UK who make payments of savings income in the form of interest to Croatian residents may need to report details in their ‘type 17 and 18’ returns under the EU savings directive, once Croatia joins the EU on 1 July 2013.
ax credits consultation response
Following consultation, HMRC has delayed until April 2014 the proposed new requirement for tax credits claimants to apply for ‘reconsideration’ of an HMRC decision before lodging an appeal with the tribunal. The new process is designed to align more closely with DWP appeals during the transition to universal credit.
HMRC toolkits
HMRC has published the following compliance toolkits for use by agents for 2012/13 self-assessment and company tax returns: Business Profits, providing guidance on the common errors HMRC finds in relation to business profits for small and medium-sized businesses; and Capital v Revenue Expenditure, updated and amended (in particular, risk 13 has been amended to clarify HMRC’s view on the capital v revenue nature of expenditure on website development).
DOTAS: SRN update
HMRC has updated the list of avoidance scheme reference numbers (SRN) for which the duty on promoters and/or clients to notify the SRN to clients and parties respectively no longer applies. The effective date for the latest change is 23 May 2013.
