The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
Over 100 countries have committed to exchange information on a multilateral basis under the Organisation for Economic Co-operation and Development Common Reporting Standard (CRS). The CRS dramatically increases international tax transparency. On 31 December 2015 all HM Revenue and Customs (HMRC) offshore facilities closed. Up to that date, HMRC gave incentives to encourage people to come forward and clear up their tax affairs. That’s no longer the case, but before automatic exchange and new sanctions come into force, the Worldwide Disclosure Facility (WDF) will be the final chance to come forward before HMRC use CRS data and toughen their approach to offshore non-compliance. The facility opened on 5 September 2016. After 30 September 2018, new sanctions under Requirement to Correct will be introduced that reflect HMRC’s toughening approach. You can still make a disclosure after that date but those new terms will not be as good as those currently available.
View full guidance from HMRC on the Worldwide Disclosure Facility .
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Museums and galleries tax relief consultation 22 September 2016
A consultation has been published which proposes introducing a new tax relief for museums and galleries from April 2017.
In Budget 2016 this was announced as the government want to encourage the creation of more and higher quality exhibitions, as well as to support touring of exhibitions across the country and abroad, raising the UK’s profile internationally. The relief will take the form of an additional deduction for corporation tax purposes which can be surrendered for a payable tax credit. To qualify for relief, the institution will therefore need to be within the scope of corporation taxes, for example a museum set up as a charitable company (or a charitable museum producing the exhibition through its trading subsidiary) or a museum set up as a subsidiary company under the control of a local authority.
From 1 April 2017, tax relief will be available for the creative and set-up costs of temporary or touring exhibitions but not for day-to-day running costs.
Geographical extent: The tax relief will be available to all four nations in the UK.
The government will announce the exact rate of relief at some point after the consultation closes (29 October 2016).
Museums and galleries tax relief consultation
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Over 5 million customers are using HMRC’s Personal Tax Account 23 September 2016
The five millionth customer has signed up to the Personal Tax Account, marking a major milestone in the ongoing development of HMRC’s digital services.
Sign into your Personal Tax Account The Personal Tax Account (PTA) was launched in December 2015 and gives customers a one-stop shop for all of their tax information. It gives customers the flexibility to access HMRC’s services at a time that suits them as the service is available 24 hours a day, 7 days a week.
Services are always being added to the PTA but those already live include:
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