The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
Help is available from the GOV.UK website at www.gov.uk/self-assessment-tax-returns or from the Self Assessment helpline on 0300 200 3310.
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Personal Tax Account celebrates its first birthday with 7 million users 21 December 2016
More than seven million customers have used their online Personal Tax Account in its first year.
Launched in December 2015, the Personal Tax Account has revolutionised the way customers interact with HMRC and there have been millions of transactions in its first year, including: 1.6 million Income Tax repayments, worth more than £800 million 1 million tax credit renewals 156,000 people checking or updating their company car details 1.6 million people checking their tax estimate 2.3 million people checking their state pensions. More services are being added to the Personal Tax Account all the time, but currently customers can: check their state pension complete and return a Self Assessment tax return update tax credits circumstances as they change throughout the year to prevent under and overpayments. claim an Income Tax refund that will be paid straight into their bank account so they don’t have to wait 14 days for a cheque in the post check and update their Marriage Allowance. Customers will need to set up a Government Gateway account (unless they already have one). To do this they will need: their National Insurance number either a recent payslip or P60 (a passport can be used if you don’t have these) a telephone number to receive the one-time security code. Self-assessment The Self Assessment deadline is 31 January and the Personal Tax Account is the easiest place to submit a return. Following its launch last December, the Personal Tax Account proved so popular and simple to use that 850,000 customers chose to submit their 2014/15 SA return through the service between 1-31 January. Customers can access their Personal Tax Account on any device - PC, tablet or smartphone. It’s easy to get started and takes less than five minutes.
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International Tax Compliance (Client Notification) Regulations 2016 5 January 2017
Do you give advice or services about tax or finance relating to offshore income or assets?
If you do then you need to be aware of the new International Tax Compliance (Client Notification) Regulations 2016 which came into effect on 30 September 2016. The obligation to notify must be met by 31 August 2017.
Under the UK’s Automatic Exchange of Information (AEOI) agreements, HMRC will soon begin to automatically receive data from over 100 jurisdictions about UK tax residents who have assets in offshore accounts.
Prior to HMRC receiving this information, people in industry who advise about overseas income and investments, and those that provide accounts overseas, are in a better position to know which clients are more likely to have offshore accounts or assets and should be given advance warning.
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