benefit employers when bank holidays etc. generate an extra (mistimed) payment in the relevant period. See page 9 for further details. The changing cyber landscape means businesses need to stay one step ahead. In a Talking Points meeting on 9 March, HMRC will introduce what cyber hygiene is, how it can benefit you and how it helps towards protecting you against the latest emerging cyber threats. Full details are on page 22. Action is needed now by taxpayers with overseas interests – those taxpayers who know or suspect that they have unpaid tax relating to overseas assets, income or activities need to act before 30 September 2018 to avoid incurring much higher penalties for their non-compliance. Further details are on page 2. Agent Update 64 also includes numerous updates and reminders on Tax, HMRC service and Working Together. Readers can scan the brief introductions to each piece to identify the topics relevant to them, then follow the link to view the full information.
This month’s top articles are:
Fulfilment House Due Diligence Scheme - From 1 April 2018 the scheme will open for online applications. Research and Development tax relief - Claims can now be made up until 30 April 2018. Managed Service Companies (MSC): Upper Tribunal decision - On 19 January 2018 the Upper Tribunal released their decision about the application of the MSC legislation to appellants who were MSC.
Previous editions of Agent Update are also available on GOV.UK .
Revised Agent Update 64
A revised Agent Update 64 was published on 5 March 2018 due to a correction required in the article on new rules for termination payments mad on, or after 6 April 2018.
On page 7/8 there is an article ‘New rules for termination payments made on, or after 6 April 2018’. Below is the amendment that has been made on page 8 to remove the ‘non-statutory’ element of redundancy payments.
Original PENP calculations should not be applied to statutory and non-statutory redundancy payments . These payments are always taxable as specific employment income and subject to the £30,000 exemption where appropriate. Revised PENP calculations should not be applied to statutory redundancy payments . These payments are always taxable as specific employment income and subject to the £30,000 exemption where appropriate.
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HMRC Talking Points meetings for Tax Agents 20 February 2018
HMRC has a great variety of ‘Talking Points’ subjects which provide ongoing information, guidance and tips to help you to understand tax issues.
There are a limited number of spaces, so save your place now.
VAT and Motoring Expenses: This meeting will provide a reminder of the general rules that apply when reclaiming VAT on the purchase of cars and when hiring and leasing vehicles. We will briefly cover commercial vehicles, other motoring expenses and record keeping. There will be the usual opportunity to ask HMRC subject matter experts your questions. Tuesday 27 February - midday to 1pm Register now
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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