The Chartered Institute of Payroll Professionals
Policy Bi-Monthly Newsletter – September 2016
Automatic Exchange of Information Event for Tax Agents 31 August 2016
HMRC is running an educational event aimed at SMEs and agents affected by Automatic Exchange of Information (AEoL). These are agreement between the UK and other countries to exchange financial accounts information to help combat tax evasion. The agreements between the UK and other countries to exchange financial accounts information form part of the global strategy to combat offshore tax evasion. More and more countries are signing up to share information which will increase the effectiveness in tackling evasion. Businesses that qualify as financial institutions must report specified information by 31 May under the agreements. A financial institution is not just a bank or a building society - it also covers insurers, wealth and investment managers, trusts and some charities.
If your clients may be affected please review the guidance to see whether they need to register and report.
Financial institutions will have to carry out due diligence checks on all their account holders, which includes bank or similar accounts, investment accounts, insurance contracts, and debt/equity interests in trusts and other investment entities. The checks identify whether the account holder is tax resident in the UK. Businesses with account holders who are tax resident outside the UK, may be required to report this information to HMRC so it can be shared with the relevant tax authority.
Both new and pre-existing accounts need to be checked.
HMRC is running an educational event aimed at SMEs and agents affected by AEoI. The event will include speakers from agents, industry and HMRC, and the opportunity for 1-2-1 ‘surgeries’ plus small group discussions on due diligence best practice.
The event will take place on 7 October 2016 in London. For more information or to register an interest in the event please email crs.consultation@hmrc.gsi.gov.uk .
Talking Points – Agent digital meetings 2 September 2016
Two of the upcoming Talking Points sessions in September are Agent Services and an overview of the six consultations recently published on Making Tax Digital.
Talking Points sessions provide agents with the opportunity to ask questions to subject matter experts from HMRC.
Agent Services Wednesday, 14 September from 13:00 to 14:00 .
You can register here for the Agent Services session where you will have the opportunity to hear from the Agent Services Delivery Service Manager and ask questions.
Overview of Making Tax Digital Monday, 19 September from 16:00 to 17:00.
You can register here for the Making Tax Digital session which provides an overview of the six Consultation Documents released on 15 August 2016. There will be the opportunity to ask questions.
These interactive sessions are run on the ‘CITRIX’ platform.
The organiser will run through how to ask questions on the day. If you have any questions for our subject matter expert prior to the meeting, you can send them to: team.agentengagement@hmrc.gsi.gov.uk .
cipp.org.uk
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