Please take ten minutes to share your views on how HMRC could improve its interaction with tax agents.
HMRC would like to hear from you to understand your views on engaging with them. The short web-based survey should only take 10 minutes to complete and HMRC aim to collate anonymised information on how HMRC could improve its interaction with agents. The second part of the survey is to help HMRC understand the required functionality of Record Keeping Apps/software so that Third Party Providers can help enhance and improve services and products to HMRC customers.
The closing date for the survey is 13th March 2015.
To take part in the survey, please click here .
Online SA documentation to support loan and mortgage applications
2 April 2015
HMRC has provided an update on changes to HMRC’s online Self Assessment documentation to support loan and mortgage applications.
Mortgage lenders require external evidence of earnings to support mortgage or loan applications. Until now customers with self-employed income were asked to provide a paper copy of the Tax Calculation (known as the SA302) from HMRC for this purpose . HMRC has been working with the Council of Mortgage Lenders on improving some Self Assessment (SA) online documentation, so that it can be considered as evidence of income declared to HMRC and to meet the Financial Conduct Authority (FCA) challenge over the robustness of the Tax Calculation.
The online documents that have been improved are:
The ‘Tax Calculation’ which shows the breakdown of the income returned on the customers tax return, including commercial versions and The ‘Tax Year Overview’ which confirms the tax due from the return submitted to HMRC and shows any payments made, cross referencing the Tax Calculation with HMRC records.
The new process
Lenders will ask customers to provide both these documents, some mortgage lenders have begun, while others are still preparing to put the new process into practice.
To avoid any unnecessary delay or confusion over what a lender needs HMRC strongly recommend you (your client) confirms with the lender what is acceptable before obtaining any documents or submitting any information. In many cases this will mean you (your client) can print the documents without having to contact HMRC to get a paper copies. In order to access and print what you need, you or your client need to be registered for HMRC Online service. If you use HMRC software to send your client’s return then you can print both documents from the SA online account commercial software to submit the return, you can print the tax year overview from the SA online account but you need to use your own software to print the Tax Calculation.
CIPP Policy News Journal
08/04/2015, Page 508 of 521
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