HMRC have issued the Agent Update for August/September 2018. We have summarised the key content for you with links to our detailed guidance on the topics covered. We've kept to HMRC's order of contents, it's not very 'SME' at first, but read on, it warms up.

 

Compliance

Fulfilment House Due Diligence scheme (FHDDS)

Preparing for the Customs Declaration Service (CDS)

Class 2 National Insurance Contributions (NICs) amount omitted/incorrect on Self-Assessment  calculation

Postgraduate Loans (PGL)

The Department for Education have launched a new Student Loan product known as PGL.

Settlement Agreement (PSA) and Scottish Income Tax

Changes in how National Minimum Wage (NMW)  penalties apply to employers who have staff transferred under Transfer of Undertakings (Protection of Employment) (TUPE) rules

Completing an Earlier Year Update (EYU) in respect of Employee’s National Insurance Contributions (NICs)

PAYE

Information about P800s:

Woodlands: tax planning

Reliefs/exemptions from IHT for owners of woodlands include:

Disguised remuneration: Settling disguised remuneration tax avoidance schemes before the 2019 loan charge arises

HMRC have updated the payment terms for settling disguised remuneration avoidance schemes before the loan charge arises in 2019.

Who will pay Welsh rates of Income Tax?

Upcoming registration deadline for some trusts with new liabilities

Corporation Tax

Requesting a copy of your client’s Unique Taxpayer Reference (UTR)

Indexation Allowance for disposals of assets after December 2017

Spotlights

VAT Notices

Updated Requirement to Correct (RTC) guidance published

Providing The Pensions Regulator (TPR) with false information

Improving content ‘findability’

Consultations open

Consultation outcomes

Rent a room relief

Allowing Entrepreneurs’ Relief on gains made before dilution

Zero emission capable taxis: Vehicle Excise Duty rates

Taxing gains made by non-residents on UK immovable property  

Simplifying the Gift Aid donor benefits rules: further consultation 

Corporate interest restriction - consultation on leases

Plant and machinery lease accounting changes

Making Tax Digital: interest harmonisation and sanctions for late payment 

VAT and Vouchers Extension of offshore time limits 

Extension of security deposit legislation 

Gaming Duty - review of accounting periods

Tax avoidance involving profit fragmentation

Capital Gains Tax: Payment window for residential property gains

Contact & HMRC service

Other content

Other recent publications

Updates to Agent Toolkits

A link to the full Agent Update can be found here  or accessed via HMRC’s website, www.gov.uk.