HMRC have issued the Agent Update for June/July 2019. We have summarised the key content for you with links to our detailed guidance on the topics covered.

Help your clients prepare their workforce for EU Exit

More than two thirds of EU citizens in the UK are currently here for work and may be your clients or your clients’ employees.

Student Loans Student/Postgraduate Loan notices

From 6 April, there are two loan types in operation.

Tax-Free Childcare - School holidays made cheaper

HMRC reminder that Tax-Free Childcare can be used to pay towards the cost of (qualifying):

See Tax-Free Childcare

Help your clients understand the High Income Child Benefit Charge (HICBC)

See High Income Child Benefit charge

Offshore Time Limit Extension

See Discovery assessments 

Disguised Remuneration Loan Charge

Anyone who provided all the required settlement information to HMRC by 5 April 2019, and is still in the process of settling, should take the necessary actions outlined by HMRC by the dates set out in their HMRC correspondence in which case the November 2017 settlement terms will remain available and the loan charge requirements will not apply.

Loan Charge Reporting Requirements

See Disguised remuneration loan charge (subscriber guide)

Clients not in the settlement process

Clients with outstanding disguised remuneration loans, who are not settling, must report the loans and pay the loan charge.

See Disguised Remuneration final settlement opportunity and FAQs for Disguised Remuneration Settlements

Letters to Employers

For all loan charge related queries whether from employers, individuals or agents, HMRC advises you to call them 03000 599 110. On 12 July 2019 HMRC are hosting a webinar about loan charge compliance and the reporting requirements. Details of how to register for this webinar can be found here

The Pensions Regulator: Auto enrolment re-enrolment

Re-enrolment is a two-stage process. and must be carried out every three years.

  1. Staff who opted out of their workplace pension, must be put back in.
  2. Employers must complete and submit the online re-declaration of compliance form to show The Pensions Regulator how they have met this responsibility.

See Auto-enrolment: workplace pensions

Venture Capital Trusts:  Introduction of New Regulation 22/22A Returns

Venture Capital Trusts (VCT) must make a return of all their investments for each accounting period. There is a new mandatory standardised digital template which must be filed electronically to replace the free format paper returns. The new template is available within the Venture Capital Schemes Manual (VCM).

2018-19 SA Exclusions and Specials Documents

The latest version of the Exclusions document, ‘version 1.1’, and Specials document, ‘version 2.0’ were published on GOV.UK on 24 May 2019. The documents can be found here

There has been a problem where POAs for 2018-19 were not always being created from the 2017-18 tax return.

See Self-Assessment 2018-19 returns: online filing exclusions

VAT: Building and Construction Services Reverse Charge

This reverse charge measure comes into effect on 1 October 2019.

See Reverse charge & missing trader fraud (MTIC) 

P11D and P11D(b) Filing and Payment Deadlines

See P11Ds: top tips tool kit 

Income reporting requirements for tax credit renewal

HMRC Updating Partnership Tax Guidance

HMRC is currently updating the online Partnership Tax guidance to consolidate the majority of the existing partnership guidance from the Business Income Manual and the Employment Status Manual into the Partnership Manual and to publish new and updated partnership guidance, to include the relevant guidance for the Finance Act 2018.

See Partnerships: tracker: changes to tax rules

Cyber Essentials: Simple and Effective

The Cyber Security Breaches Survey 2019 found that 32% of businesses in the UK had identified at least one cyber security breach in the previous 12 months. GDPR requires businesses to act swiftly in the event of a data breach.

To assist UK businesses, the National Cyber Security Centre have developed Cyber Essentials to help you protect your organisation against the most common cyber-attacks. Cyber Essentials Certification, using the self-assessment option, costs less than 10% of the average cost of a single data breach.

See GDPR: General Data Protection Regulation 

Contact & HMRC service

Making Tax Digital for VAT

See Making Tax Digital: VAT (subscriber guide) 

Other content

Other recent publications

See our Directors' loan accounts: toolkit

External link:

Agent update 72