HMRC have opened their online registration facility for employers wanting to take advantage of the opportunity to include employees' benefits in kind in the payroll from 6 April 2016 rather than completing P11D forms.
SME Tax News
If your trade involves alcohol, whether as a wholesaler or a retailer, then you will be affected by the Alcohol Wholesaler Registration Scheme (AWRS).
From 1 January 2016, HMRC began to consider whether pre-existing or new wholesalers are 'fit and proper' businesses for inclusion on an approved business register.
All existing alcohol wholesalers must have applied online to HMRC by 31 March 2016 to be registered under the scheme. Wholesalers beginning to trade after 31 March 2016 must apply to HMRC at least 45 days before they intend to begin trading, and they cannot begin to trade unless HMRC approval is granted.
Those granted approval will be included on an online database of approved businesses and issued with a unique reference number (URN) to display on their sales invoices from 1 April 2017.
From 1 April 2017, wholesalers and trade buyers and retailers must only source alcohol from HMRC approved businesses. Where you purchase alcohol from a wholesaler, you must check that they are registered with HMRC and that they have an AWRS URN.
There will be new criminal and civil sanctions for those caught buying alcohol from non-registered sources, and alcohol found on the premises of unregistered businesses may be seized.
Penalties for wholesalers who trade without submitting an AWRS registration began from 1 April 2016, and penalties for trade buyers purchasing alcohol from unregistered wholesalers began from 1 April 2017.
HMRC have launched a quick consultation, closing on 16 October 2015, as to how the new residence nil rate band (RNRB) should be introduced so that individuals are not disincentivised from downsizing or selling their property.
The National Minimum Wage increases to £6.70 on 1 October 2015.
In Chapter Trading Ltd v HMRC [2015] TC04626, an employer was held liable for PAYE failure: its software failed to deduct any tax from an employee's wages and the employer did not investigate the issue.
In Mark Carey v HMRC [2015] TC04634, the taxpayer successfully claimed share loss relief after HMRC had doubted his intentions over residency.
Don't forget the ATED Return Deadline: returns for properties falling within the new £1 million to £2 million band are due by 1 October 2015
In PML Accounting Limited v HMRC [2015] TC04612 the First Tier Tribunal (FTT) upheld the company's appeal against penalties issued for failure to comply with a Schedule 36 information notice on the grounds that it was invalid. The notice did not relate to the tax position of the company but to the tax position of its clients.
Hello,
This week we have a mini update on Scottish Taxes together with a couple of topical case reviews. We will be back next week with our usual web-update mix of news, case reviews and practical guides.
In Patel v HMRC [2015] TC04617, the first tier tribunal (FTT) ordered HMRC to suspend penalties for careless inaccuracy on condition that he engaged a qualified accountant or adviser.