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HMRC Agent Update

HMRC Agent update GENERAL

HMRC has released the latest bi-monthly issue of the ‘Agent Update’ publication which includes summaries of recent changes and updates that have been announced. The document which is aimed at taxation and accountancy practitioners includes links to more detailed information on each of the topics covered.

The topics covered in the latest edition include the following:

  • The Annual Tax on Enveloped Dwellings (ATED). The ATED tax is payable by certain Non-Natural Persons (NNPs) that own interests in dwellings valued at more than £500,000. HMRC has launched a new digital service for the ATED that can now be accessed by agents and their clients.
  • Construction Industry Scheme (CIS). The CIS is a set of special rules for tax and National Insurance for those working in the construction industry. From April 2017 HMRC will no longer accept any telephone calls to verify CIS subcontractors.
  • Companies House. Advice on how to stop having your accounts rejected by Companies House. The top four reasons Companies House reject accounts are due to errors with signature and name, name and number, balance sheet statements and accounting reference dates.
  • Research and Development (R&D) tax credits. R&D credits are a Corporation Tax relief that were introduced to encourage innovation and enterprise within the UK economy. Small and medium-sized enterprise can claim R&D tax credits of 230% and there are different rules for large companies. HMRC has released some videos explaining more about the relief and which expenses qualify.
  • Apprenticeship levy. HMRC has published guidance on paying the new apprenticeship levy. The new levy comes into effect from 6 April 2017 at a rate of 0.5% of the employer’s ‘pay bill’. Only employers with annual pay bills greater than £3 million, and some connected companies and charities with pay bills less than this amount, will be required to pay the levy. For all other employers, no further action is required.
  • Taxing Benefits and Expenses through payroll. Employers that are payrolling benefits and expenses, or considering doing so need to register with our payrolling benefits and expenses online service.
  • Current Consultations. A summary of current consultations by HMRC including in relation to the soft drinks industry levy, simplifying tax for unincorporated businesses and changes to the filing and payment process for SDLT.
  • A summary of recent VAT updates.
  • Links to new Revenue & Customs Briefs.

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