HMRC’s ‘Working Together’ – New Issue
The March edition of Working Together has been published by HMRC. This edition covers a significant number of areas across all taxes relevant to practicing accountants and tax professionals.
The main topics covered include:
- Local Working Together. An update on the forum for HMRC officers and tax professionals to meet at a local level to discus mutual areas of interest.
- New compliance checks. A reminder that new legislation came into force on 1 April 2010 to build on the standard compliance system across all taxes. This includes new time limits for assessments and claims for capital gains tax, corporation tax, income tax, PAYE and VAT.
- Shares and Assets Valuation (SAV) changes. From 1 April 2010, HMRC will issue information notices under Schedule 36, FA2008 in respect of valuations that have been referred to them.
- Changes to HMRC’s powers to correct and amend Self Assessment tax returns and Company Tax Returns. New powers allow HMRC to correct returns using information it believes to be correct even in situations where the error or omission is not obvious from simply examining the return.
- VAT. A reminder that online submission of VAT returns will become compulsory for most businesses for VAT quarters starting on or after 1 April 2010.