HMRC Agent update
HMRC has released the latest bi-monthly issue of the ‘Agent Update’ publication that 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:
- RTI Penalties. HMRC has emailed employers, who should have started reporting PAYE in real time but haven’t, to warn them that they may face penalties. Also from April 2014 interest will be charged on any in-year payments not made by the due date. Late filing penalties and late payment penalties will begin in October 2014 and April 2015 respectively.
- Estate Agency Businesses. Since 1 April 2014, HMRC has become the supervisor of Estate Agency Businesses under the Money Laundering Regulations 2007 replacing the Office of Fair Trading (OFT). Annual fees are £110 per premise (currently capped at 20).
- Gambling Duties. The introduction of changes to the basis of taxation for gambling duties from ‘place of supply’ to ‘place of consumption’ will come into effect from 1 December 2014. The changes are relevant in respect of Remote Gaming Duty (RGD), General Betting Duty (GBD) and Pool Betting Duty (PBD).
- National Minimum Wage. The new NMW rates will come into effect on 1 October 2014. The hourly rate of the NMW will increase to £6.50 (a rise of 19p) with effect from 1 October 2014 for adults aged 21 years and older.
- HMRC Toolkits. HMRC’s toolkits are aimed at helping accountants and tax agents reduce the likelihood of mistakes in returns. Currently there are 20 toolkits available all of which are updated at least annually.
- A summary of recent VAT updates.
- Links to new Revenue & Customs Briefs.
- An update on current consultations as well as a summary of responses to some recent consultations.