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The 26th edition of HMRC’s Agent Update has been published. It includes information on declaring offshore income or gains when completing self-assessment tax returns for 2011/12, viewing PAYE coding notices online, a summary of responses to the consultation document on PAYE and real time information, and compliance mail scanning.
In addition, it reminds advisers that clients who miss the self-assessment filing deadline this year will be immediately liable for a £100 late filing penalty even if there is no liability or if any tax due is paid in full by 31 January 2012.
Daily penalties of £10 a day will also take effect if the tax return is still outstanding three months after the filing date.
Another article discusses gift aid repayments. HMRC say that they plan to stop making repayments of gift aid by payable order and instead will make all payments electronically using the BACS system (as announced in April 2011).
They consider this will provide greater security, reduce administrative costs and, once fully implemented, facilitate quicker repayments.
HMRC will automatically make gift aid repayments by BACS where they hold the organisation’s bank details.
Entities for which HMRC do not hold bank details should supply their bank account details on form ChV1, but in the interim HMRC will continue to make any repayments by payable order.
