.png)
.png)
New edition of Agent Update summarised
Incomplete online client lists are no longer a significant problem for tax agents, according to HMRC. The department has closed the longstanding issue, which was raised early last year when advisers complained that clients’ details were not appearing on the taxman’s website or at the Government Gateway.
Work by the Revenue over the past 12 months resulted in a 75% reduction in the number of reported cases by January 2013, according to the latest edition, number 35, of the bi-monthly Agent Update, which covers a number of other matters:
Processing forms IHT100
HMRC expect to be able to process an IHT100 within a month of the form being delivered, but there will be some instances in which the timeframe cannot be met. The department had been anticipating significantly fewer IHT100s as the result of changes to the excepted settlement rules – but large numbers continue to be submitted needlessly. See more information about when to use the IHT100 form for trusts.
Collection of student loans
The National Working Together team has been seeking to help student loan holders avoid over-repaying as they approach the end of their repayment period. A pilot exercise is taking place in 2012/13, targeted at student loan borrowers who complete an self-assessment tax return, who are within two years of fully repaying their loans and who the Student Loans Company believe to being suitable for the scheme. HMRC will publish guidance notes soon with the full version of the main tax return notes.
Limited company subcontractors claiming back CIS deductions
The repayment claims leaflet has been updated to explain how subcontractors that are limited companies should reclaim deductions they have had taken from their payments under the construction industry scheme (CIS). A copy will be sent to limited company subcontractors that are contacted by HMRC in connection with their claim for repayment of deductions through the P35 process.
R40 online process
HMRC are running a six-month pilot to test an online process for submitting R40 claims, using agents predominantly from local Working Together groups. More details will be included in the next edition of Agent Update.
Change of address
If a client is an individual under PAYE and has changed address, HMRC recommend that the adviser or client provide the information using the deparment’s email service.
