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...ERSS bulletin; landlords; updated guide; CWG2 amended; universities’ VAT
P800s
HMRC have begun the automated end-of-year reconciliation process to check that taxpayers have paid the correct tax in 2012/13. Those who have overpaid or underpaid via PAYE will receive a calculation on form P800. Individuals who have paid too much tax will be sent a cheque within 14 working days from the receipt of a P800. Underpayments will, in most cases, be automatically collected through the 2014/15 tax code.
Taskforces
New HMRC taskforces will tackle the East Anglian holiday industry, people in London who fraudulently claim VAT repayments; and the Northern Ireland restaurant trade. The taskforces have so far brought in more than £70m since 2011/12 by using an online tool, Connect, which pools different sources of information, enabling teams to target specific industry sectors and geographical areas that present the highest risk of tax fraud.
Junior ISAs
The government has launched a consultation on allowing the transfer of existing savings from child trust fund accounts into junior individual savings accounts (ISAs). The proposals look at whether or not the authorities should provide scope for further intervention at a later date: the merging of child trust funds into junior ISAs, for example. Responses should be emailed no later than 6 August.
ERSS Bulletin
The eighth Employement-Related Shares & Securites Bulletin has been published. It contains articles on self-certification and the quick-response trial.
Landlords
The non-resident landlords form has been reviewed and changed to make it easier to complete. The guidance notes have been amended to reflect the recent changes.
Updated guide
VAT Notice 300, Customs civil investigation of suspected evasion, has been revised. It replaces the previous version in October 2011. Details of changes can be found in paragraph 1.2.
CWG2 amended
HMRC advise that a correction has been made to the childcare vouchers information in the P9D/P11D chart on page 67 of the Employer Further Guide to PAYE and NICs – CWG2.
Universities’ VAT
A new version of the framework for higher education institutions partial exemption special methods has been agreed with the British universities finance directors’ group, and the Higher Education Funding Council for England. It provides guidance on determining a fair value for supplies of grant-supported education; when to add sectors to a partial exemption method; and how to deal with distorting supplies.
