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06 August 2013
This week’s tasks for your office
- HMRC have issued a checklist for construction industry scheme repayment claims. It might be useful to distribute this list to those members of your staff who deal with these claims to help them minimise potential errors.
- The relevant date was crucial in Benedict Manning (TC2666). This was the date the employer informed the taxpayer of the amount of his tax liability, not the date the employee said he wished to exercise his option. This is worth remembering in cases when s 222 may come into play.
- Does your practice advise appropriate clients of each separate tax disclosure facility as these are implemented by HMRC? Remember that most have a shelf life.
- Where acting on behalf of a mixed partnership, containing individuals and companies, calculate the overdrawn loan account balances as at 19 March 2013 to ensure that these elements are not caught by a charge under CTA 2010, s 455.
- Even though your practice may not have a high volume of construction industry clients, note that HMRC expect you to check that expense claims pass the “wholly and exclusively” test and that round-sum expenses relate to allowable costs.
- How sure are you about the existing and forthcoming rules on the lifetime and annual allowances for tax relief on pension contributions? Review your client list to check who might be affected by the new limits, and consider what action you might recommend they take to minimise any future charges.
- When calculating the VAT liability for taxpayers using the tour operators’ margin scheme (TOMS) remember that the scheme applies only to bought-in supplies and not to in-house supplies, to which the normal place of supply rules apply.
