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Issue 48 of Agent Update, HMRC’s bi-monthly news roundup for tax advisers, is now available.
Items include confirmation that the Revenue has updated 15 out of its 20 toolkits, with the remaining five to be revamped over the next few months. The toolkits cover the 400 most common errors that HMRC see in returns filed by tax advisers.
Issue 48 of Agent Update, HMRC’s bi-monthly news roundup for tax advisers, is now available.
Items include confirmation that the Revenue has updated 15 out of its 20 toolkits, with the remaining five to be revamped over the next few months. The toolkits cover the 400 most common errors that HMRC see in returns filed by tax advisers.
Agents are reminded that taxpayers who make disposals of residential property on which they wish to claim only or main residence relief must be aware of changes to the period classed as final period of ownership, which from 6 April 2014 has been reduced from 36 months to 18.
The update also includes news from Working Together:
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Corporation tax payment helpline: Agents reported delays in calls being answered by thehelpline. HMRC have investigated and say there are currently no known problems.
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Online PAYE coding notices: Agents reported that online PAYE coding notices for self assessment clients could not be viewed as normal. HMRC reviewed the examples provided and say there was nothing to indicate it is a widespread issue.
- Documents to support loan and mortgage applications: HMRC have been working with the Council of Mortgage Lenders to improve the tax calculation (SA302) and tax year overview documents so that lenders can consider accepting them as evidence of income returned to HMRC for loan or mortgage purposes. The new process is still settling in. Some lenders accept copies of the online documents while others ask for original paper copies. HMRC advise that it is best to check with the lender what it will accept to avoid any delay or confusion.If the lender asks for copies of online documents, the taxpayer or his adviser will be able to print them from his online account without having to contact HMRC.
- Class 2 National Insurance: Clients still need to register as self-employed for National Insurance contributions by using form CWF1, “Register if you’re a self-employed sole trader”, if they already have a unique taxpayer reference (UTR). If they register as self-employed for the first time, they will be registered both for self assessment and National Insurance contributions at the outset. Taxpayers who are paying their class 2 contributions by standing order, will have to stop using this method because it is not one that HMRC endorses. The alternatives are telephone and online banking, cheques and payments made at your client’s bank, building society or post office.
