Employers are being given the chance to settle open enquiries into the use of employee-financed retirement benefit schemes (EFRBS) arrangements by agreement and without needing to take part in litigation.
Firms have until 31 December 2013 to consider the two options offered by HMRC:
Dagless Holdings Ltd (TC2934)
Some banks and other financial institutions use inappropriate criteria to decide in which format they report payments of interest, HMRC have warned.
The department’s announcement follows an initial check of data supplied to fellow European Union states under the EU savings directive.
Financial institutions’ declarations regarding payments of interest can be made either under FA 2011 schedule 23 – by type 17 and type 18 returns – or the UK regulations that implement the savings directive.
In the replies to the query Rent accounts, it was stated that the installation of central heating would qualify as an integral feature and therefore capital allowances would be available.
Reference was made to HMRC’s Capital Allowances Manual at CA 21200 and CA22330.
CAA 2001, s 15 lists various qualifying activities for the purposes of CA 2001, Part 2 (“plant and machinery allowances”) and these include:
HMRC are taking part in a European Union (EU) trial of VAT ruling requests for complex cross-border situations.
Under the test scheme – which is set to run until 31 December – a firm registered for VAT in the UK and planning cross-border transactions to one or more participating member states can ask the Revenue for a ruling.
Yellow Crown Ltd (TC2915)
The Italian government announced a purse of €1bn to be spent on VAT repayments to large businesses. The move comes in response to infraction proceedings by European Commission for Italy’s failure to issue rebates due within reasonable time limits imposed by European law.
Firms owed VAT repayments from Italy should now expect to receive the funds, according to KPMG.
HMRC might find Cotter is not the success they think it is
D Kishore (TC2855)
“Government needs to take measures to help rest of UK”
Resubmitted return was not relevant to calculation of tax
By Ray Chidell and Lindsay Pentelow; paperback; 480 pages; £78.50; Claritax Books