Income Tax

HMRC have extended the registration deadline of their contractor loan settlement opportunity.

Taxpayers now have until 30 June to notify the department that they wish to take part in the tax disclosure facility that was originally scheduled to close on 9 January.

A contractor loan scheme settlement is an arrangement in which a non-UK employer pays a worker untaxed income or a loan, instead of all or part of a salary. Individuals who take part in such a scheme may still have to pay income tax.

Employers are set to receive the first quarterly notices under real-time information’s late-filing penalties regime, which began in October for businesses with 50 or more members of staff.

Firms that have incurred fines can expect the HMRC messages from the beginning of February, according to the department. Advisers will not be sent a copy, but each notice will instruct employers with agents to pass on the correspondence immediately.

Top-slicing relief calculation for a chargeable event gain

T Lynch (TC4177)

Secondary legislation is set to simplify PAYE regulations from 6 March 2015. The change will remove the requirement for employers to complete the end-of-year checklist when making their final full payment submission (FPS) for the year from 2014/15.

The checklist comprises a box on the FPS that opens the end-of-year declaration, consisting of seven questions. This was a feature of the now defunct P35, which was incorporated into the design of the FPS.

H L Amah (TC4173)

R Jones, J Jones (TC4171)

The government will not proceed with plans for a new employee shareholding vehicle, it has been announced.

K Olsen (TC4167)

A critical look at government plans to simplify employee taxation

Costs associated with building a house in the garden of an existing property

How gift aid works, and the special schemes it offers