PracticeConsultingChecklist – No more unhappy returns

Checklist - No more unhappy returns

Release from self-assessment for 400,000 taxpayers; VAT on mobiles for employees.

Inland Revenue

From next April, taxpayers with an income up to £2,500, not taxed at source but dealt with through PAYE, will no longer have to fill in a tax return. This should take 400,000 people out of self-assessment. (Press release, 5 July.) Draft regulations are now available on the Tax Credits Act, including the working families tax credit. (Press release, 5 July.)

Amendments have been made to the instalment payments and interest rate regulations affecting corporation tax. (Press release, 7 July.) The Revenue has announced its practice of remitting interest on national insurance contributions is being brought in line with the equivalent income tax practice. (Press release, 9 July.)

The new construction industry scheme starts on 1 August. It requires all contractors to inspect a subcontractor’s registration card or certificate and to record payments on the appropriate voucher. (Press release, 7 July.)

Time is running out for companies with accounting periods ending 31 March to register for group payment arrangements. Any groups whose accounting period ends on 31 March must register interest by 14 August. (Press release, 13 July.)

Customs & Excise Business Brief (14/99) includes an explanation of Customs’ view on the VAT treatment of mobile phones provided by businesses to employees. Revenue and Customs press releases can be found at www.nds.coi.gov.uk/coi/coipress.nsf

English ICA Tax Faculty The Tax Faculty will host a lunchtime lecture on 9 September at 12.30pm at Moorgate Place, on tax avoidance and tax planning to be given by Ian Barlow of KPMG.

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