This latest edition of HMRC’s Agent Update brings together key technical highlights, including the following:
Company tax returns: non-UK resident companies receiving UK property income – HMRC has updated its guidance for non-resident landlords (within the charge to corporation tax since April 2020) on the format of accounts and other information to file online. The revised guidance appears in HMRC’s COTAX Manual at COM130010.
Corporation tax letters – updated CT603 (notice to file a return) and CT208 (reminders to make payment, or to pay and file a return) letters will start to be sent out from June 2022.
Qualifying asset holding company regime – eligible companies can now make an online notification to enter the QAHC regime.
P11D and P11D(b) filing and payment deadlines – a reminder of the 6 July filing deadline for forms P11D and P11D(b), with electronic payment for Class 1A NICs due by 22 July 2022.
Residence and the remittance basis charge – from June 2022, HMRC is to write to taxpayers (and their agents) who have been tax resident in the UK for 7 out of the preceding 9 years and 12 out of the preceding 14 years, noting that the remittance basis charge may be due and allowing time to amend 2020–21 tax returns accordingly.
NICs thresholds – a reminder for employers and agents that various NICs rates and thresholds increase on 6 July 2022.
Changes to VAT penalties – guidance is now available on how clients can prepare for the changes to VAT penalties and interest from 1 January 2023.
Domestic reverse charge – a reminder that businesses applying the domestic reverse charge to their UK sales of mobile phones or computer chips will no longer need to submit reverse charge sales lists from 1 July 2022 (given effect by SI 2022/548).
Plastic packaging tax – a reminder for businesses who manufacture or import plastic packaging into the UK to submit their plastic packaging tax return for the period 1 April to 30 June, and pay any tax due, by 29 July 2022. Agents can apply to submit returns on behalf of their clients.
This latest edition of HMRC’s Agent Update brings together key technical highlights, including the following:
Company tax returns: non-UK resident companies receiving UK property income – HMRC has updated its guidance for non-resident landlords (within the charge to corporation tax since April 2020) on the format of accounts and other information to file online. The revised guidance appears in HMRC’s COTAX Manual at COM130010.
Corporation tax letters – updated CT603 (notice to file a return) and CT208 (reminders to make payment, or to pay and file a return) letters will start to be sent out from June 2022.
Qualifying asset holding company regime – eligible companies can now make an online notification to enter the QAHC regime.
P11D and P11D(b) filing and payment deadlines – a reminder of the 6 July filing deadline for forms P11D and P11D(b), with electronic payment for Class 1A NICs due by 22 July 2022.
Residence and the remittance basis charge – from June 2022, HMRC is to write to taxpayers (and their agents) who have been tax resident in the UK for 7 out of the preceding 9 years and 12 out of the preceding 14 years, noting that the remittance basis charge may be due and allowing time to amend 2020–21 tax returns accordingly.
NICs thresholds – a reminder for employers and agents that various NICs rates and thresholds increase on 6 July 2022.
Changes to VAT penalties – guidance is now available on how clients can prepare for the changes to VAT penalties and interest from 1 January 2023.
Domestic reverse charge – a reminder that businesses applying the domestic reverse charge to their UK sales of mobile phones or computer chips will no longer need to submit reverse charge sales lists from 1 July 2022 (given effect by SI 2022/548).
Plastic packaging tax – a reminder for businesses who manufacture or import plastic packaging into the UK to submit their plastic packaging tax return for the period 1 April to 30 June, and pay any tax due, by 29 July 2022. Agents can apply to submit returns on behalf of their clients.
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