HM Treasury is consulting on its Travel and subsistence review, which closes for comment at 11:45pm on 23 October 2014. This is the first stage in the government’s review of the rules underlying the taxation of travel and subsistence expenses, which it announced at Budget 2014 following the January 2014 report from the OTS entitled Review of employee benefits and expenses: second report.
Independence requirement for EMI amended
The Finance Act 2014, Schedule 37, Paragraph 22 (Commencement) Order, SI 2014/2461, brings into effect from 1 October 2014 the amendments made by FA 2014 Sch 37 para 22(1) to the ‘independence requirement’ for enterprise management incentive (EMI) schemes, which ensure that companies controlled by employee-ownership trusts can continue to operate tax-advantaged EMI schemes..
Exemption on recommended medical treatment consultation
HMRC has published draft legislation, the Income Tax (Recommended Medical Treatment) Regulations, SI 2014/Draft, for comment until 15 October 2014 setting out the additional conditions that expenditure by employers on recommended medical treatment must meet in order to qualify for the tax exemption at FA 2014 s 12. These conditions include the individual employee being assessed as unfit for work for at least 28 consecutive days. HMRC is also seeking views on the exemption being available where treatment commences within 14 days of the employee’s return to work. The exemption is expected to come into effect in late 2014, with the establishment of the new health and work service.
HMRC is reminding businesses supplying digital services across the EU that they will be able to register for its new VAT mini-one stop shop (MOSS) online service from 20 October 2014, meaning they do not have to register VAT separately in each country where they do business.
HM Treasury is consulting on its Travel and subsistence review, which closes for comment at 11:45pm on 23 October 2014. This is the first stage in the government’s review of the rules underlying the taxation of travel and subsistence expenses, which it announced at Budget 2014 following the January 2014 report from the OTS entitled Review of employee benefits and expenses: second report.
Independence requirement for EMI amended
The Finance Act 2014, Schedule 37, Paragraph 22 (Commencement) Order, SI 2014/2461, brings into effect from 1 October 2014 the amendments made by FA 2014 Sch 37 para 22(1) to the ‘independence requirement’ for enterprise management incentive (EMI) schemes, which ensure that companies controlled by employee-ownership trusts can continue to operate tax-advantaged EMI schemes..
Exemption on recommended medical treatment consultation
HMRC has published draft legislation, the Income Tax (Recommended Medical Treatment) Regulations, SI 2014/Draft, for comment until 15 October 2014 setting out the additional conditions that expenditure by employers on recommended medical treatment must meet in order to qualify for the tax exemption at FA 2014 s 12. These conditions include the individual employee being assessed as unfit for work for at least 28 consecutive days. HMRC is also seeking views on the exemption being available where treatment commences within 14 days of the employee’s return to work. The exemption is expected to come into effect in late 2014, with the establishment of the new health and work service.
HMRC is reminding businesses supplying digital services across the EU that they will be able to register for its new VAT mini-one stop shop (MOSS) online service from 20 October 2014, meaning they do not have to register VAT separately in each country where they do business.
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