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Latest HMRC guidance

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HMRC has published the following:

·         Penalties for enablers of defeated tax avoidance schemes: final version of guidance on the new penalties for individuals or entities who enable the use of defeated tax avoidance arrangements, replacing the draft version published in October;

·         Notice 799: Disclosure of tax avoidance schemes for VAT and other indirect taxes: new notice containing guidance on the new disclosure of avoidance schemes regime for VAT and other indirect taxes (DASVOIT), which has effect from 1 January 2018;

·         Trusts and Estates newsletter (December 2017): includes articles on new IHT DOTAS regulations, trusts registration service, extension of interim arrangements for estates with small amounts of savings income, forthcoming consultation on trusts tax reform; and offshore trust changes for non-doms and new anti-avoidance rules;

·         Pension schemes newsletter 94: includes articles on new Scottish income tax rates and thresholds, annual allowance, reporting small pots payments through RTI, simplifying pensions language, and updating scheme administrator details on pensions online service;

·         VAT Notes 2017 Issue 4: includes articles on paying HMRC electronically, receiving goods by post from outside the EU, disclosure of avoidance schemes for VAT and other indirect taxes, and fulfilment house due diligence scheme;

·         Employer Bulletin issue 69: includes articles on Budget announcements and Finance (No 2) Act 2017, apprenticeship service, company car online, flexible benefit packages, termination and sporting testimonial payments, and ending of tax payments by personal credit card;

·         Pension schemes Scottish rate of income tax newsletter (December 2017): concerns how HMRC will notify pension scheme administrators operating relief-at-source pension schemes of their individual scheme members’ residency tax status, in time to apply the correct rate of relief for Scottish rate taxpayers from April 2018;

·         Co-ownership authorised contractual schemes (CoACS): technical note explaining recent tax changes applying to investors in CoACS, involving capital allowances, information requirements, investments in offshore funds, and chargeable gains;

·         Money laundering enforcement measures: updated to confirm that HMRC intends to start publishing details in 2018 about individuals or businesses to whom it issues penalty notices under the new money laundering regulations;

·         Completing paper SDLT1 returns: updated to refer to introduction of devolved land transaction tax in Wales from 1 April 2018;

·         Factsheet CC/FS1a: General information about compliance checks: updates the November 2015 version;

·         Factsheet CC/FS1b: General information about checks by campaigns and projects: updates the October 2017 version;

·         Factsheet CC/FS1c: Compliance checks into certain large and complex businesses: updates the October 2017 version;

·         Factsheet CC/FS1d: General information about compliance checks into excise matters: updates the October 2015 version;

·         Factsheet CC/FS7a: Penalties for inaccuracies in returns and documents: updates the September 2017 version;

·         Factsheet CC/FS7b: Penalties for not telling HMRC about an under-assessment: updates the October 2015 version;

·         Factsheet CC/FS11: Penalties for failure to notify: updates the March 2017 version;

·         Factsheet CC/FS12: Penalties for VAT and excise wrongdoings: updates the February 2017 version;

·         Factsheet CC/FS18a: Late filing penalties: updates the November 2016 version;

·         Factsheet CC/FS18b: Late filing penalties for the construction industry scheme: updates the February 2017 version; and

·         Factsheet CC/FS18c: Penalties for failure to file machine games duty returns on time: updates the March 2017 version.

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