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New HMRC guidance

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HMRC has published the following:

  • VAT Notice 718/2: The auctioneers’ scheme:  new notice containing information previously included in Notice 718;
  • VAT Notice 718: The margin scheme and global accounting: cancels and replaces the January 2010 version;
  • Notice 552: Air passenger duty annual accounting: updates the March 2013 version;
  • Trusts and estates newsletter: April 2016 edition includes articles on residence nil-rate band and transferable residence nil-rate band, trusts register, IHT online, trusts and taxation of index-linked loans, and administration period enquiries;
  • Employer Bulletin: April 2017 edition; reporting expenses and BIK for 2016/17; apprenticeship levy; employer provided childcare vouchers and Scottish income tax; student loans 2017/18; PAYE late filing penalties; NMW and NLW rates from 1 April 2017; and avoid penalties for late employment intermediary returns;
  • Pension schemes newsletter: issue 86 includes articles on non-cash assets contributed to registered pension schemes; relief at source and Scottish rate of income tax; new forms for lump-sum death benefits paid to trusts; lifetime allowance online service; new postal address for HMRC pension schemes services; updated forms for overseas pension schemes; and annual allowance ‘scheme pays’;
  • Factsheet CC/FS3: Compliance checks: visits by agreement or advance notice: updated factsheet on the checks on records and assets when HMRC visits a business premises to include an explanation on what is meant by ‘a reasonable excuse’ for a failure to comply with a notice of inspection;
  • Factsheet CC/FS5: Compliance checks: unannounced visits for inspections approved by the tribunal: new version of the compliance check factsheet applicable where HMRC visits a business premises unannounced following approval being granted by the tribunal;
  • Factsheet CC/FS23: Compliance checks: third party information notices: updated version of its factsheet on the use of third party information notices by HMRC; and
  • Factsheet CC/FS2: Compliance checks: checking a customer’s tax position: new version of factsheet on when a taxpayer is required to give HMRC information and documents in order for HMRC to check their tax position, updated to make amendments to the section on ‘What happens if you fail to comply with an information notice’.