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News in brief: 30 January 2013

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OTS recommendations on pensioner taxation

The Office of Tax Simplification has published its final report on pensioner taxation. A package of recommendations includes introduction of a state pension/benefits P60 for pensioners and single composite P2 coding notices. There are ‘policy recommendations on the 10% savings rate, married couple’s and blind person’s allowances’.

The report is available on the OTS website.

Direct sellers: HMRC reminder

People who sell directly to customers and have not paid all the tax they owe have one month to settle their liabilities under an HMRC campaign. ‘Under the time-limited opportunity, direct sellers –  often called agents, consultants, representatives or distributors – must tell HMRC about the tax due and make arrangements to pay before 28 February 2013,’ the department said.

Guidance is provided on the HMRC website.

Settlement opportunity: sole traders and sideways loss relief

HMRC has published the terms of its tax avoidance schemes settlement opportunity as they apply to ‘sole trader schemes’.

These are schemes that have sought to ‘create a loss through a self-employed trade that would involve substantial expenditure said to be incurred in the trade, or a write-off of expenditure or the value of rights or assets through generally accepted accounting practice’.

Guidance is provided on the HMRC website.

Beneficial loans: interest rate unchanged

The official rate of interest for beneficial loans for 2013/14 remains unchanged at 4%, HMRC announced.