HMRC has withdrawn its plans to introduce a leaver statement instead of a form P45. ‘We have been working closely with employers and stakeholders about the introduction of Real Time Information,’ said Stephen Banyard, Acting Director General for Personal Tax.
An arrangement reported to allow the Student Loans Company's chief executive legally to avoid thousands of pounds in income tax and national insurance contributions will be unwound, a Treasury minister announced in the House of Commons this morning.
The official rate of interest to be used in calculating the benefit of an employment-related loan (within ITEPA 2003 s 174) is unchanged at 4% for 2012/13, HMRC announced.
From 6 April an employer making a share-based payment – in the form of securities, interests in securities or securities options – to an employee who has left the employment will be required to use the PAYE code 0T, instead of BR, where the payment was not entered on the leaver form P45.
Philip Fisher warns employers who use aggressive dividend remuneration planning to review their arrangements.
Tracey Wright answers a question on termination payments.
HMRC has reminded employers that electronic payments for the period to 5 January are due by Sunday, 22 January.
HMRC has begun issuing 2012/13 coding notices that include a restriction to collect tax underpayments, or tax credit overpayments, amounting to less than £3,000.
HMRC has published FAQs on employment income provided through third parties. The NIC rules came into force on 6 December 2011 and are not retrospective, HMRC said.