Employers will need to account for VAT on the salary foregone by employees in return for vouchers or goods and services – including bicycles provided under the Cycle to Work Scheme – from January 2012.
The Registered Pension Schemes (Provision of Information) (Amendment) (No.2) Regulations, SI 2011/1797, make amendments to SI 2006/567 to reflect FA 2011 changes to the pensions tax regime.
Eight statutory instruments published last week make changes to the pensions tax regime. A list of instruments expected to be laid following the coming into force of FA 2011 was provided in an annex to the explanatory memorandum to SI 2011/1751 (see below).
Helen Lethaby provides this month’s review of recent developments affecting the financial services industry
HMRC have published a third version of their FAQs on the ‘disguised remuneration’ legislation in Schedule 2 to the Finance Bill, replacing those published in March.
The government issued a call for evidence on possible integration of the operation of the income tax and NIC systems, with a view to building ‘a strong evidence base on the burdens to employers of having to operate two different systems’.
Richard Clarke and Jessica McLellan provide this month's update on recent HMRC activity, including HMRC's extension of their EBT settlement proposal, a refinement in HMRC's approach to the largest partnerships and record keeping requirements for non-residents using the new statutory residence test