The Code was introduced in 2009 and strengthened by the Government in 2010. The Government feels it is now time to further strengthen the Code to ensure that the Code remains as effective as possible for the future.
This section relates to the finalised awards statistics for individuals and households claiming Working Tax Credits (WTC) and/or Child Tax Credits (CTC). These statistics illustrate the complete retrospective picture for the year, based on a finalised view of family incomes and circumstances.
Most families have until 31 July following the end of the entitlement year to renew their award reporting their finalised income for the year in question. However, families that report income from Self Assessment (for example, the self-employed) have until 31 January of the following year to finalise their income. As a result, the full picture is not known until at least February the year after the entitlement year ends and consequently publication is delayed until May.
Another key date in the groundbreaking agreement between the UK and Switzerland is approaching fast.
By 31 May 2013 UK residents with accounts or investments in Switzerland need to tell their bank whether they will be choosing to pay a one off levy to settle past UK tax liabilities or allow details of the previous activity on their accounts to be passed to HMRC.
HM Revenue & Customs (HMRC) operates a Double Taxation Treaty Passport (DTTP) Scheme for overseas corporate lenders. The Scheme applies only to loans taken out on or after 1 September 2010.
From April 2013, the Scheme has been revised to improve the customer experience of its users and enhance the scheme’s effectiveness. The changes are based on operational lessons learnt since the Scheme’s inception and representations made by our customers.
On 25 March 2013 Revenue & Customs Brief 04/13 was published to clarify the tax treatment applying to payments made to certain investors in collective investment schemes or policies of insurance where the payment did not arise directly as a distribution from the investment but was made to the investor by the fund manager or another intermediary party.
Q: How do I register my company for the scheme?
A: There isn't a registration process as such. The company issues the shares, and then applies to HM Revenue & Customs (HMRC) for approval. Once approved, HMRC will give it claim forms for its investors so that they can claim their tax relief.
HMRC also offers an advance assurance facility, which allows companies to check in advance of an issue of shares whether the company is likely to meet the qualifying conditions or not.
Our plans for future developments in International Trade, including details of the Union Customs Code (UCC), Authorised Economic Operators (AEOs), Economic Operator Registration and Identification (EORI) scheme, Export Control System (ECS) Import Control Systems (ICS); The ERTS & Temporary Storage Policy Review; and more.
HM Revenue and Customs (HMRC) confirmed today that it is working with the United States and Australian tax administrations (the IRS and ATO) on data which reveals extensive use of complex offshore structures to conceal assets by wealthy individuals and companies.
The 400 gigabytes of data is still being analysed but early results show the use of companies and trusts in a number of territories around the world including Singapore, the British Virgin Islands, the Cayman Islands, and the Cook Islands. The data also exposes information that may be shared with other tax administrations as part of the global fight against tax evasion.
The Tax Faculty is the voice of Tax for ICAEW and comprises of a Tax Faculty committee to run operations, a Technical committee and subcommittees covering all areas of taxes and work. Each committee is made up of leading volunteers in their area of tax managed by Technical tax managers.
Please use the contacts below to feed your views and concerns direct to the Tax Faculty.
From 22 April 2013, charities and Community Amateur Sports Clubs can sign up to make repayment claims electronically.
The new service, Charities Online, is being introduced in response to customer feedback. It will make repayment claims faster and easier by filing online. The current R68(i) print and post repayment form will be replaced by three options for making claims.