Payroll Changes April 2013

Starting in April 2013, HMRC is introducing a new way of reporting PAYE: Real Time Information, or RTI.

‘Real Time Information’ means that employers and pension providers will tell HMRC about PAYE payments at the time they are made as part of their payroll process.

Payroll software will collect the necessary information and send it to HMRC Online.

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GAAR Update

As part of a wider HMRC clampdown on tax avoidance, a study on a proposed general anti-abuse rule (GAAR) was undertaken by Graham Aaronson in December 2010.

In line with the original study, a more recent consultation has been completed, and generally recommends a narrowly focused approach, aimed at purely tackling abusive tax avoidance schemes. Read the rest of this entry »

HMRC Expands Taskforce

HMRC expanded its compliance and enforcement programme by announcing a wave of new taskforces to investigate evasion in specific commercial and geographical sectors:

• Property rentals in East Anglia, London, Leeds, York, Leicester, Nottingham, Lincoln, Durham and Sunderland; expected to recover more than £17m
• Restaurants – taskforce in West Midlands, Scotland, North West and London; expected to recover £2.5m
• Taxi firms in Nottingham, Yorkshire, Leicestershire and Derbyshire; expected yield £2m
• Taskforce targeting London’s market traders announced 31 May; expected yield £1.85m

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Online Sellers Tax Scheme

People trading on the internet who haven’t paid all the tax they owe have one week left to get their tax affairs in order on the best terms available, by taking part in a scheme offered by HMRC. Read the rest of this entry »