May 2011

Compliance: NICs toolkit updated

May 28, 2011

HMRC NICs toolkit (pdf) updated – a quick scan through suggests that the updates are to ensure that the toolkit refers to 2011-12 forms, rather than substantive changes.

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Expenses and benefits: statistics

May 27, 2011

HMRC has published the latest set of expenses and benefits statistics, setting out the range of taxable benefits in kind and expenses payments made to employees for 2007-8.

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Consultation: OTS abolition of reliefs

May 27, 2011

Consultation on the abolition of a number of reliefs (pdf), based on the Office of Tax Simplication findings, has been released by the Treasury today.  The reliefs to be abolished include a number of employment/self-employment related reliefs.  These are mostly obsolete, but the abolition of relief for late night taxis might inspire some debate.

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HMRC: Valuations for employment income – procedure

May 27, 2011

From the latest Working Together update – issue 43 (pdf): There is no formal post-transaction valuation checks service for employment income valuations. However, HMRC “wants to be as helpful as possible” so the Shares and Assets Valuation Division has agreed that if given specific information, it will consider a valuation request.

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Pensions: consultation on asset-backed funding

May 25, 2011

A new consultation has been launched by HMRC, which is considering changing the rules on employer asset-backed contributions to defined benefit registered pension schemes in order to limit the unintended tax relief that can arise from the ways some contributions are structured. The consultation runs from 24 May until 16 August 2011 (see Employer Asset-backed Pension Contributions (Acrobat […]

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HMRC: Employer Guide to PAYE/NICs amended

May 25, 2011

HMRC has updated the CWG2 helpbook to reflect the Budget changes – principally the mileage allowance – the updated version is available at www.hmrc.gov.uk/guidance/cwg2.pdf.

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