New regulations include measures dealing with coding out of underpayments, the national minimum wage and enterprise management incentives.
PAYE codes
The Income Tax (Earnings and Pensions) Act 2003 (Section 684(3A)) Order, SI 2014/2438, increases the limit on the amount of debt that can be coded out in a year from £3,000 to £17,000, following consultation.
HMRC said in an explanatory note: “A publicity programme is in place for this work aimed at ensuring taxpayers, employers and their advisers are aware of the extended use to be made of collecting tax debts via PAYE coding out. Full information will be available on HMRC’s website, and additional detail and contact numbers for queries will be included on the P2 coding notices to be issued before the start of the 2015/16 tax year.”
National minimum wage
The National Minimum Wage (Amendment) (No. 2) Regulations, SI 2014/2485, increase the hourly rates from 1 October.
Enterprise management incentives
The Finance Act 2014, Schedule 37, Paragraph 22 (Commencement) Order, SI 2014/2461, brings into force on 1 October a provision amending the independence requirement for enterprise management incentives.
VAT: Museums and galleries
HMRC has invited comments on the draft Value Added Tax (Refund of Tax to Museums and Galleries) (Amendment) Order 2014. The order will amend SI 2001/2879, which specifies the bodies entitled to claim a refund under VATA 1994 s 33A in relation to VAT incurred on goods and services used in providing free admission to museums and galleries. Comments are invited by 20 October.
