HMRC has published its latest edition of ‘Agent Update’.
The online publication is not for the faint hearted – just the summary of its contents runs to over 10 pages but nevertheless accountants may find it invaluable to wave at clients; ‘This is why we charge so much, YOU try absorbing all this!’
The publication is pretty heavy going, with sections split into tax and services and online updates. Highlights include new guidance on Money Laundering Regulations (MLR) with important news for Trust or Company Service Providers (TCSPs) and Accountancy Service Providers (ASPs).
This edition of the Agent Update introduces something new to the tax vocabulary. ‘Cross Tax” is not what you get when HMRC staff are overstressed and unhappy, it is a heading used to mean ‘across the taxes’ as opposed to applying to just one area, such as corporation tax. Under this heading come updates on the Anti-Avoidance Simplification Review and further information on New Powers as well as news that HMRC will stop issuing 'Reply Paid' Business Response Envelopes from 1 October 2008, with the exception for those issued for benefits and credits. Taxpayers must now do it all online.
HMRC also uses the update to introduce its new chairman, Mike Clasper, whose role will be to ‘lead the Board, which will provide strategic leadership, approve business plans, monitor performance and ensure the highest standards of corporate governance.’ His top priority is to implememnt the Poynter recommendations on data security.