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HMRC watch: A review of “What’s new” for SMEs this week

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8th Jun 2007
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To stop you having to trawl through the endless list of statutory instruments and double taxation treaties that dominate HMRC’s “What’s new” section, Nichola Ross Martin brings you a summary of what is new on HMRC’s site for SME owners and advisors.

Litigation and Settlements Strategy
6 June 2007
HMRC have published a Litigation and Settlements Strategy (LSS) which covers how it enters into, handles and settles disputes about taxes, duties or credits, and sets out principles for bringing tax disputes to a conclusion, whether by agreement with the taxpayer, or by litigation, i.e statutory appeal to an independent body, including the General or Special Commissioners, the VAT Tribunal or the courts.

The aim of the LSS is to ensure that disputes are conducted in a way that is professional, effective and that supports HMRC’s objectives to close the tax gap and provide customers with a clear understanding of the law. Accountingweb will be taking an indepth look at LSS next week.

Registering as self-employed
6 June 2007
An improved CWF1 has been produced by the Central Agent Authorisation Team (CAAT). Download the new version to be completed and sent to CAAT.

Form R85 updated for 2007
6 June 2007
Mail shot provides details of changes, a new help sheet, and how to order supplies

HMRC deny tax crackdown on landlords
5 June 2007
Despite the media hype, HMRC say that they are “not planning a tax crackdown” but instead “planning to take a concerted approach to helping landlords of all descriptions (not just in the buy to let market) to understand and comply with their tax obligations in what they recognise to be a complex area.”

The “explicit presumption” will be that the majority of landlords are to be treated as innocent and that they just need more help. New landlord guidance is to be found here.

PAYE Agents: tax-free payment notifications for online filing
4 June 2007
Online notifications are being sent out over the next two weeks telling you that your clients have a £150 tax-free payment for sending their 2006-07 Employer Annual Return online.

Company tax: COP10 revision
1 June 2007
Code of Practice 10 clearance facility has been reinstated for Substantial Shareholdings Exemption. This follows a budget 2007 announcement where there is genuine uncertainty regarding the interpretation of tax legislation (without time limit) in two particular areas of tax law:

  • Stamp duty land tax from Royal Assent of Finance Act 2007; and
  • Substantial Shareholding Exemption from 01 June 2007

This list came from a review of:

  • What's new
  • Working together
  • Manuals
  • Share schemes
  • TIPS
  • Gateway for practitioners
  • Bulletins

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