The government will publish draft clauses to be included in Finance Bill 2015 on Wednesday 10 December 2014, in the week following the Autumn Statement. Consultation on this draft legislation will run until 4 February 2015.
The government has extended stage 1 of its consultation on a review of the tax rules on employees’ travel and subsistence expenses until 31 January 2015. The original closing date was 23 October 2014. Stage 2 will begin in winter 2014, involving a working group to produce a new set of principles, to report by Budget 2015. This review complements the current HMRC consultations on expenses and benefits and the Treasury's broader call for evidence on remuneration published on 18 June.
Regulations for collecting debts through PAYE
The Income Tax (Pay As You Earn) (Amendment No. 4) Regulations, SI 2014/2689, come into force on 1 November 2014. These amending regulations specify the graduated scale of earnings on which the increased amounts of tax debt HMRC can collect through an individual’s PAYE tax code will be based for tax year 2015/16 onwards. The regulations also provide a statutory safeguard, coming into force on 6 April 2015, to prevent employers deducting more than 50% of an employee’s relevant pay.
Community amateur sports clubs consultation
HMRC is consulting until 5 November 2014 on one set of draft regulations and a draft order setting out revised eligibility conditions and tax exemption thresholds for community amateur sports clubs (CASCs). This follows consultation during 2013 and legislation introduced in FA 2014. The new conditions cover: new upper limit on trading and property income; maximum membership fees; payments to players and match officials up to specified limits; a minimum 50% participating (i.e. sporting as opposed to social) membership; and increased thresholds for corporation tax exemption on trading receipts and property income. Existing CASCs will retain their status and will have up to 12 months from the date the regulations come into force to make any changes to comply with the new rules.
HMRC opens credit card sales campaign
HMRC has announced details of its latest disclosure campaign, which is aimed at traders who accept payment by debit and credit card but who have not declared all transactions. Traders wishing to use the scheme must first notify HMRC, and will then have 4 months from the date they receive HMRC’s acknowledgement of notification to make a disclosure and pay any tax due.
Gambling tax online registration to open
HMRC will open the full online registration service on 3 November 2014 for gambling operators becoming liable to general betting duty, pool betting duty, or remote gaming duty when the new rules come into effect on 1 December 2014. HMRC is also writing to existing operators for information to update its IT systems.
HMRC guidance
HMRC has issued the following on its website:
FATCA online registration guidance, Report FATCA information to HMRC;
Employer Bulletin Issue 50;
Film tax relief – summary of tax credit claims: 2006/07 to 2013/14.
The government will publish draft clauses to be included in Finance Bill 2015 on Wednesday 10 December 2014, in the week following the Autumn Statement. Consultation on this draft legislation will run until 4 February 2015.
The government has extended stage 1 of its consultation on a review of the tax rules on employees’ travel and subsistence expenses until 31 January 2015. The original closing date was 23 October 2014. Stage 2 will begin in winter 2014, involving a working group to produce a new set of principles, to report by Budget 2015. This review complements the current HMRC consultations on expenses and benefits and the Treasury's broader call for evidence on remuneration published on 18 June.
Regulations for collecting debts through PAYE
The Income Tax (Pay As You Earn) (Amendment No. 4) Regulations, SI 2014/2689, come into force on 1 November 2014. These amending regulations specify the graduated scale of earnings on which the increased amounts of tax debt HMRC can collect through an individual’s PAYE tax code will be based for tax year 2015/16 onwards. The regulations also provide a statutory safeguard, coming into force on 6 April 2015, to prevent employers deducting more than 50% of an employee’s relevant pay.
Community amateur sports clubs consultation
HMRC is consulting until 5 November 2014 on one set of draft regulations and a draft order setting out revised eligibility conditions and tax exemption thresholds for community amateur sports clubs (CASCs). This follows consultation during 2013 and legislation introduced in FA 2014. The new conditions cover: new upper limit on trading and property income; maximum membership fees; payments to players and match officials up to specified limits; a minimum 50% participating (i.e. sporting as opposed to social) membership; and increased thresholds for corporation tax exemption on trading receipts and property income. Existing CASCs will retain their status and will have up to 12 months from the date the regulations come into force to make any changes to comply with the new rules.
HMRC opens credit card sales campaign
HMRC has announced details of its latest disclosure campaign, which is aimed at traders who accept payment by debit and credit card but who have not declared all transactions. Traders wishing to use the scheme must first notify HMRC, and will then have 4 months from the date they receive HMRC’s acknowledgement of notification to make a disclosure and pay any tax due.
Gambling tax online registration to open
HMRC will open the full online registration service on 3 November 2014 for gambling operators becoming liable to general betting duty, pool betting duty, or remote gaming duty when the new rules come into effect on 1 December 2014. HMRC is also writing to existing operators for information to update its IT systems.
HMRC guidance
HMRC has issued the following on its website:
FATCA online registration guidance, Report FATCA information to HMRC;
Employer Bulletin Issue 50;
Film tax relief – summary of tax credit claims: 2006/07 to 2013/14.
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