HMRC guidance

New HMRC guidance includes:

·       Notice 301: Civil penalties for contraventions of customs law: cancels and replaces the November 2012 version, making only minor amendments.

·       Notice 700/1: Should I be registered for VAT? This cancels and replaces the October 2015 version.

·       Notice 700/12: How to fill in and submit your VAT return: cancels and replaces the November 2015 version, updating contact information for HMRC’s business payment support service.

·       Notice SIVA 1: Simplified import VAT accounting: updates the April 2016 version with further minor changes introduced by the Union Customs Code.

·       Inheritance tax manual (IHTM): new IHTM30125 added, concerning the potential liability of the purchaser where business property relief was given on a lifetime transfer of relevant business property which the transferee sold on within seven years of death and IHT remains unpaid.

·       Factsheet CC/FS25a: Tax avoidance schemes – follower notices and accelerated payments (except partnerships): updates the July 2015 version. Also covers partnership cases involving SDLT or ATED avoidance schemes.

·       Factsheet CC/FS32: Employee tax-advantaged share schemes – penalty for material inaccuracy: explains the penalties HMRC may charge employers for material inaccuracies in their annual return of Enterprise Management Incentives.

·       Factsheet CC/FS33: Employee tax-advantaged share schemes – penalties for not meeting approval conditions: explains the penalties HMRC may charge where an employer’s SIP, SAYE, CSOP or EMI scheme does not meet the requirements for tax-advantaged status.

·       Factsheet CC/FS1f: Tax-advantaged share schemes: general information about compliance checks into tax advantage schemes.

·       RDR1: Residence, domicile and the remittance basis: updates the September 2015 version with a revised flowchart in paragraph 9.35 showing the remittance basis charge amounts applicable from April 2015.

·       Employment-related securities return templates: updated technical notes for creating end-of-year reporting templates for CSOP, EMI, SAYE, SIP and unapproved options for the year 2015/16.

·       Customs Information Paper 41/2016: Inward processing – authorisation by declaration override codes: announces the removal of override codes DTY and VAT on customs procedure codes 51 00 001, 51 00 003 and 51 71 004 until further notice.

·       Excise Information Sheet 1/2016: Single transport contract: businesses may continue to use the current single transport contract procedures for export of duty-suspended goods from UK excise warehouses until amendments to the Union Customs Code Implementing Act and the Excise Directive are implemented.