Other news in brief | KPMG | UK

Other news in brief

Other news in brief

A round up of other news this week.


Also on KPMG.com

Lin Homer has announced that she will leave the position of Chief Executive and Permanent Secretary of HMRC in April.

HMRC have published a revised version of their charter, which sets out what they expect from taxpayers, and what taxpayers can expect from them. They have also published their annual report covering their performance against the charter, including details of HMRC’s improvement priorities.

The Government has published draft regulations amending the National Insurance Contributions reporting requirements to deal with the abolition of contracting out from April this year.  Comments have been requested by 5 April 2016.

HMRC have published a Brief on the deduction of income tax at source from payments of peer-to-peer (P2P) interest. The Government is in the process of changing the obligation to deduct tax from interest paid on P2P loans, with legislation due to be amended to clarify how any such withholding obligations might apply in the future. In the meantime, HMRC have confirmed that until the legislation is changed, interest payments made on P2P loans may be made without deduction of tax.

HMRC have updated their guidance on the disclosure of tax avoidance schemes (DOTAS). These changes follow Finance Act 2015 and involve a new consolidated form AAG6 which applies to all relevant taxes. It also introduces a new form AAG7 to report scheme reference numbers to employees where a tax advantage is expected to arise relating to their employment. The form now also contains new wording flagging some of the potential implications for taxpayers of being involved in a disclosable scheme.

Christmas brought cheer for retailers, according to the British Retail Consortium (BRC) and KPMG in the UK’s Retail Sales Monitor and Online Retail Sales Monitor.

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