Archive:July 2016

5 – Deadline for PAYE settlement agreement for 2015/16

6 – Deadline for 2015/16 forms P11Db, P11D and P9D to be submitted and copies of P11D and P9D to be issued to relevant employees

Deadline for employers to report share incentives for 2015/16 – form 42

14 – Return and Payment of CT61 tax due for quarter to 30 June 2016

19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/7/2016 or quarter 1 of 2016/17 for small employers

Class 1A NIC due in respect of the tax year 2015/16

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HMRC have recently updated their online toolkit on directors’ loan accounts to help tax advisers and agents preparing 2015/16 company tax returns. The update reflects the changes to reporting requirements under UK GAAP, as taxing debt will now be largely driven by FRS 102 requirements for financial instruments.

If an entity makes loans to/from directors/employees where there is no explicit interest rate or the interest rate charged is not at a market rate, then the prescribed accounting treatment will depend on which accounting framework the entity has adopted.

Where…

HMRC have published Brief 12(2016), which contains information on changes to their senior accounting officer guidance (SAOG). The Brief aims to clarify HMRC practice and reflects administrative changes to their operational procedures. These include:

– A change of practice allowing submission of certificates by electronic means in addition to the currently accepted methods;
– Extensive updates to reflect organisational change within HMRC and the role of Wealthy and Mid-Size Business Compliance (WMBC);
– New examples of how groups and aggregation should be applied;
– Clarification of HMRC’s view on the inability…