For an interest in possession trust (typically one where there is a life interest so that the life tenant is entitled to the income) where the income is mandated to the beneficiary and all the remaining income not mandated has been taxed at source the wording of the SA900 Trust SATR states that the trustees do not have to there is no need to complete all the income details and the beneficiary can instead return the income directly on their personal SATR. In such circumstances the trustees may request to be taken out of the SA regime for future years.
This is a brief introduction to the ‘Corporate offences of failure to prevent the criminal facilitation of tax evasion’ (Criminal Finances Act 2017). As preparation for its introduction on 30 September 2017 members should check that they have adequate policies and procedures in place.
HMRC have provided an update on the new Agent Services account, Self-Assessment pre-population in third party software, agent access to their clients’ Apprenticeship Levy data, recent changes to PAYE coding and the latest Cyber Security alerts.
The recent announcements around Making Tax Digital now place VAT firmly at the vanguard of these proposals. The CIOT takes a look at the challenges faced by businesses, advisers (and HMRC) by this revised timetable.