Technical News

 


HMRC’s Wealthy External Forum have issued a briefing to forum members regarding an educational campaign letter to be sent to individuals who HMRC believe may have disposed of shares in an unlisted company during the sale of the company and may, as part of that sale, have received deferred consideration. Where taxpayers are represented by an agent the proposed letter will be directed to the agent. Unrepresented individuals will receive the letter direct. The letters will be sent in October by Wealthy & Mid-sized Business Compliance.

From March 2021 HMRC intend to migrate all of their remaining VAT customers from the VAT Mainframe (VMF) on to their Enterprise Tax Management Platform (ETMP).  

On Wednesday 14th October at 2pm the UK Financial Intelligence Unit (UKFIU) will be hosting a SAR Glossary Codes Webinar – the benefits to the SAR Regime.

This update provides some background to HMRC’s Profit Diversion Compliance Facility (PDCF) and guidance to help members provide advice on the most appropriate way to respond if a business receives a letter from HMRC suggesting that they review their cross border arrangements. We consulted HMRC to check that this update accurately reflects their position.   

HMRC has provided us with an update in relation to its digital services.

HMRC have provided the following update which will be included in the next HMRC Agent Update

This webinar, which was broadcast live on Thursday 8 October 2020 provided a recap of the scheme and a look at what’s new.  

This webinar is being run by HMRC senior operational staff and will provide an update on HMRC’s PDCF. This will include HMRC’s approach to tackling Transfer Pricing and Diverted Profits Tax risks, key aspects of the PDCF process, benefits of the facility and a general overview of how the facility has been operating so far.

The Tax Law Review Committee (TLRC) is currently undertaking a project looking at the operation of the First Tier Tax Tribunal (FTT).  

HMRC have set out in the article below the best way of providing feedback on their manuals.