Technical News

 


We are pleased to report that, following representations from the ATT, CIOT and a number of other professional bodies, HMRC have acknowledged feedback received about the Trust Registration Service (TRS) and the pressure placed on agents during peak self-assessment season.  Accordingly, a soft landing for penalties has been announced, which effectively gives agents an extra five weeks to 5 March 2018 to comply with these new requirements for reportable trusts.  This deadline applies to all trusts which already have a unique taxpayer reference, or do not need one.

HMRC have asked us to draw attention to their following notice about forthcoming Talking Points meetings.

HMRC have asked us to draw attention to their following notice about forthcoming Talking Points meetings.

Following representations from the CIOT/ATT and a number of other bodies, we are pleased to report that HMRC have revised their position on when trustees must report individual beneficiaries (together with a large amount of personal detail) on the trust register, and when trustees can simply report a class of beneficiaries.  This is very welcome, and should reduce the volume of information trustees and their agents need to gather on reportable trusts.  

As members of the Virtual Communications Group HMRC shares with us monthly updates in relation to its services. Updates for November 2017 are set out below:

HMRC have asked us to draw attention to their following notice about forthcoming Talking Points meetings.

Following several member queries, a submission was made by CIOT to HMRC regarding several VAT issues faced by non-resident landlords with opted commercial properties in the UK. 

HMRC hosted a Talking Points Webinar on 17 November 2017.

Following the success of the AML seminars held in October, and as a result of member feedback, the Professional Standards Team are pleased to announce that the session will be presented again during a webinar at 10.00 am on Monday 20th November 2017. 

We have received queries from members regarding abridged accounts for small entities prepared under FRS102 1A, and to what extent these abridged accounts are acceptable to HMRC, for instance when attaching the accounts to a form CT600 (Corporate Tax Return).