Highlights from the broader tax news for the two weeks ending 23 August 2023, including: P11D concession for insolvency practitioners; a gender equal tax system in Europe; VAT refunds for organisations not registered for VAT; new HMRC toolkit; and HMRC contact information.
Submission of P11Ds by insolvency practitioners
HMRC announced in February 2023 that it would no longer accept paper P11D and P11D(b) forms for the 2022/23 tax year and future tax years. However, HMRC has recognised that it may not be possible for insolvency practitioners to submit these forms online for businesses that has gone into insolvency, either in year or following the end of the tax year.
HMRC has therefore introduced a temporary concession to allow insolvency practitioners to continue to submit paper returns using their own P11D/P11D(b) equivalent, or in a letter format. A covering letter is required to help HMRC identify the form as originating from an insolvency practitioner. Read more.
A gender equal tax system in Europe
On 4 July, PwC Director Jacomien van den Hurk hosted a podcast conversation with guest speakers from the European Parliament, European Commission, and others, including ICAEW’s Alison Ring, to discuss the key features of the tax system that can be designed to help reduce gender inequality. Listen to the podcast.
Claim a VAT refund as an organisation not registered for VAT
Certain organisations, including local authorities, academies, public bodies, and eligible charities can claim back VAT that relates to their non-business activities. Where these organisations are not VAT-registered, the VAT can be reclaimed through an online service. Historically, local authorities had three years to make a claim in this way. This has now been increased to four years to bring local authorities in line with academies, public bodies, and eligible charities.
New assurance of remittance toolkit to be launched by HMRC
The toolkit is aimed at helping tax advisers consider whether taxable remittance of income and gains have been made taxpayers using the remittance basis of taxation. It contains a checklist addressing key areas of risk in relation to determining taxable remittance. HMRC expects the toolkit to be published in October 2023.
This guidance is created by the Tax Faculty, recognised internationally as a leading authority and source of expertise on taxation. The Faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.