HMRC issues incorrect penalty notices for non-submission of P11D forms for 2013/14

HMRC has issued a number of penalty notices stating that a penalty has arisen due to the failure to submit forms P11D for 2013/14. In the case we have encountered so far, the notices are wrong - the P11Ds were submitted and before the deadline, so no penalties are in fact due.

HMRC has apologised for the inconvenience caused they say principally in cases where the business has changed its name.

The High Income Child Benefit Charge

We have seen a couple of instances where clients have received a letter from HMRC saying that the submitted tax return may be wrong because the High Income Child Benefit Charge (HICBC) has not been reported on the tax return.

The HICBC is payable by the party in a couple living together who has gross taxable income of more than £50,100 and more than their partner. It is only payable where the couple are still receiving the child benefit in respect of a child or children, usually under the age of 18.

Employee Benefit Trusts-EBT settlement opportunity to close in March 2015

Employee Benefit Trusts (EBTs) were used a lot in the early 2000s, particularly by medium & large companies to offer benefits to their staff and at the same time mitigate tax. These EBTS were actively promoted by the Government at one time. As with so so many other similar schemes, HMRC and the Government have now closed them down as tax avoidance. Not only that, they are actively pursuing employees who got caught up in such schemes for past tax, interest and penalties.

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