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The official rate of interest is reduced from 4.75% to 4.00% from 6 April 2010. There is no change to the official rates that apply in relation to Japan and Switzerland. The official interest rate for a particular tax year is published annually in form P11D(INT) and is included on the Employer CD-ROM. For unknown reasons, the P11D(INT) that is included on the 2010 Employer CD-ROM is for the 2008/09 tax year, not the 2009/10 tax year!
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Posted March 10th, 2010 | No Comments »
Form P11DX, which has traditionally been used by employers to apply for a dispensation, now has its online equivalent, at the link below.
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Posted January 27th, 2010 | No Comments »
During 2009, HMRC has used statutory powers to legislate the provisions of various Extra-Statutory Concessions (ESCs) where it is believed that they exceed HMRC’s discretion to make concessions that depart for the strict application of tax law.
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Posted December 18th, 2009 | No Comments »
HMRC already has internal quality standard checks for the P35 Employer Annual Return (http://www.hmrc.gov.uk/manuals/pommanual/paye40050.htm) and has now announced that a similar quality standard is being introduced for the P11D Benefits and Expenses Return.
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Posted April 20th, 2009 | No Comments »
HMRC has announced a reduction in the official rate of interest from 6.25% to 4.75% from 1 March 2009.
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Posted February 2nd, 2009 | No Comments »
The House of Lords decision in 2005 in the case Wilkinson v Inland Revenue raised issues concerning HMRC’s powers to make extra-statutory concessions. Within its remit of collecting taxes, HMRC has “wide managerial discretion as to the best means of obtaining for the national exchequer from the taxes committed to their charge, the highest net return that is practicable having regard to the staff available to them and the cost of collection.”
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Posted November 17th, 2008 | No Comments »
Written by Ian Congreave - Filed under: Basics on July 28th, 2008 | Comments Off
In December 2007, in a consultation document entitled Benefits in kind and expense payments in the payroll - a fresh approach, HMRC published proposals to
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Posted July 28th, 2008 | Comments Off
