Agent update June 2020
HMRC has released the latest bi-monthly issue of the 'Agent Update' publication which includes summaries of recent changes and updates that have been announced. The document which is aimed at taxation and accountancy practitioners includes links to more detailed information on each of the topics covered.
The topics covered in the latest edition include the following:
- COVID-19. A reminder that the GOV.UK portal includes details of all the various financial support and other measures available to employers, businesses and employees.
- HMRC’s Basic PAYE Tools (BPT). The BPT has been updated to version 20.2 to include further guidance on Statutory Payments in the ‘Calculators’ section.
- Tax rules on waiving your income or donating to charity. Employers, directors and employees have several options to support a business or employer and / or to make donations to charity.
- Lifetime ISA rules change. A temporary reduction in the Lifetime ISA withdrawal charge to 20% is available from 6 March 2020 until 5 April 2021. This means account holders will only have to pay back any government bonus they have received but will not pay the additional withdrawal charge.
- Agreed tax postponements automatically extended until the end of June 2020. HMRC has written to taxpayers whose tax payments had already been postponed due to COVID-19 issues, informing them that that the postponement has been extended to 30 June 2020.
- End of year reporting. The deadline for reporting any Class 1A National Insurance contributions and submitting P11D and P11FD(b) forms to HMRC for the tax year ending 5 April 2020 is 6 July 2020.
- Links to new Revenue & Customs Briefs.