CTG Newsletter – 15 August 2016

“Making Tax Digital” consultations published

HMRC has launched six Making Tax Digital (MTD) consultation documents setting out detailed plans on how HMRC proposes to make tax digital and to simplify the tax system. The consultations close on Monday 7 November 2016. Further information is available here.

HMRC paper on tax implications of FRS 102

HMRC has published updated guidance on the changes to the ‘generally accepted accounting practice’ (GAAP) used to prepare financial statements. This includes an overview paper on the tax implications of FRS 102. Further information is available here.

Apprenticeship Levy guidance published

The Department for Education has published the Government’s initial Proposals for apprenticeship funding in England from May 2017, along with an Apprenticeship funding bands tool and a spreadsheet of Apprenticeships approved for delivery. The DfE is seeking views from employers and providers on its initial proposals outlined here and, particularly, how they plan to adapt their hiring, training and development activities in response to these reforms. The DfE has also published updated guidance on how the Apprenticeship Levy will work. Further information is available here. (NB this update has been re-issued due to a technical fault encountered with Friday’s newsletter).

VAT exemption case

The First Tier Tribunal has dismissed an appeal by the Association of Graduate Careers Advisory Services (AGCAS), a charity, claiming that supplies to its members were exempt from VAT under Schedule 9 VATA 1994 Group 9 (subscriptions to trade unions, professional and other public interest bodies). Further information is available here.

SDLT consultation

HMRC has launched a consultation seeking improvements to the filing and payment process for Stamp Duty Land Tax (SDLT) which would increase efficiency, and reduce the compliance burden and costs for both HMRC and customers. Further information is available here.

AEOI schema and supporting documents

HMRC has published schema and supporting documents for Automatic Exchange of Information (AEOI) software developers. More information about AEOI and the Common Reporting Standard can be found here.