Taxation: Late selfassess ment forms
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The Inland Revenue says it will allow certain self-assessment forms which were sent in on time, but with the odd oversight, to be regarded as having met the official deadline for submission provided that they are corrected and sent back to the IR by 11 February 1998. Not all those who have missed the deadline will have to pay the full penalty of £100—for example if the tax outstanding is less than £100 the penalty will not exceed the tax due. Those due to pay penalties will be notified from the end of February.
Revised overpayment regs Regulations came into force on 11 February 1998 covering reimbursement within three areas of taxation which will affect many road hauliers. They are: • Recovery of overpaid VAT—the Value Added Tax (Amendment) Regulations 1998 (IS 1998 No 59*) • Recovery of overpaid Insurance Premium Tax-the Insurance Premium Tax (Amendment) Regulations 1998 (SE 1998 No 601 • Recovery of Overpaid Landfill tax-the Landfill (Amendment) Regulations 1998 (SI 1998 No 61*).
* Copies of the new regulations are available from the Stationery Office, price £1.10. Contact: 0171 873 0011.
Tax and NI help for employers
The Inland Revenue and Contributions Agency have issued a joint annual Tax and NI information pack for employers which can also be provided on CD-ROM. The joint Orderline (Contact: 0345 646646 until 25 July 1998) continues to operate to provide employers with forms and extra guidance.
MC Changes The DSS has announced the National Insurance Contribution changes from 6 April 1998. Under them both the employee and employer standard rates of NIC will remain at 10% and the lower earnings limit for Class 1 contributions is to be raised to £64 a week and the upper earnings is raised to k485 a week. For more information contact your local Contributions Agency.
The Inland Revenue is consulting on Schedule A and Companies Chargeable to Corporation Tax. The document: • Describes the changes that were made in Finance Act 1995 to the income tax rules governing the taxation of income from property under Schedule A and overseas property under Case V of Schedule D • Explains why those changes were not applied at that time to the corporation tax rules Sets out proposals to simplify and modernise the corporation tax rules Available, price £2, from the Inland Revenue Reference Library, Ground Floor, South West Wing, Bush House, Strand. London WC2B.