Writing for Tax Journal’s Agenda for October 2013, BKL tax partner David Whiscombe explains why October promises to be another busy month for advisers to SMEs.
As well as being the latest filing date for 2012/13 paper self-assessment returns, 31 October is also the deadline for payment of 2013/14 ATED (returns having been due by 1 October); and HMRC’s ‘my tax return catch-up plan’, directed at taxpayers with outstanding returns from 2011/12 or earlier, closes on 15 October, with returns needing to be filed and tax paid by that date.
Early in October, the consultation closes on simplification of class 2 NIC collection and on reform of CTA 2010 s 455 concerning close company loans to participators (see last month’s ‘Agenda’ for more details); later in the month sees the closure of consultations on transfers of assets abroad, ‘Raising the stakes on tax avoidance’ and the controversial tax-free childcare proposals. The replacement of existing tax benefits for employer-provided childcare by the proposed online voucher accounts will significantly affect not only employers – who will need to consider how existing support may need to be recast – but also the self-employed, who stand to gain substantial state support currently available only to employees. And, of course, providers of childcare – often themselves SMEs – will need to become familiar with their place in the new system. After closure of the consultation in October, the timetable envisages publication of detailed proposals later this year and implementation by autumn 2015.