Agent Update August-September 2009 Issue 13
Introduction
Welcome to the thirteenth edition of Agent Update. This edition celebrates our second birthday, and we would like to take this opportunity to thank all those who have supported this publication. You can then click on the link to view the full information.
As ever, we recognise that not all topics will be relevant to you. By ‘scanning’ the brief introductions to each piece, you should be able to identify the topics that are relevant to you within a couple of minutes. You can then click on the link to view the full information.
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Tax
Developments and changes to legislation and allowances relating to UK tax. View the Tax section.
HMRC Service
Changes to HMRC services, upcoming HMRC events and guidance. View the Service section.
Consultations
Details of live consultations and response summaries. View the Consultations section.
This month’s top articles
Final chance for clients to declare all outstanding tax and duties
From 1 September 2009 your clients will have a final chance to declare all outstanding tax and duties. If they notify HMRC between 1 September and 30 November 2009, they could be charged a reduced penalty rate on the tax they owe. Otherwise, they could face a 100 per cent penalty or criminal prosecution. This will be particularly relevant to clients with offshore accounts or assets. Please check the HMRC website for the latest information, available from 1 September 2009.
New Learning Together roadshow
The first Learning Together event, bringing together tax agents and HMRC compliance officers, was held in West London in May this year. The three-hour event covered compliance checks and penalties, looking at the practical implications for both sides and will now visit other cities and towns in the UK from October 2009 onwards. Learning Together is supported by the leading tax institutes and associations, including ICAEW, ICAS, ACCA, CIOT, AAT and ATT, but all practising tax agents are welcome to attend, regardless of professional affiliation. All Learning Together events are free to attend.
Accountants’ guide to SME finance (Opens new window)
It is helpful for advisers to be aware of available sources of finance for their clients, particularly in an economic downturn. The businesslink.gov.uk ‘For Professional Advisers’ area has recently launched a new guide, aimed at accountants and other financial intermediaries whose clients include small and medium-sized enterprises. It covers the main options these businesses have for raising finance and the key issues to consider.
