Consultations: Aug-Sep 2019

Published by Croner-i

31 Jul 2019

This month's HMRC and Treasury consultations focus on an overhaul of Companies House' business disclosure regime, plans to simplify VAT capital goods scheme, cross-border tax disclosure rules and reduction in employment allowance NICs 2 threshold

Companies House consultation: Corporate transparency and register reform

Issued: 5 May 2019
Closing date: 5 Aug 2019

The government is planning major changes to the Companies House working model and approach which, if implemented in full, would amount to the most significant reform of the UK’s company registration framework in over 100 years. The aim of the wide-ranging proposals, set out in detail in an 80-page consultation document, is to limit the risk of fraud and misuse of information, by widening the information companies are required to disclose, increasing the checks on this information, and introducing measures to improve the exchange of intelligence between Companies House, HMRC and UK law enforcement bodies.

Draft legislation: employment allowance eligibility reforms

Issued: 25 Jun 2019
Closing date: 20 Aug 2019

HMRC is now consulting on draft legislation to restrict access to the employment allowance for a tax year to employers with secondary Class 1 National Insurance contributions (NICs) liabilities below £100,000 in the previous tax year. Employment allowance is a relief which entitles most businesses and charities to a reduction in their secondary Class 1 NICs liabilities of up to £3,000 per year. From April 2020, it will be administered as de minimis state aid in order to ensure compliance with EU state aid rules.

Employment allowance NICs 2 threshold reduced - draft legislation

Issued: 25 Jun 2019
Closing date: 20 Aug 2019

Cosnultation on draft legislation to restrict access to the employment allowance for a tax year to employers with secondary Class 1 national insurance contribution (NICs) liabilities below £100,000 in the previous tax year. Employment allowance is a relief which entitles most businesses and charities to a reduction in their secondary Class 1 NICs liabilities of up to £3,000 per year. From April 2020, it will be administered as 'de minimis' state aid in order to ensure compliance with EU rules.

Simplification of partial exemption and capital goods scheme

Issued: 18 Jul 2019
Closing date: 26 Sep 2019

The government has launched a consultation on simplifying VAT on capital assets to reduce the administrative burden of the capital goods scheme (CGS) compliance. This looks at ways to simplify adjustments caused by the CGS, a scheme which allows businesses to make adjustments over time to the initial VAT recovery related to the purchase of specific types of capital items.

Cross-border tax disclosure rules

Issued: 22 Jul 2019
Closing date: 11 Oct 2019

The government is consulting on new rules required to implement an EU directive that will enforce the disclosure to HMRC of certain cross-border arrangements that could be used to avoid or evade tax. From 1 July 2020 an EU directive known as DAC 6 will require promoters, intermediaries and taxpayers to report details of certain types of cross-border arrangements to HMRC, where those arrangements meet certain hallmarks or criteria.