LATEST HMRC LEVY GUIDANCE & CONSULTATION PUBLISHED
CMI welcomes the latest HMRC levy payment guidance as well as HMRC’s launch of a new consultation on the draft levy regulations.
HMRC has issued further guidance on paying the new apprenticeship levy. It outlines when employers will need to pay the levy, how much they will need to pay and how the levy will be paid, among other important details such as reporting and the status of the NHS, schools, charities and public bodies.
With April 2017 only four months away, this is welcome information for employers looking to plan ahead. You can read the guidance in full here.
Following this guidance, HMRC have also launched a technical consultation on the draft regulations for the Apprenticeship Levy.
The consultation seeks feedback on the draft legislation, which is a new, extended version that is a result of previous feedback received in autumn 2016. This current draft legislation now includes not only the initial information on calculation, payment, annual allowances and reporting of the levy, but also an additional number of other matters relating to the operation of the levy - matters that HMRC have received the most stakeholder interest in. These include topics such as recovery of the levy by HMRC, assessment of unpaid levy, retention of records by employers and recovery of debts. It is on these matters that HMRC are welcoming comment.
This is an important opportunity for employers to give their opinions on the draft regulations to confirm, as far as possible, that the regulations will achieve the intended policy effect with no unintended consequences.
Commencing on 14 December 2016 and ending 3 February 2017, this technical consultation will be of interest to employers who are likely to pay the levy as well as employer advisors and payroll agencies. All are encouraged to respond in order to improve the effectiveness of the levy implementation process. You can read more on the consultation here.