HMRC updates

Other articles (Insolvency Practitioner, June 2021):

• Michelle Thorp, CEO
• Kevin Hellard, President
• Personal insolvency: New Debt Relief Order rules
• Payment for the introduction of an insolvency appointment is prohibited – a reminder
• Business support measures extended
• Anti-Money Laundering high-risk indicators
• Updates to Suspicious Activity Reports glossary codes
• Anti-Money Laundering case studies
• National Crime Agency releases National Strategic Assessment of Serious and Organised Crime
• New members sought: Anti-Money Laundering sub-Committee of the Standards, Ethics and Regulatory Liaison Committee
• Evaluators and Pre-Packs: What’s new?
• Case law update
• IPA joins the Money Advice Liaison Group as a National Member
• It’s not just the IPA who is 60 this year!
• Meet a Committee member: Clare Lindley, member of the Standards, Ethics and Regulatory Liaison Committee

Recording tax and national insurance – preferential dividends

There may be instances in your work where you need to record the tax and national insurance payable on a preferential dividend paid to an insolvent entity’s former employees, for example salary arrears from before the date of insolvency, or holiday pay.

HMRC requests that you help to ensure these payments are allocated correctly by setting up a new PAYE Scheme. Read how to do this, and further information, in the full update.

Update: Introduction of electronic banking for Insolvency Practitioners making dividend payments

HMRC has issued clarification on its electronic banking process for Insolvency Practitioners making dividend payments, in response to some uncertainty on the process that it has become aware of. Read the update here.