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Highlights from the broader tax news for the week ending 25 October 2023, including: delayed removal of functionality to copy across existing clients to ASA; update on the income record viewer; HMRC’s pay by bank service; increased transparency for crypto-assets; and corporation tax loss carry-back claims.

Update on removal of functionality to copy across existing VAT clients to ASA 

HMRC was intending to remove the functionality that allowed agents to copy across existing VAT clients to their agent services account from October 2023. This has now been delayed to an unspecified date due to technical complexities. Agents are still encouraged to use the digital handshake process to authorise new VAT clients to prepare for the removal of this functionality in due course.

Income record viewer 

HMRC’s income record viewer (IRV) service is now being used by about 3,000 agents. IRV gives agents access to information on their client’s pay, tax, employment history, pensions (private and state) and tax codes. HMRC has produced a short YouTube video that guides the client through the biggest pain point which is the process of authorising agent access.  

Clients may also need to refer to Personal tax account: sign in or set up - GOV.UK (www.gov.uk) for further information on setting up government gateway credentials. 

HMRC’s pay by bank service 

When paying HMRC using pay by bank (ie, paying directly from an HMRC service) the payment will be made to HMRC’s Shipley bank account, even if the taxpayer usually makes payment to HMRC Cumbernauld. This is correct and payments will still be credited to the correct taxpayer record in the same timeframe. 

Increased transparency for crypto-assets under DAC8 

The EU has agreed the latest amendment to the Directive on Administrative Cooperation (DAC8). This includes extensions of registration and reporting obligations to additional types of assets, including crypto-assets, as well as advance tax rulings for high net worth individuals.

The directive will enter into force 20 days after its publication in the EU Official Journal.

Corporation tax loss carry-back claims

HMRC has issued a reminder to companies and agents about the correct procedures for making loss carry-back claims in corporation tax returns:

This includes confirmation that a loss carry-back claim does not require an amended return for the period in which the losses arose or are utilised (unless there are other reasons for a return amendment or the claim itself is being amended).  

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