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Tax news in brief

Author: ICAEW

Published: 22 May 2024

Highlights from the broader tax news for the week ending 22 May 2024, including: increase in income self assessment (ITSA) threshold; HMRC seeks feedback on income record viewer; and new guidelines for compliance for football clubs and agents.

Increase in income tax self assessment (ITSA) threshold 

The ITSA threshold for customers taxed through PAYE only is increased from £100,000 to £150,000 for 2023/24. Taxpayers who submitted a tax return for 2022/23 showing PAYE income between £100,000 and £150,000, and who do not meet any of the other criteria, will have received a letter from HMRC confirming they do not need to complete a tax return for 2023/24. A taxpayer can check whether they need to submit a tax return, including whether they meet any of the other criteria, by using HMRC’s online tool. The income threshold will be removed for 2024/25 onwards. 

HMRC seeks feedback on income record viewer 

The income record viewer is an online tool that an agent can use to view their client’s information, such as their tax code, pay and tax details and employment history. HMRC has published a survey on the tool as it looks to improve it. All responses are anonymous. 

New guidelines for compliance for football clubs and agents 

HMRC has published guidelines for compliance (GfC) with the aim of helping taxpayers deal with the tax implications of football agents' fees and dual representation contracts. GfC offer HMRC’s view on complex, widely misunderstood or novel risks that can occur across tax regimes. HMRC states that the guidelines do not represent a change in the law or HMRC policy. A full list of GfC can be found here

Help with using the trust registration service (TRS) 

HMRC has provided helpcards for using the TRS to get evidence of registration and to notify HMRC that a trust has closed or that a trust needs to pay tax.  For further guidance on using the TRS, see ICAEW’s TAXguide 14/20

International tax round-up 

CFE Tax Advisers Europe (CFE) has published a summary of its top five tax developments for the week to 13 May. This includes an update on the European Commission’s (EC’s) evaluation of Directive 2011/16/EU, also known as the directive on administrative cooperation (DAC). CFE has also published an opinion statement in response to the EC’s consultation concerning the operation of the directive on tax dispute resolution mechanisms in the European Union. 

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