Need to know
HMRC is severely restricting the use of the agent dedicated line from 17 April to 2 June. The ADL will only deal with queries on self assessment penalties and PAYE coding notices.
HMRC has published guidance regarding how to safeguard pension protection, following the pension changes announced at Spring Budget 2023. Care should be taken as the rules differ depending on the date the lifetime allowance protection application was received by HMRC.
ICAEW has joined other professional bodies to propose a series of actions on tax simplification following the closure of the Office of Tax Simplification.
Employers (except for the digitally excluded) will be required to submit and amend forms P11D and P11D(b) online only. Paper original and amendment forms P11D and P11D(b) will be rejected.
ICAEW’s Tax Faculty summarises the key changes contained in the bill.
R&D claims submitted on or after 1 August 2023 will require further details about the projects to be submitted, using an online additional information form.
Assignments of income tax repayments are void from Budget Day. However, HMRC will continue to accept nominations of repayments to third parties, including agents.
Organisations employing former UK military personnel can claim relief on secondary national insurance contributions for the first 12 months of a veteran’s civilian employment.
Further to the ratification of the Windsor Framework, the zero rate for the installation of energy saving materials announced at Spring Statement 2022 will be extended to Northern Ireland from 1 May 2023.
ICAEW expresses disappointment at the scope of inherited interest rules and highlights possible improvements to the draft legislation.
ICAEW’s Tax Faculty members provide comments on the European Commission’s legislative proposals.
The Finance (No. 2) Bill 2022/23 includes Spring Budget announcements such as the full expensing first-year capital allowance, abolition of the pension lifetime allowance charge and investment zones.
Member helpsheets and guidance
The penalties cover failing to register, submitting a late return, late payments and failing to meet other requirements of plastic packaging tax.
HMRC launches a new online service to apply for, amend or cancel a PAYE settlement agreement.
HMRC is contacting almost 135,000 taxpayers who currently file paper self assessment (SA) tax returns to tell them that they will need to phone HMRC if they require a paper form. The SA forms will no longer be available to download from gov.uk.
Self assessment tax return filers who have also submitted a capital gains tax (CGT) UK property return may end up in an overpayment position. ICAEW’s Tax Faculty recaps the process for claiming a CGT repayment.
The consultation by HM Treasury and the Department for Energy Security and Net Zero includes proposals for a UK carbon border adjustment mechanism.
The model is intended to strengthen the UK’s borders against biosecurity threats and illegal imports.
The UK government is seeking views on whether the VAT zero rate for the installation of energy saving materials should be extended to additional technologies and to installations in charitable premises.
HMRC is seeking feedback on specific points to assist in the drafting of guidance on the rules as they apply to the UK.
Government publishes draft legislation detailing how VAT will be accounted for under statutory deposit schemes.
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