The April 2023 edition provides a helpful roundup of recent changes, with links to HMRC’s substantive guidance in key areas, including the following:
Time to pay arrangements for disguised remuneration settlements and the loan charge: HMRC has updated the assessment approach used when determining taxpayer eligibility for automatic time to pay arrangements, in relation to disguised remuneration settlements and the loan charge. HMRC will now use the most recent complete tax year information available to determine eligibility. Depending on an individual’s income, the automatic time to pay arrangements allow up to seven years to pay outstanding amounts.
R&D changes from 1 April and 1 August 2023: although this is a short item in the Update, it links through to HMRC’s main guidance on the changes which helps clarify what the changes are and the date from which they apply.
Mandatory disclosure rules: this item summarises the reporting requirements that now apply under UK legislation from 28 March 2023.
Preparing for the new tax-year basis: HMRC has included another summary of the 2023/24 transitional year, with basic guidance on how to request relevant figures for calculating overlap relief and noting that HMRC is developing an online system for overlap relief requests.
The annual ‘Tell ABAB’ survey: open until 2 May 2023, with the results published in summer 2023, the Administrative Burdens Advisory Board survey aims to provide ‘crucial insight on the big issues faced by small businesses (including those who identify as tax agents) in the tax system’.
Agent dedicated line: between 17 April and 2 June 2023, the Agent dedicated line will only answer calls relating to self-assessment late-filing penalties and appeals and PAYE coding enquiries.
MTD for VAT: a new feature ‘Client list for agents’ has been launched in the agent services account for those taking part in HMRC’s access groups trial. Client lists will allow agents to view all their authorised clients and associated information in one convenient location.
The April 2023 edition provides a helpful roundup of recent changes, with links to HMRC’s substantive guidance in key areas, including the following:
Time to pay arrangements for disguised remuneration settlements and the loan charge: HMRC has updated the assessment approach used when determining taxpayer eligibility for automatic time to pay arrangements, in relation to disguised remuneration settlements and the loan charge. HMRC will now use the most recent complete tax year information available to determine eligibility. Depending on an individual’s income, the automatic time to pay arrangements allow up to seven years to pay outstanding amounts.
R&D changes from 1 April and 1 August 2023: although this is a short item in the Update, it links through to HMRC’s main guidance on the changes which helps clarify what the changes are and the date from which they apply.
Mandatory disclosure rules: this item summarises the reporting requirements that now apply under UK legislation from 28 March 2023.
Preparing for the new tax-year basis: HMRC has included another summary of the 2023/24 transitional year, with basic guidance on how to request relevant figures for calculating overlap relief and noting that HMRC is developing an online system for overlap relief requests.
The annual ‘Tell ABAB’ survey: open until 2 May 2023, with the results published in summer 2023, the Administrative Burdens Advisory Board survey aims to provide ‘crucial insight on the big issues faced by small businesses (including those who identify as tax agents) in the tax system’.
Agent dedicated line: between 17 April and 2 June 2023, the Agent dedicated line will only answer calls relating to self-assessment late-filing penalties and appeals and PAYE coding enquiries.
MTD for VAT: a new feature ‘Client list for agents’ has been launched in the agent services account for those taking part in HMRC’s access groups trial. Client lists will allow agents to view all their authorised clients and associated information in one convenient location.
