HMRC’s latest update rounds up recent developments including the following highlights:
employment-related securities:reminder of the 6 July 2023 deadline for filing annual ERS returns;
consultation on legislative pilots and HMRC’s data powers: reminder that consultation on these two sets of new tax administration proposals closes on 20 July 2023;
research and development tax relief reforms: reminder of the requirements for R&D claims from 1 April 2023 and the additional information requirements from 1 August;
self-assessment threshold change: from 2023/24 onwards, the self-assessment threshold for taxpayers taxed through PAYE only will change from £100,000 to £150,000. Those with income below the threshold may still need to submit a return if they meet certain other criteria;
making tax digital – changes to the HMRC VAT online account: reminder that from 15 May 2023, VAT-registered businesses must keep digital VAT records and submit their returns using making tax digital compatible software, unless they are exempt; and
extension to HMRC’s digital services: HMRC intends to expand its SMS text message service to more helplines and queries as part of a larger trial.
HMRC’s latest update rounds up recent developments including the following highlights:
employment-related securities:reminder of the 6 July 2023 deadline for filing annual ERS returns;
consultation on legislative pilots and HMRC’s data powers: reminder that consultation on these two sets of new tax administration proposals closes on 20 July 2023;
research and development tax relief reforms: reminder of the requirements for R&D claims from 1 April 2023 and the additional information requirements from 1 August;
self-assessment threshold change: from 2023/24 onwards, the self-assessment threshold for taxpayers taxed through PAYE only will change from £100,000 to £150,000. Those with income below the threshold may still need to submit a return if they meet certain other criteria;
making tax digital – changes to the HMRC VAT online account: reminder that from 15 May 2023, VAT-registered businesses must keep digital VAT records and submit their returns using making tax digital compatible software, unless they are exempt; and
extension to HMRC’s digital services: HMRC intends to expand its SMS text message service to more helplines and queries as part of a larger trial.
