In its latest update for agents, HMRC have highlighted changes to the process for making repayment claims for income tax deducted from savings interest, the risks for employment agencies using umbrella companies, and encourages the early filing of self-assessment tax returns.
Together with the usual general roundup of recent developments, the following sections of Agent Update 120 are worth noting:
R40 repayment process: HMRC have confirmed that changes to the processing of repayment claims for income tax deducted from savings and investments (R40) are now in effect. From 30 April 2024, agents making claims on behalf of clients need to use HMRC’s standard R40 form and include their agent reference number (rather than an alternative version of the form). The nomination section must be included if the intention is for the agent to receive the refund as nominee. Supporting evidence to accompany refund claims for interest paid on PPI is also covered briefly.
Spotlight 64 (employment agencies using umbrella companies): HMRC are encouraging agents to share the spotlight with clients, to help raise awareness of the steps businesses can take to protect themselves and their workers.
CIS registrations reminder: from 6 April 2024, subcontractor registration is online only (except in cases of digital exclusion).
GOV.UK One Login: GOV.UK One Login is currently being tested internally within HMRC. This initial phase is being extended to allow for further testing and the introduction of improvements, before being opened up to groups of taxpayers.
HMRC is also ‘strongly encouraging’ agents to submit clients’ tax returns well ahead of the 31 January deadline, noting that ‘now is a great time for filing tax returns’!
In its latest update for agents, HMRC have highlighted changes to the process for making repayment claims for income tax deducted from savings interest, the risks for employment agencies using umbrella companies, and encourages the early filing of self-assessment tax returns.
Together with the usual general roundup of recent developments, the following sections of Agent Update 120 are worth noting:
R40 repayment process: HMRC have confirmed that changes to the processing of repayment claims for income tax deducted from savings and investments (R40) are now in effect. From 30 April 2024, agents making claims on behalf of clients need to use HMRC’s standard R40 form and include their agent reference number (rather than an alternative version of the form). The nomination section must be included if the intention is for the agent to receive the refund as nominee. Supporting evidence to accompany refund claims for interest paid on PPI is also covered briefly.
Spotlight 64 (employment agencies using umbrella companies): HMRC are encouraging agents to share the spotlight with clients, to help raise awareness of the steps businesses can take to protect themselves and their workers.
CIS registrations reminder: from 6 April 2024, subcontractor registration is online only (except in cases of digital exclusion).
GOV.UK One Login: GOV.UK One Login is currently being tested internally within HMRC. This initial phase is being extended to allow for further testing and the introduction of improvements, before being opened up to groups of taxpayers.
HMRC is also ‘strongly encouraging’ agents to submit clients’ tax returns well ahead of the 31 January deadline, noting that ‘now is a great time for filing tax returns’!
