Basis period reform reminder for sole traders and partners: HMRC published guidance on working out transition profit in April, with a link to its new ‘work out your transition profit’ calculator tool. The Digest links through to HMRC’s explanatory YouTube video.
Self-assessment threshold change reminder: for 2023/24, the self-assessment threshold for PAYE taxpayers will change from £100,000 to £150,000 (meaning PAYE taxpayers will no longer need to complete a self-assessment tax return if their income is below £150,000). From 2024/25 onwards, the income threshold triggering the requirement for PAYE taxpayers to submit a tax return will be removed completely. HMRC remind taxpayers and agents that a tax return is still required where certain other criteria are met.
Single Trade Window testing: traders who have signed up to HMRC’s testing programme can now submit customs import declarations via the Single Trade Window (STW). HMRC are inviting businesses which import goods into the UK to join the test phase. HMRC say that the STW ‘will provide a digital gateway between businesses and UK border systems, allowing users to meet their border obligations by submitting information to government once and in one place’.
The Digest also reminds practitioners of the following live consultations:
Freeport and Investment Zone NICs reliefs (consultation on the proposed new requirement for employers to report the workplace postcode for employees in special tax sites): closing on 15 May 2024.
Basis period reform reminder for sole traders and partners: HMRC published guidance on working out transition profit in April, with a link to its new ‘work out your transition profit’ calculator tool. The Digest links through to HMRC’s explanatory YouTube video.
Self-assessment threshold change reminder: for 2023/24, the self-assessment threshold for PAYE taxpayers will change from £100,000 to £150,000 (meaning PAYE taxpayers will no longer need to complete a self-assessment tax return if their income is below £150,000). From 2024/25 onwards, the income threshold triggering the requirement for PAYE taxpayers to submit a tax return will be removed completely. HMRC remind taxpayers and agents that a tax return is still required where certain other criteria are met.
Single Trade Window testing: traders who have signed up to HMRC’s testing programme can now submit customs import declarations via the Single Trade Window (STW). HMRC are inviting businesses which import goods into the UK to join the test phase. HMRC say that the STW ‘will provide a digital gateway between businesses and UK border systems, allowing users to meet their border obligations by submitting information to government once and in one place’.
The Digest also reminds practitioners of the following live consultations:
Freeport and Investment Zone NICs reliefs (consultation on the proposed new requirement for employers to report the workplace postcode for employees in special tax sites): closing on 15 May 2024.
