HMRC’s latest Update highlights the advantages of filing income tax returns early, the latest expectation on the overlap relief online form, and interactive guidance for self-employed taxpayers working overseas:
Filing 2022/23 tax returns early: although clearly not a new concept, HMRC notes that filing early will give taxpayers a clearer idea of how much tax will be due by 31 January, helping them plan their finances accordingly. They might also need to reduce their second payment on account in July. HMRC also suggests that providing advice around early and efficient filing will help agents demonstrate the value they bring to clients.
Economic Crime Levy: HMRC’s online service is now open for registrations by those entities for whom HMRC is the collection authority. The system is expected to be updated ‘in the coming months’ to handle levy payments.
Apprenticeships care leavers’ bursary – increased payments: the bursary available to care leavers, aged 16 to 24 undertaking apprenticeships, will increase from £1,000 to £3,000 from 1 August 2023. The income tax exemption was increased accordingly from the same date by SI 2023/482.
Basis period reform and overlap relief: HMRC now plans to introduce the long-anticipated online form for requesting relevant details ‘this summer’.
Corporate interest restriction: HMRC has said that, although it will not appoint a reporting company simply because a group has not made its own appointment, it will continue to do so where there is a risk that tax is at stake.
New guidance and gform for taxpayers working abroad: HMRC has published new basic guidance on NICs for individuals who are working abroad (although not going into the detail of what can be a complicated area). Of interest is a new online service which leads taxpayers through a series of questions to determine whether and when they need to apply for an A1 certificate (confirming they pay UK NICs).
HMRC’s latest Update highlights the advantages of filing income tax returns early, the latest expectation on the overlap relief online form, and interactive guidance for self-employed taxpayers working overseas:
Filing 2022/23 tax returns early: although clearly not a new concept, HMRC notes that filing early will give taxpayers a clearer idea of how much tax will be due by 31 January, helping them plan their finances accordingly. They might also need to reduce their second payment on account in July. HMRC also suggests that providing advice around early and efficient filing will help agents demonstrate the value they bring to clients.
Economic Crime Levy: HMRC’s online service is now open for registrations by those entities for whom HMRC is the collection authority. The system is expected to be updated ‘in the coming months’ to handle levy payments.
Apprenticeships care leavers’ bursary – increased payments: the bursary available to care leavers, aged 16 to 24 undertaking apprenticeships, will increase from £1,000 to £3,000 from 1 August 2023. The income tax exemption was increased accordingly from the same date by SI 2023/482.
Basis period reform and overlap relief: HMRC now plans to introduce the long-anticipated online form for requesting relevant details ‘this summer’.
Corporate interest restriction: HMRC has said that, although it will not appoint a reporting company simply because a group has not made its own appointment, it will continue to do so where there is a risk that tax is at stake.
New guidance and gform for taxpayers working abroad: HMRC has published new basic guidance on NICs for individuals who are working abroad (although not going into the detail of what can be a complicated area). Of interest is a new online service which leads taxpayers through a series of questions to determine whether and when they need to apply for an A1 certificate (confirming they pay UK NICs).
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