HMRC are consulting until 9 May 2024 on two sets of draft regulations which will introduce the following additional information requirements from 6 April 2025.
The Income Tax (Pay As You Earn) (Amendment) (No *) Regulations 2024 will require employers to report the number of hours each employee has worked in respect of a payment and, in some cases, include a description in relation to the payment.
The Income Tax (Additional Information to be included in Returns) Regulations 2024 will require: (i) shareholders in close companies to report (via self-assessment) dividend income received from their own companies separately to other dividend income, and the percentage share they hold in their own companies; and (ii) self-employed individuals to report start and end dates via their self-assessment tax return.
The latter two requirements will apply in relation to tax returns for the 2025/26 tax year onwards.
Although HMRC had consulted on the FA 2024 legislation which introduced the framework for these powers, the actual detail of what would be required had not previously been published. The CIOT suggested that it was ‘difficult to provide any meaningful comment’ on the powers without having sight of the regulations. These draft Regulations now set out that detail.
HMRC are consulting until 9 May 2024 on two sets of draft regulations which will introduce the following additional information requirements from 6 April 2025.
The Income Tax (Pay As You Earn) (Amendment) (No *) Regulations 2024 will require employers to report the number of hours each employee has worked in respect of a payment and, in some cases, include a description in relation to the payment.
The Income Tax (Additional Information to be included in Returns) Regulations 2024 will require: (i) shareholders in close companies to report (via self-assessment) dividend income received from their own companies separately to other dividend income, and the percentage share they hold in their own companies; and (ii) self-employed individuals to report start and end dates via their self-assessment tax return.
The latter two requirements will apply in relation to tax returns for the 2025/26 tax year onwards.
Although HMRC had consulted on the FA 2024 legislation which introduced the framework for these powers, the actual detail of what would be required had not previously been published. The CIOT suggested that it was ‘difficult to provide any meaningful comment’ on the powers without having sight of the regulations. These draft Regulations now set out that detail.
