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Agent Update 118

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HMRC’s March update rounds up recent legislative changes and other announcements, most of which have effect from April 2024, including:

  • a reminder that the consultation on proposed regulation of the tax advice market is open until 29 May 2024;
  • an invitation to agents to participate in HMRC’s testing programme for Making Tax Digital for Income Tax Self-Assessment;
  • the NICs rate changes;
  • construction industry scheme issues: treatment of landlord to tenant payments, and consideration of VAT compliance errors for the purpose of the gross payment status compliance test;
  • the £500 de minimis income tax threshold for trusts;
  • the mandatory online form for submitting additional information alongside creative industry tax relief/expenditure credit claims; and
  • a reminder of changes to the VAT margin scheme for motor vehicles bought before 1 May 2023 for resale in Northern Ireland (in relation to which the new NI second-hand motor vehicle payment scheme is not available).
Issue: 1657
Categories: News