HMRC’s February update provides a roundup of recent developments including the following:
Preparing for basis period reform: a reminder that from April 2024, businesses will be taxed on profits for the tax year instead of profits for the accounting year that ends in the tax year (and that 2023–24 is a transition year).
Electronic sales suppression: HMRC is urging users of ESS systems to make a voluntary disclosure by 9 April 2023 to avoid the most severe penalties.
Venture capital schemes: new online service: HMRC has introduced a new online service for submitting seed enterprise investment scheme and enterprise investment scheme compliance statements from 31 January 2023.
R&D tax relief proposals: a reminder to respond to the consultation on the design of a single, simplified R&D tax relief by 2pm on 13 March 2023.
Economic crime levy: HMRC intends to publish new guidance on the levy before the end of February 2023.
VAT second-hand motor vehicle scheme: the special scheme for VAT on second-hand motor vehicles bought in Great Britain for resale in Northern Ireland or the EU will come into effect on 1 May 2023. The scheme will allow businesses to claim a ‘VAT-related payment’, mirroring the effect of the margin scheme that applies across the rest of the UK.
Overview of Pillar 1 and 2: highlighting that the UK’s top-up tax rules under Pillar 2 will be introduced for accounting periods beginning on or after 31 December 2023, and summarising the implications for MNEs.
HMRC’s February update provides a roundup of recent developments including the following:
Preparing for basis period reform: a reminder that from April 2024, businesses will be taxed on profits for the tax year instead of profits for the accounting year that ends in the tax year (and that 2023–24 is a transition year).
Electronic sales suppression: HMRC is urging users of ESS systems to make a voluntary disclosure by 9 April 2023 to avoid the most severe penalties.
Venture capital schemes: new online service: HMRC has introduced a new online service for submitting seed enterprise investment scheme and enterprise investment scheme compliance statements from 31 January 2023.
R&D tax relief proposals: a reminder to respond to the consultation on the design of a single, simplified R&D tax relief by 2pm on 13 March 2023.
Economic crime levy: HMRC intends to publish new guidance on the levy before the end of February 2023.
VAT second-hand motor vehicle scheme: the special scheme for VAT on second-hand motor vehicles bought in Great Britain for resale in Northern Ireland or the EU will come into effect on 1 May 2023. The scheme will allow businesses to claim a ‘VAT-related payment’, mirroring the effect of the margin scheme that applies across the rest of the UK.
Overview of Pillar 1 and 2: highlighting that the UK’s top-up tax rules under Pillar 2 will be introduced for accounting periods beginning on or after 31 December 2023, and summarising the implications for MNEs.
