Basis period reform: the update summarises key points for businesses affected by the move to the new tax year basis, including using overlap relief for 2023/24 (with an online form expected to be made available in summer 2023) and entering provisional figures on tax returns.
P11D forms submitted from 6 April 2023: following the introduction of compulsory electronic filing of forms P11D, HMRC has confirmed that if an employer or agent submits a paper P11D or P11D(b) (original or amendment) from 6 April 2023 the form will be rejected. The employer or agent will be notified of the rejection and sign-posted to the correct process.
R&D tax relief reform:a reminder of the changes from 1 April 2023.
Official rate of interest: the official rate of interest will increase from 2% to 2.25% on 6 April 2023.
Qualifying asset holding companies (QAHC) – new boxes on tax returns: HMRC is adding boxes to SA108 and SA109 so that gains arising on the disposal of excluded indexed securities can be reported. This relates to all such securities, not just those held in a QAHC.
Guidelines for compliance – help with VAT apportionment of consideration: HMRC has published new guidance for businesses on how to apportion consideration when items with different VAT liabilities are sold for a single price.
Update to digital handshake consent for VAT: following the introduction of new penalties for late payment and late submission of VAT, the digital handshake consent for agents has been updated accordingly.
Basis period reform: the update summarises key points for businesses affected by the move to the new tax year basis, including using overlap relief for 2023/24 (with an online form expected to be made available in summer 2023) and entering provisional figures on tax returns.
P11D forms submitted from 6 April 2023: following the introduction of compulsory electronic filing of forms P11D, HMRC has confirmed that if an employer or agent submits a paper P11D or P11D(b) (original or amendment) from 6 April 2023 the form will be rejected. The employer or agent will be notified of the rejection and sign-posted to the correct process.
R&D tax relief reform:a reminder of the changes from 1 April 2023.
Official rate of interest: the official rate of interest will increase from 2% to 2.25% on 6 April 2023.
Qualifying asset holding companies (QAHC) – new boxes on tax returns: HMRC is adding boxes to SA108 and SA109 so that gains arising on the disposal of excluded indexed securities can be reported. This relates to all such securities, not just those held in a QAHC.
Guidelines for compliance – help with VAT apportionment of consideration: HMRC has published new guidance for businesses on how to apportion consideration when items with different VAT liabilities are sold for a single price.
Update to digital handshake consent for VAT: following the introduction of new penalties for late payment and late submission of VAT, the digital handshake consent for agents has been updated accordingly.
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