This latest issue (17 August 2023) highlights the following key developments:
Overlap relief: preparing for the new tax year basis: HMRC intends to launch its online form for requesting overlap profits which will now be available from 11 September 2023 (from previously 29 August).
Reporting rules for digital platform holders: from 1 January 2024, digital platform operators in the UK will be required to record and report various information about sellers using their platforms to HMRC. The Platform Operators (Due Diligence and Reporting Requirements) Regulations, SI 2023/817 introduce the new rules, based on the OECD Model reporting rules for digital platforms. The first ‘reportable period’ is the calendar year starting on 1 January 2024, and the first reports for that period will be due by 31 January 2025.
Reporting of electricity generator levy receipts: the CT600 company tax return will be updated for April 2024 to allow for the submission of electricity generator levy receipts and levy amounts payable. Until then, HMRC advises that the relevant figures should be entered in the energy (oil and gas) profits levy boxes (986 and 501).
Changes to gov.uk navigation: as part of a wider project to standardise how information is presented on gov.uk, HMRC web pages will start to be streamlined across autumn 2023. HMRC gives the example of the new alcohol duty ‘collection’ page which brings together various guidance notes in one place, contrasting with the old-style landing page for self-assessment guidance.
This latest issue (17 August 2023) highlights the following key developments:
Overlap relief: preparing for the new tax year basis: HMRC intends to launch its online form for requesting overlap profits which will now be available from 11 September 2023 (from previously 29 August).
Reporting rules for digital platform holders: from 1 January 2024, digital platform operators in the UK will be required to record and report various information about sellers using their platforms to HMRC. The Platform Operators (Due Diligence and Reporting Requirements) Regulations, SI 2023/817 introduce the new rules, based on the OECD Model reporting rules for digital platforms. The first ‘reportable period’ is the calendar year starting on 1 January 2024, and the first reports for that period will be due by 31 January 2025.
Reporting of electricity generator levy receipts: the CT600 company tax return will be updated for April 2024 to allow for the submission of electricity generator levy receipts and levy amounts payable. Until then, HMRC advises that the relevant figures should be entered in the energy (oil and gas) profits levy boxes (986 and 501).
Changes to gov.uk navigation: as part of a wider project to standardise how information is presented on gov.uk, HMRC web pages will start to be streamlined across autumn 2023. HMRC gives the example of the new alcohol duty ‘collection’ page which brings together various guidance notes in one place, contrasting with the old-style landing page for self-assessment guidance.
