HMRC’s February 2024 update provides a useful roundup of recent developments and reminders, including the following:
R&D: the government intends to publish further guidance on the merged scheme and the enhanced relief for R&D intensive loss-making SMEs ahead of implementation in April 2024. The guidance is expected to be added to HMRC’s Claiming Research and Development (R&D) tax reliefspage.
Corporate interest restriction:a reminder about relevant deadlines and acceptable ways to appoint a reporting company and submit interest restriction returns (IRRs), and a list of common errors observed by HMRC.
Treatment of insolvent members of a VAT group:HMRCwill no longer automatically remove insolvent members from VAT groups and will allow them to join as long as the control conditions are still met. This change will not be retrospective and took effect from 22 January 2024.
Making Tax Digital for income tax self-assessment:HMRC is encouraging agents to take part in the further testing programme which will start in April 2024 ‘to ensure that when the system is launched in April 2026, it provides agents and their clients with the best experience’.
‘Proof of Union Status’: a brief note to explain the EU’s new digital system for managing Union goods, that comes in from 1 March 2024.
HMRC has also published a new edition of its Stakeholder Digest (dated 22 February 2024) which covers several topics including agent nominations for repayment claims, the tax administration framework consultation (with a focus on HMRC’s enquiry and assessment powers) and basis period reform.
HMRC’s February 2024 update provides a useful roundup of recent developments and reminders, including the following:
R&D: the government intends to publish further guidance on the merged scheme and the enhanced relief for R&D intensive loss-making SMEs ahead of implementation in April 2024. The guidance is expected to be added to HMRC’s Claiming Research and Development (R&D) tax reliefspage.
Corporate interest restriction:a reminder about relevant deadlines and acceptable ways to appoint a reporting company and submit interest restriction returns (IRRs), and a list of common errors observed by HMRC.
Treatment of insolvent members of a VAT group:HMRCwill no longer automatically remove insolvent members from VAT groups and will allow them to join as long as the control conditions are still met. This change will not be retrospective and took effect from 22 January 2024.
Making Tax Digital for income tax self-assessment:HMRC is encouraging agents to take part in the further testing programme which will start in April 2024 ‘to ensure that when the system is launched in April 2026, it provides agents and their clients with the best experience’.
‘Proof of Union Status’: a brief note to explain the EU’s new digital system for managing Union goods, that comes in from 1 March 2024.
HMRC has also published a new edition of its Stakeholder Digest (dated 22 February 2024) which covers several topics including agent nominations for repayment claims, the tax administration framework consultation (with a focus on HMRC’s enquiry and assessment powers) and basis period reform.
