HMRC Stakeholder Digest

HMRC’s 3 April 2024 Stakeholder Digest provides a number of helpful reminders for practitioners:

• the open consultation on proposed options for regulation of the tax advice market which runs to 29 May 2024, and separate further consultation on the tax administration framework (looking at HMRC’s powers, penalties and taxpayer safeguards);
• the 6 April 2024 NICs rate changes, noting that the UK government intends to ‘consult on the details of the Class 2 reform later this year’;
• on the high income child benefit charge, HMRC ask advisers to publicise the 2024/25 threshold changes within their networks to support those who will now need to consider claiming or opting into child benefit; and
• the new creative industry expenditure credits (AVEC and VGEC) and phasing out of the existing tax reliefs, with a reminder that all claims from 1 April 2024 must be submitted online in a company tax return together with relevant additional information (in relation to which, see HMRC’s recent Directions).