21 December 2023
The Agent Update for December 2023 has been released and brings a number of reminders about the UK tax system that agents should be aware of. As always it is useful for other payroll professionals to also be aware as the Agent Update comes monthly, rather than every other month of the Employer Bulletin.
The update brings items relating to tax, EU exit, Making Tax Digital (MTD) and agent services.
The key items for payroll agents are listed below but see the update in full for all the items that may be on your periphery.
Tax
- Off-payroll working rules (IR35) — opportunity to pause settlement
- Updated 2022 to 2023 Self Assessment (SA) Exclusions document for individuals
- Digital or electronic signatures
- Director’s loan repayments using Loans to Participators (L2P) Forms
- Reporting rules for digital platforms — 1 January 2024
- National Insurance contributions (NICs) rate changes 2024
- Guidelines for Compliance — help to comply with the reformed off-payroll working rules (IR35)
- Umbrella company guidance for employment businesses and workers
- Stopping paper BACS repayment notifications for Self Assessment
- Changes to the process for claiming Payment Protection Insurance (PPI) tax relief repayments
Making Tax Digital
HMRC Agent Services
- Changes to the Self Assessment (SA) helpline and Agent Dedicated Line — SA peak 2024
- Helping contractors steer clear of tax avoidance schemes
- The Administrative Burden Advisory Board (ABAB) Annual Report 2023
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