22 November 2024
HM Revenue and Customs (HMRC) has released issue 125 of the Agent Update.
It’s a big one with all the updates provided with links below.
Something that may be easily missed is the mention of the Guidelines for Compliance document GfC10 detailing how companies can be deemed as linked for the Employment Allowance. This will be particularly important come April and payroll services companies may already be getting queries regarding this now.
With many items being prompted by changes brought in the budget, it is a good issue to cover all the items that may impact your role as an agent.
Tax
- claiming a repayment of import duty and VAT — new digital form (C285)
- using the payrolling benefits in kind service for agents
- Reporting Rules for Digital Platforms — first reports due 31 January 2025
- construction operations — traffic management
- publication of Tax Administration Framework Review documents
- Guidelines for Compliance — updates
- Basis Period reform — reporting profits on a tax year basis
- confirming plans to mandate the reporting of benefits in kind through payroll software from April 2026
- the Official Rate of Interest from 6 April 2025
- completing Self Assessment tax returns for student and postgraduate loan borrowers
Borders and Trade
- update on the new requirements for safety and security declarations
- update on Welsh Freeport special tax sites and 5-year extension to tax reliefs
Making tax Digital
HMRC Agent Services
- UK subsidy reporting arrangements for Climate Change Agreement scheme participants for calendar year 2023
- Self Assessment top tips for agents
- Spotlight 65 — General Data Protection Regulation provision used to reduce tax liability
- Spotlight 66 — Limited Liability Partnerships arrangements used to disguise employment income
- Where’s My Reply tool updates
- Raising standards in the tax advice market
- reminder — tell us your Agent Codes
- individuals who reside both in the UK and other countries — how to avoid errors on SA supplementary pages SA109 boxes 21 and 22
Agent online forum and engagement
Latest updates from the partnership between HMRC and the main agent representative bodies. Including:
- missing 2024 to 2025 PAYE code numbers — SA 46134
- 2022 to 2023 Returns delays — SA 47683
- Self Assessment repayments failing automation SA26245
- Digital signatures CGT24134
- Issues Overview Group Escalated Issues
- Agent Account Manager Service
- registering for the Agent Forum
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.