Reminder to pay simple assessment tax bills
HMRC is reminding tax payers who have received a simple assessment letter to pay any tax outstanding by the later of:
- 31 January 2025; and
- three months from the date of issue of the letter.
HMRC has published guidance on how to pay a simple assessment tax bill, including what action the taxpayer should take if they can’t pay the full amount due by the deadline.
ICAEW has previously urged taxpayers to ensure they check that simple assessments are accurate.
HMRC warns of ITSA scams
Ahead of the 31 January 2025 deadline for submitting income tax self assessment (ITSA) returns, HMRC has warned that fraudsters are increasingly targeting people with offers of tax refunds, or demanding payment of tax to obtain personal information and banking details. HMRC’s advice to taxpayers is to check if contact is genuine using the guidance on GOV.UK before taking any action.
Government addresses APR changes
The government has published an article intended to explain the changes to agricultural property relief (APR) announced at the Autumn Budget 2024. The article sets out how the changes are expected to work, including examples, and gives the government’s latest figures for how many estates will be affected.
Declaring income from online platforms
HMRC has published an online tool which individuals can use to check if they need to declare income from using an online marketplace or social media to:
- sell personal possessions, goods or services;
- create online content; or
- rent out property.
Government welcomes engagement on PISCES
In the latest issue of the employment related securities bulletin, the government has provided an update on the private intermittent securities and capital exchange system (PISCES), and has said that it welcomes engagement with stakeholders on the interaction between PISCES and enterprise management incentives. The bulletin also contains guidance on:
- non-domicile reform;
- neonatal care leave; and
- pay and changes to capital gains tax announced at the Autumn Budget 2024, including carried interest taxation reform.
HMRC response time for agent applications
HMRC has announced that agents can now expect to wait up to 40 working days for HMRC to respond to postal applications to register for an agent services account or for agent codes for corporation tax and self assessment. Previously, HMRC expected to respond within 28 working days.
If the agent already has a HMRC online services account and has at least one authorised client (for self assessment, corporation tax, pay as you earn or VAT), they can immediately create an agent services account online.
HMRC webinar on the national minimum wage
HMRC will deliver a live webinar on the national minimum wage on 6 December, highlighting common mistakes and providing guidance on how to spot and avoid them.
International tax developments
CFE Tax Advisers Europe has published a summary of its top ten international tax developments for November 2024. This includes: a report presented to the G20 on international tax reform; an update on the European Union’s VAT in the digital aid package of measures; and news from the latest meeting of the OECD’s global forum where a key highlight was progress on the cryptoasset reporting framework.
Tax Faculty
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