HMRC evaluates rent-a-room relief
HMRC has published the outcome of a survey on rent-a-room relief carried out on its behalf by Ipsos. Key findings include that most of those aware of the relief found it simple and had no improvements to suggest.
New HMRC tool for calculating umbrella company pay
HMRC has published an online tool which can be used to estimate the gross and net pay from an umbrella company for a single role. HMRC says that it will not collect any identifying details about the person using the tool or the umbrella company.
New freeport tax sites designated
Regulations have been made that designate Anglesey Prosperity Zone, Central Anglesey (Llangfeni) and Central Anglesey (M-Sparc) as tax sites within the Anglesey freeport with effect from 23 January 2025.
HMRC guidance on returning pension lump sums
The latest issue of HMRC’s pension schemes newsletter includes guidance on the tax position where members want to return payments of pension commencement lump sums or uncrystallised funds pension lump sums that they took before 30 October 2024 because of Budget speculation.
The newsletter also includes guidance on the managing pension schemes service, pension payments to trustees in bankruptcy and the abolition of the pensions lifetime allowance.
Update on the code of practice on taxation of banks
HMRC has published its annual report for 2024 on the operation of the code of practice on taxation of banks. The report identifies banks that have and have not adopted the code, and covers the work that HMRC has done to monitor compliance with the code.
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