Finance Bill 2024-25 published
Finance Bill 2024-25 has been introduced to the House of Commons. The Bill contains legislation enacting many of the measures announced at the Autumn Budget 2024 and at earlier fiscal events, including the abolition of the tax rules for furnished holiday lets and the VAT changes affecting private schools.
To access the Bill and the explanatory notes, and to keep up to date with its progress through Parliament, see parliament.uk. For details of the Budget measures, see ICAEW's hub Autumn Budget 2024.
New guidelines for compliance
HMRC has published guidelines for compliance (GfC) for the following areas:
- pay as you earn settlement agreement calculations;
- the apprenticeship levy and the national insurance employment allowance;
- patent box computations; and
- the economic crime levy.
HMRC says that GfC “explain HMRC’s view on complex, widely misunderstood or novel risks that can occur across tax regimes”, and that they are intended to help taxpayers “avoid non-compliance”. GfC published to date can be found on the collection page on gov.uk.
Single trade window delayed
The single trade window (STW) is a new government service that will provide a gateway between businesses and UK border processes and systems, allowing users to meet their import, export and transit obligations by submitting information once, and in one place.
The intention was for the government to begin introducing the STW in 2024. However, the government has now confirmed that it is “pausing delivery” of the STW. It will next provide an update in late spring 2025.
For further information on the STW, see ICAEW’s article from November 2023.
Tax Faculty
This guidance is created by the Tax Faculty, recognised internationally as a leading authority and source of expertise on taxation. The Faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.