New HMRC one-to-many campaigns
HMRC is contacting:
- businesses in the private equity industry. HMRC is encouraging businesses to review their VAT accounting procedures to ensure they are following HMRC’s guidance at PE79000. The email sent by HMRC also sets out the steps businesses may wish to take if they find they are not following HMRC’s guidance; and
- estate agents. The letter sent by HMRC informs the recipient that businesses carrying out work defined in the Estate Agency Act 1979 must register with HMRC for anti-money laundering supervision. The letter explains how to register and the consequences for the business of failing to register if they are required to do so.
Testing making tax digital for income tax
In certain circumstances, taxpayers can sign up voluntarily for making tax digital for income tax (MTD IT) ahead of the April 2026 start date for many sole traders and partners. HMRC has updated its guidance on MTD IT testing to include a new section on what to do if circumstances change. This includes how to add or cease income sources, adjust payments on account and amend a submitted return.
See also the main news item Learn more about MTD IT.
New requirements for EU-GB imports
From 31 January 2025, an entry summary declaration (ENS) must be submitted where goods are imported from the European Union (EU) to Great Britain (GB). HMRC is encouraging businesses involved in EU-GB imports to familiarise themselves with the new requirements and has provided a summary of the key information . Detailed guidance can be found on GOV.UK.
MNE business functions and corporate tax
The Organisation for Economic Co-operation and Development (OECD) has published a report on the responses of large multinational enterprises (MNEs) to tax. The findings indicate that:
- higher average effective tax rates are associated with a lower prevalence of functions related to holding or the provision of internal group finance;
- more routine functions, such as sales or manufacturing, appear less sensitive to average effective tax rates; and
- business functions also respond to other features of corporate tax systems, such as tax incentives, loss relief provisions, or anti-avoidance rules.
Report on public trust in tax
The OECD, and partners, will launch the latest edition of the report Public trust in tax: Latin America and beyond in a webinar on 28 January 2025.
The webinar will present the key findings of a recent survey and explore the correlations between characteristics and attitudes towards tax issues. The organisers hope that this will foster dialogue to promote evidence-based reforms in taxation and trust-building initiatives globally.
See here for further details and to register for the webinar.
Tax Faculty
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