Need to know

General election 2024: key tax policies: ICAEW’s Tax Faculty provides a summary of the key tax policies from the main parties’ general election 2024 manifestos.

HMRC reminds taxpayers about roll-over relief claims: HMRC is writing to taxpayers who made a provisional claim for business asset roll-over relief (ROR) and have not yet made a valid claim.

Tax gap closes as a percentage of tax liabilities: Based on estimated figures published by HMRC, the tax gap for 2022/23 is £39.8bn, equal to 4.8% of tax liabilities. ICAEW’s Tax Faculty looks at the key figures.

Finance (No. 2) Act 2024 receives Royal Assent: Some of the changes announced at the Spring Budget 2024 have now become law, including an increase in the thresholds for the high income child benefit charge for 2024/25.

HMRC asks wealthy taxpayers to submit late returns: HMRC is writing to wealthy taxpayers who are late in submitting income tax self assessment (ITSA) returns for 2020/21 and 2021/22 to do so by 12 July 2024.

New vaping products duty could be better, says ICAEW: The proposed duty framework could be improved to ensure it delivers on the policy objectives and avoids potential unintended effects.

HMRC targets use of electronic sales suppression (ESS) tools: HMRC has written to small businesses that it suspects of misusing their till systems to evade paying tax on sales.

Rules for reporting salary advances relaxed: Changes have been made to the rules applying to advances on wages and pay as you earn (PAYE) real time information (RTI) reporting.

Member help sheets and guidance

Basis period reform: what you need to know: The move from basis periods to the tax year basis for unincorporated businesses means 2023/24 is an important tax year. We look at how to approach the tax return.

ICAEW welcomes AVEC changes: ICAEW believes proposed changes to the audio-visual expenditure credit (AVEC) will have a positive impact on the industry overall. However, more guidance is needed by some companies who may also struggle with an increased administrative burden.

Keep cryptoasset reporting framework simple, says ICAEW: If the cryptoasset reporting framework (CARF) is to be adopted in the UK, HMRC should make it easy for UK exchanges to comply with the regime, with guidance published in advance of its introduction.

HMRC explains pillar two tax registration in the UK: Groups within the scope of pillar two must register with HMRC within six months after the end of the first accounting period to begin on or after 31 December 2023.

PCRT bodies make joint statement on tax regulation: The UK’s main professional bodies support mandatory registration of agents with HMRC and believe a range of approaches is needed to address poor conduct in the tax advice market.

Businesses need more time to implement CBAM, says ICAEW: ICAEW believes that businesses will need more time, comprehensive guidance and support if a UK carbon border adjustment mechanism (CBAM) is to be implemented effectively.

Consultations

Tax regulation: change must be in the public interest: The government’s consultation for improving the tax advice market came up with three options. Of these, ICAEW prefers mandatory membership of a professional body, but only if it is appropriately designed and scoped.

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