Latest news
Budget measures you may have missed: ICAEW’s Tax Faculty picks out some important measures announced in Autumn Budget 2024 that didn’t make the headlines on the day.
Deadline for providing agent codes extended: Agents now have until 6 December 2024 to send HMRC details of the codes they use for self assessment, VAT and corporation tax.
Data suggests improvement on HMRC call handling: The latest HMRC performance statistics show some improvement following the investment made in May 2024, as ICAEW continues to press for HMRC to be adequately funded.
Changes to indirect taxes made in Autumn Budget 2024: ICAEW’s Tax Faculty provides a round-up of indirect tax measures announced in the Budget on 30 October 2024, including VAT, duties and the Carbon Border Adjustment Mechanism (CBAM).
HMRC nudges taxpayers to declare property income and gains: In its latest one-to-many campaign, HMRC is writing to taxpayers it suspects of failing to declare taxable income from property lettings and/or a taxable profit on the sale of a property.
940,000 employers to pay more NIC in 2025/26: Legislation introduced to Parliament provides for the changes to employers’ national insurance contributions (NIC) announced at Autumn Budget 2024.
Request overlap information from HMRC by 31 December: Taxpayers and agents needing to use HMRC’s online service to obtain overlap relief details for 2023/24 income tax self assessment tax returns are asked to do so by 31 December 2024.
HMRC cuts interest rates for tax: The rates at which HMRC charges and pays interest on tax have been reduced to reflect the recent fall in the base rate. As announced in Autumn Budget 2024, the rates for late payments will increase by 1.5 percentage points from April 2025.
Government tests AI chatbot for tax and other questions: Following an initial phase of testing, up to 15,000 people will now be able to ask the government’s generative artificial intelligence (AI) chatbot for help and information on business rules and support, including tax, as part of the current testing phase.
Government and developers commit to MTD ITSA from 2026: Recent announcements by the government and software developers remove any doubt about the introduction of making tax digital income tax self assessment (MTD ITSA).
E-invoicing to be mandatory for EU VAT by 2030: Agreement has been reached on a package of digital measures for VAT in the European Union (EU), including the introduction of a real-time digital reporting system through electronic invoicing (e-invoicing).
Windsor Framework parcel changes delayed until March 2025: The government has confirmed that new arrangements for parcels and freight movements under the Windsor Framework will not take effect from 30 September 2024 as previously planned. Businesses must now be ready by 31 March 2025.
Member help sheets and guidance
Free CPD: the latest developments in tax: Keeping up to date with tax policy and practice is a key part of many accountants’ professional development. Whether you’re analysing the implications of the Budget or planning for MTD ITSA, ICAEW has content that can support your CPD.
Lessons on VAT from New Zealand and Australia: For UK tax policy stakeholders, fascinating case studies of how other countries are approaching VAT can be found on the other side of the world.
Economy explainers: what is MTD?: ICAEW’s Tax Faculty sets out the key things taxpayers and agents need to know about Making Tax Digital (MTD), including the timeline for the phased introduction of MTD for income tax self assessment (ITSA).
Help ICAEW tackle PAYE liabilities and payments discrepancies: ICAEW’s Tax Faculty is asking employers to provide details, on a confidential basis, of discrepancies between their records and HMRC’s pay as you earn (PAYE) liabilities and payments records.
How to avoid errors when claiming double tax relief: HMRC has published guidance intended to reduce errors made by dual residents and their agents when claiming double tax relief in the income tax return.
Consultations
HMRC provides further guidance on FHL abolition: HMRC has published guidance to clarify issues raised during the consultation on the draft legislation to abolish tax rules for furnished holiday lets (FHLs).
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Budget 2024
Read ICAEW's analysis of the Chancellor's Budget announcements and watch a recording of the Tax Faculty's webinar reflecting on the announcements.
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