In the March Agent Update HMRC has introduced GOV.UK One Login as a new way of signing into government services.
SME Tax News
From 6 April 2024, HMRC is finally given the power to deduct tax and NIC already paid by a worker from the tax and NIC due from their deemed employer when the off-payrolling IR35 apply to an engagement. The new rules do not extend to an offset of the Employer's National Insurance Contributions (NIC).
Audio-Visual Expenditure Credit (AVEC) will replace Film Tax Relief (FTR), Animation Tax Relief (ATR), Children's Television Tax Relief (CTR), High-End Television Tax Relief (HETR). Video Games Expenditure Credit (VGEC) will replace Video Games Tax Relief (VGTR).
Companies making claims for Creative Industry Tax Relief will be required to submit an Additional Information Form (AIF) from 1 April 2024 onwards.
Hello,
We have news of a couple more U-turns from HMRC this week, on advice for landlords and in respect of phone line closures. We also feature a handy set of 'top-tips' for Owner Managed Businesses (OMBs) and Private Clients which also factor in changes that are coming up on 6 April.
Changes to the income thresholds for the claw-back of child benefit coming into force on 6 April 2024 will mean that some higher-income parents should reapply to have child benefit reinstated.
HMRC is issuing 'correction letters' to landlords to confirm a change in guidance: a new boiler can be considered an allowable expense against rental income, even when it constitutes an upgrade driven by advancements in technology.
The government has published draft legislation which will establish the Independent Football Regulator; make provision for the licensing of football clubs; make provision about the the distribution of revenue received by organisers of football competitions; and for connected purposes.