This week HMRC has published the fuel advisory rates which took effect from 1 March 2024 and the notes of the most recent HMRC Guidance Strategy Forum are available on GOV.UK. HMRC has also sent details of an update to guidance for businesses applying to register for UK VAT because they make specified supplies of finance and as previously announced, from 26 February 2024, print and post claims for employment expenses and marriage allowance include a new nomination section which, if not completed correctly by a paid agent, will mean that any repayment will be made directly to the taxpayer.
VAT registration for businesses making specified supplies of finance
HMRC has confirmed that it has updated VAT Notice 700/1 which applies to certain businesses seeking to register for VAT in the UK where the business makes specified supplies of finance, insurance services or investment gold to customers in countries outside the UK.
The update confirms that the business must clearly state ‘SPECIFIED SUPPLIES’ in the free-text box when asked to describe business activities during the VAT registration application process.
Forms updated with new nomination section
This means from 26 February 2024, paid agents making such repayment claims on behalf of a client must be registered with HMRC and have an Agent Services Account (“ASA”). The agent must also include their details in the nomination section of the claim form, including their Agent Reference Number which can be sourced from the ASA. If all of these details are not provided in the nomination section, the repayment will be made directly to the taxpayer.
For all claims received from 26 February 2024, HMRC will begin enforcing the use of updated versions of these forms.
The updated forms which contain the new nomination section are as follows:
HMRC has advised that a form received after 26 February 2024 which is not in the new format will not be processed. It is expected that from the end of April 2024, HMRC will make a similar update to form R40 (refund of tax deducted from savings and investments).
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