In this week’s miscellaneous updates, HMRC has launched a new VAT registration estimator tool, and it is also confirmed that from next month, VAT registration changes will only be able to be made by agents online. A webinar is being held later this week on the new additional information form for the creative sector reliefs and guidance has been published on the abolition of stamp duty land tax (SDLT) multiple dwellings relief (MDR). Scotland’s visitor levy legislation has completed the necessary legislative stages in the Scottish parliament and finally, in an update on GOV.UK, HMRC no longer automatically issue PAYE refunds.
HMRC launches VAT registration estimator tool
HMRC has now launched its new VAT registration estimator guidance tool. A Welsh version of the tool is also available. The tool is designed to help businesses estimate what registering for VAT may mean for them and has been developed after feedback from small businesses suggested that an online tool would be helpful to show when their turnover could require businesses to register for VAT and the potential effect on profits.
The estimator also links to further information about the registration process and aims to assist businesses when considering voluntary registration by allowing the business to experiment with different levels of inputs and outputs in the tool.
VAT registration changes online only by agents from 5 August
From Monday 5 August 2024, any request by an agent to change a client’s VAT registration details should only be made using their online Agent Services Account, and not by using the VAT484 form or any other postal or electronic means. HMRC has set out more details on this upcoming change in an email.
Webinar on creative industry tax reliefs
HMRC is holding a webinar later this week on 18 July which is specifically covering the new additional information form for creative industry tax reliefs. This new online HMRC form must be used from 1 April 2024 by a company claiming creative industry tax relief by way of providing supporting evidence for the claim.
As announced in the Spring Budget 2024, Finance (No. 2) Act 2024 contains the legislation which has abolished SDLT MDR. This applies to land transactions in England and Northern Ireland if the effective date is on or after 1 June 2024, subject to transitional arrangements. HMRC has therefore updated its SDLT manual to include guidance on this.
Scottish visitor levy passed
The legislation which will implement Scotland’s new visitor levy has passed all stages in the Scottish parliament. The Visitor Levy (Scotland) bill will enable local authorities in Scotland to apply a levy on overnight stays. All revenue raised is to be reinvested in services and facilities largely used by tourists and business visitors. Councils that will be seeking to introduce the levy will only be able to do so after having consulted with local communities, businesses, and tourism organisations. It is expected that the earliest the levy could come into force is spring 2026.
HMRC no longer automatically issue PAYE cheque refunds
In an update on the GOV.UK page on tax overpayments and underpayments, HMRC has essentially confirmed that it no longer automatically issues PAYE refunds by cheque. Individual employees must instead register a claim online to ensure they receive any refund due. This change is another strand in HMRC’s ongoing strategy to drive services online usage.
Cheques are still available if requested, but these will take up to 42 days or six weeks to issue compared to five working days if the refund is instead claimed online.
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