In this week’s miscellaneous updates, HMRC has published updated guidance on the abolition of the furnished holiday lettings (FHLs) rules. The latest Agent Update is available as is the most recent News and Information Bulletin both of which contain important guidance on filing 2023/24 self-assessment returns where overlap relief is being deducted as part of the transition year to the tax year basis. The latest schedule of HMRC Talking Points live and recorded webinars for tax agents are available for booking. Spaces are limited, so take a look now and save your place. The most recent minutes/notes from HMRC’s Guidance Strategy Forum are also available. And finally, check HMRC’s online services availability page for details of planned downtime and the online services affected.
Updated FHL guidance
HMRC has published updated guidance on the tax rules for the abolition of FHLs. The purpose of the updated guidance is to make clear that the intention is to remove the specific tax reliefs currently available for FHLs, hence there will not be changes to other rules. For example, holiday accommodation, whether previously qualifying as a FHL or not, will remain standard-rated for VAT.
Latest Agent Update
Agent Update: issue 125 is now available. Get the latest guidance and information including:
- reporting rules for digital platforms with the first reports due 31 January 2025,
- completing self-assessment tax returns for student and postgraduate loan borrowers,
- self-assessment top tips for agents including guidance on basis period reform and a request to submit overlap relief applications early and preferably by 31 December 2024,
- using the payrolling benefits in kind service for agents, and
- an update on the new requirements for safety and security declarations.