The Main Tax Administration Liaison Committee (“Main TALC”) convened its first meeting of the year earlier this month. The primary role of this committee is to hold general oversight of the various TALC sub-committees. Revenue reminded bodies of the 1 May 2024 deadline for the Debt Warehousing Scheme and provided an update of the ongoing work of the TALC Business Simplification Sub-Group, which is due to report later this year. There was also an update on the guidance on section 80 SDCA 1999, as we reported in last week’s Tax News. Minutes of the meeting will be available shortly.
Compliance rates for Enhanced Reporting Requirements for Employers
Revenue noted that it is satisfied with compliance rates so far in 2024. A subgroup, which includes the Institute, under the auspices of the CCAB-I, continues to meet and report into Main TALC. Practitioners raised concerns about the volume of queries reportedly being brought to the National Employers’ Helpline (NEH). Our own members have raised several issues with the upload facility, in particular returns not being accepted. Revenue will continue to work with taxpayers during this service for compliance period and we will continue to keep readers updated about developments via Tax News.
R&D Specified Returns for 2022 and 2023
Readers may be aware of the requirement to submit a ‘Specified Return’ when submitting R&D claims with the Form CT1 2023. This is due to the amendments made in Finance Act 2022 updating the administration of the credit, moving to a credit repayable over 3-years, in line with certain requirements of the EU Minimum Taxation Directive (“Pillar Two”). Practitioners noted that problems seem to be persisting when filing 2024 corporation tax returns using certain software systems.
Following the meeting, Revenue provided the group with a note regarding R&D tax credit claims for 2022 and 2023 This is covered in more detail in the next story in Tax News.
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