Five things you need to know about tax, Friday 21 June 2024

In Irish news, Revenue has announced that the ‘service to support compliance’ approach for the Enhanced Reporting Requirements will continue to the end of 2024. Meanwhile, Revenue’s Business Division is to commence a Level 1 compliance project focusing on pension contributions and instances where the VAT registration threshold may have been exceeded, and its Personal Division is to write to PAYE taxpayers with under/overpayments for 2020. In UK news, ahead of the UK general election next month, we take a look at the tax policies of the two main UK parties, and in the Institute’s response to the consultation on the introduction of the UK’s carbon border adjustment mechanism, we ask if HMRC will be able to cope with the administration of another tax.

Ireland

1. Revenue has confirmed that the period of ‘service to support compliance’ for the Enhanced Reporting Requirements is extended to the year end.
2. Revenue’s Business Division is to commence a Level 1 compliance project focusing on pension contributions and instances where the VAT registration threshold may have been exceeded.
3. Revenue to write to PAYE workers with over/underpayments for 2020.

   UK

4. Read about the tax policies of the two main parties in Westminster ahead of next month’s general election.
5. The Institute questions HMRC’s ability to cope with the administration of another tax in its response to the consultation on the introduction of the UK’s carbon border adjustment mechanism.

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