This week we remind agents to copy client VAT authorisations across to the Agent Services Account before 16 February 2024 and earlier this month, the Labour Party published details of their business tax plan should the party succeed in winning the next General Election. HMRC has also announced that research is taking place into the recent changes to VAT penalties that took effect from 1 January 2023.
Labour’s Business Partnership for Growth
The plans published by the Labour party earlier this month in this publication confirmed the following in the event that the party were to win the upcoming General Election:
-
Corporation tax would not be increased from the current main rate of 25 percent;
-
Full expensing, Research and Development tax relief, the Patent Box regime and the annual Investment Allowance would all remain unchanged;
-
In its first six months, a new Labour Government would publish a roadmap for business taxation; and
-
Greater use of rulings and clearances to provide certainty to businesses looking to invest in the UK would be trialled.
VAT penalty reform research
HMRC has announced that it is working with an independent research agency to research the views of VAT-registered businesses on the changes in the VAT penalty regime that apply to VAT return periods commencing on or after 1 January 2023.
Selected VAT-registered businesses are being contacted up to 25 March 2024 to invite them to take part in an interview. Note that a business may still be contacted even if it has not received a VAT penalty.
LOADING...