HMRC’s latest schedule of live and recorded webinars for tax agents is available for booking. Spaces are limited, so take a look now and save your place.  

Do you use HMRC online services? Don’t be caught out by the planned downtime to some services. HMRC are warning about the non-availability of specific services on the HMRC website, a range of services are impacted. Check the relevant page for information on planned downtime.  

Check out the latest items on the Agent Forum. Remember, in order to view each item, you must be signed up and logged in.  All agents, who are a member of a professional body, are invited to join HMRC’s Agent Forum. This dedicated Agent Forum is hosted in a private area within the HMRC’s Online Taxpayer Forum. You can interact with other agents and HMRC experts to discuss topical issues and processes.   

In Irish news, Revenue publishes its headline results for 2023 and the Exchequer results for 2023 record a surplus of €1.2 billion. In UK news, the 2022/23 online self-assessment filing deadline is in less than three weeks and the date for the Spring Budget 2024 has been announced. In International news, the EU Commission publishes default values for embedded emissions for the Carbon Border Adjustment Mechanism (CBAM) transitional period.  Ireland Revenue has published preliminary headline results for 2023 showing record-breaking total collections for tax and duties of €87.2 billion. Exchequer results for 2023 show a surplus of €1.2 billion. UK Read our update on the 2022/23 online self-assessment filing deadline and further helpline restrictions introduced by HMRC. The date for the Spring Budget 2024 has been announced. International The EU Commission has published default values for embedded emissions for CBAM transitional period. Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount. You can also read this week’s EU exit corner here.

Readers will most likely be aware that the 2022/23 online self-assessment (“SA”) filing deadline is in less than three weeks’ time on Wednesday 31 January 2024.  This is also the deadline for paying any balancing payment of income tax and Class 4 National Insurance contributions due, in addition to the first payment on account for 2023/24. We also remind you that last month HMRC commenced restrictions to the queries answered on its SA and Agent Dedicated Line (“ADL”) helplines which are effective between 11 December 2023 and 31 January 2024. Since that announcement HMRC has further announced that due to exceptional levels of demand, from 22 December 2023 HMRC is redirecting all ADL progress chasing queries for SA repayments to its 'Where’s my reply' tool.   More information is available on the new ADL restrictions in an email from HMRC. According to HMRC, the ‘Where’s my reply’ tool will enable agents to see an estimated date for the processing of a SA repayment.  HMRC has also confirmed what will happen if an agent is calling because the date given for a SA repayment in the ‘Where’s my reply’ tool has passed. In these circumstances HMRC will accept queries via webchat or the ADL about an SA repayment. However, it should be noted that HMRC may not be able to give any update if the repayment claim is undergoing security checks which can take up to 12 weeks.   

The OECD will host a webinar tomorrow (Tuesday 9 January) at 2.00pm (Irish/UK time) on the economic impact assessment of the Global Minimum tax on the taxation of MNEs. You can register for the event for free here.

The UK’s Tim Power has been appointed as the new chair of the OECD’s Committee on Fiscal Affairs (CFA). Mr Power is the Deputy Director for Business and International Tax in HMRC. Within HMRC, Mr Power and his team are primarily responsible for corporation tax. Mr Power has represented the UK in multilateral discussions within the OECD since 2013.

The Spring Budget 2024 will take place on Wednesday 6 March 2024. Following on from this, a second Finance Bill will be published. The current Finance Bill, which was published after the 2023 Autumn Statement, had its second reading in the House of Commons before Christmas and has now moved to Committee Stage, the date for which has not yet been determined.  Guidance for submitting Spring Budget 2024 representations to HM Treasury has also been published. Representations must be made by 24 January 2024 via the representations portal.  The Scottish and Welsh Governments also recently announced their 2024/25 draft budgets. Full details are available on the Scottish and Welsh budget pages. In Scotland, from 6 April 2024 a new ‘advanced rate’ band of 45 percent will be applied on income from £75,000 to £125,140. More details on the Scottish income tax rates and band applicable from 2024/25 are available in a factsheet. 

The European Commission has published the default values for determining embedded emissions during the Carbon Border Adjustment Mechanism (CBAM) transitional period (which runs to the end of 2025). These values will be revised regularly from the first reporting period (Q4 2023). CBAM is the EU’s key tool for combatting carbon leakage and is a central part of the Fit for 55 Agenda.

Revenue has updated its guidance across several areas of Stamp Duty to reflect the recent amendments passed in Finance (No. 2) Act 2023. Stamp Duties Consolidation Act 1999 – Notes for Guidance 2023 Special provisions relating to uncertificated securities Exemptions and reliefs from stamp duty Transfers of land to young-trained farmers – section 81AA Farm consolidation relief – section 81C Levies Schedule 1: Stamp duties on instruments

The 2 percent reduction from 12 percent to 10 percent in Class 1 employee’s national insurance contributions (“NICs”), which was announced in the 2023 Autumn Statement, took effect from Friday 6 January 2024. HMRC has updated rates and allowances: National Insurance contributions to reflect this.  The legislation to enact this and the other NICs changes announced is contained in the National Insurance Contributions (Reduction in Rates) Act 2023 which received Royal Assent on 13 December 2023.   This Act includes the legislation to:   reduce the employee class 1 NIC rate from 12 percent to 10 percent from 6 January 2024;  set the blended rate for directors as 11.5 percent for 2023/24;  reduce the Class 4 NIC rate for the self-employed from 9 percent to 8 percent from 6 April 2024; and  remove class 2 NIC for the self-employed with profits above the lower profits threshold from 6 April 2024.   A further change to the treatment of VAT on sanitary products also took effect from 1 January 2024. 

As always, over the Christmas period, several Tax and Duty Manuals (TDMs) have been updated. Please take note of any areas of particular interest. Key Employee Engagement Programme (KEEP) (updated to reflect Finance Act 2022 amendments following EU Commission approval) Road Haulier Drives (Employees) – Subsistence rates – TDM 05-02-10 (updated for Enhanced Reporting Requirements (ERR)) Salary sacrifice arrangements – TDM 05-01-01k Taxation of Non-Irish Resident Landlords – TDM 45-01-04 The Provision of Free or Subsidised Accommodation – TDM 05-01-01c Special Assignee Relief Programme (SARP) – TDM 34-00-10 (including details of the new online portal for employer certification) Guidelines for Agents or Advisors acting on behalf of taxpayers – TDM 37-00-04b (including linking for ERR and SARP) VAT Notes for Guidance – ( updated to reflect Finance (No. 2) Act 2023) Registration and Filing Guidelines for DAC7 – TDM 33-03-05 Universal Social Charge – TDM 18D-00-01 (updated to reflect Finance (No. 2) Act 2023) Vacant Homes Tax – TDM 11B-01-01 (updated to reflect Finance (No. 2) Act 2023) Defective Concrete Products Levy – TDM 18E-00-01 (updated to reflect Finance (No. 2) Act 2023) Stamp Duty – Further levy on certain financial institutions – Part 9 (updated to reflect Finance (No. 2) Act 2023) Reporting Requirement for Payment Service Providers on Cross-Border Payments (related legislation effective from 1 January 2024) Recognised Clearing Systems – TDM 08-03-04 (updated to reflect Finance (No. 2) Act 2023) LPT – Meaning of a “residential property” – TDM 01-01 Mortgage Interest Tax Credit – TDM 15-01-11B VAT – Electronic Publications; VAT – Supply and installation of solar panels; VAT – Printing and printed matter; VAT – Flat-rate scheme for farmers; VAT – Sale of Live Animals by Auction (Mart) PAYE Regulation 16 – Arrears of pay being paid to an employee who has left an employment