In this week’s miscellaneous updates, the minutes from the most recent meeting of the Joint Vat Consultative Committee, which Chartered Accountants Ireland is represented on, are available on GOV.UK. The most recent HMRC Agent Update is available as is the 19 December 2024 Stakeholder Digest which includes information on the appointment of the new HMRC CEO when the current CEO Sir Jim Harra retires in April 2025. A recent report from the National Audit Office (NAO) features suggestions to reduce the tax gap and HMRC has published an online tool to help workers or employment businesses using umbrella companies work out gross and net pay. HMRC has also recently launched new online services for platform operators to register and submit reports. VAT on private school fees applies from 1 January 2025 and 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. And finally, check HMRC’s online services availability page for details of planned downtime and the online services affected.
Latest Agent Update
Agent Update: issue 126 is now available. Get the latest guidance and information including:
- the best way to pay voluntary National Insurance contributions,
- Simple Assessment,
- extended period for issuing tax calculation (P800) letters,
- The upcoming Self-Assessment deadline, and
- helping to test HMRC’s pay calculator for umbrella company workers.
NAO report on the impact of fraud and error on public funds
In this report the NAO suggests three ways to reduce the tax gap:
- HMRC should ensure that it understands the impact of its compliance work so that it can target activities to bring in the most tax revenue,
- HMRC should make it easier for taxpayers to comply and get help, so they pay the right amount of tax, and
- HMRC should ensure that tax rules are soundly designed and easy to comply with and evaluate and iterate rules as required.
New online tool
Last month HMRC collated their guidance, tools and documents for umbrella companies and those that use their services into a single page on GOV.UK. In addition, a new online tool designed to estimate gross and net pay from an umbrella company for a single role and the associated tax deductions was also published.
Online services for platform operators
Last month HMRC published a new online service to enable platform operators to register with HMRC. Note that even excluded operators who will not be submitting reports will still need to register with HMRC by Friday 31 January 2025.
HMRC has also published a new service for platform operators to use to manage their digital platform reporting account after completing the registration process i.e. the service to be used for submitting reports and updating details. Both services are accessed via the Government Gateway ID.
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