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Agent Update: issue 108 Published: 25 May 2023 Emailed: 31 May 2023
HM Revenue and Customs (HMRC) published its issue 108 Agent Update for tax agents and advisers. The update provides information on technical updates and reminders, tax, Making Tax Digital (MTD) and agent services.
Some of the key highlights are:
Tax
Employment related securities (ERS)
• the deadline for filing annual ERS returns is 6 July 2023 • returns, including nil returns, must be submitted for every scheme that has been registered • if a scheme has been registered in error, or it is no longer required, the employer must ensure they cease the scheme. Once a scheme is ceased, an annual return must still be submitted for the tax year in which the final event date falls • agents will not be able to cease a scheme on behalf of an employer • any liability for penalties for late returns, or errors legally remains with the employer.
Tax Administration and Maintenance Day (TAMD)
A number of technical tax policy proposals were set out, that build on measures announced at Spring Budget with particular focus on: • simplifying and modernising the UK’s tax system • supporting HMRC’s efforts to maintain downward pressure on the tax gap .
Read all publications and announcements related to TAMD here.
Tax Administration Framework Review (TAFR)
The government has published two documents as part of the wider TAFR. The publications are open for 12 weeks and will close on 20 July 2023.
• creating innovative change through new legislative pilots discussion document — a publication exploring the benefits and challenges of HMRC introducing a new approach to testing and piloting where certain legal obligations could be suspended or altered for participants • information and data powers call for evidence — a publication seeking views on how to update and reform HMRC’s information and data powers and accompanying safeguards which aims to improve taxpayers’ experience and reduce administrative burdens.
Self-assessment threshold change
• from tax year 2023/24 onwards, the self-assessment threshold for customers taxed through PAYE only, will change from £100,000 to £150,000 • check whether a return needs to be submitted here.
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