HMRC Stakeholder Digest - 26 January 2023
Please see the following message from HMRC, which we are sharing for information:
The HMRC Stakeholder Digest provides a round-up of our latest news and updates, which we’d be grateful if you could share with your clients, customers, or members. This issue includes:
Reminders
Businesses that deferred VAT due to COVID-19 must act now to avoid a penalty
Businesses who deferred their VAT payments due to COVID-19 and have not yet paid these may now be charged a 5% penalty plus interest if they don’t act.
We’re urging businesses to pay the deferred VAT in full or to contact us as soon as possible if they’re struggling to pay. We can look at manageable payments according to individual circumstances.
Your clients and members can find more information about VAT deferred due to coronavirus on GOV.UK.
Customers can pay their tax bill in around 60 seconds using the HMRC app ahead of 31 January deadline
With under one week to go until the deadline, we are reminding the 3.4 million customers yet to file to get their Self Assessment tax return done.
We have a wide range of resources available to support those who are yet to start their Self Assessment or need help in completing it.
For example, customers can pay their tax bill in around 60 seconds via the free and secure HMRC app. The app can also provide useful information for those yet to complete their tax return including their National Insurance number, Unique Taxpayer Reference and any PAYE information.
We have also published guidance and webinars on GOV.UK and YouTube videos to support those filling out their self assessment returns.
Please encourage your clients and members to check online for help before calling us during what is the busiest time of the year as this may save them time and resolve their queries quicker.
Consultations
Guidance available for submitting Spring Budget 2023 representations to the Treasury
Businesses can submit their views on HM Treasury existing policy, or suggestions for new policy for the upcoming Spring Budget.
Submissions can be completed using the representations portal. The portal will close at 5pm on 1 February 2023.
If you are unable to submit your representation online, you can contact the Correspondence and Enquiries Unit at [email protected] by the same deadline as above.
HM Treasury R&D Consultation - 13 January to 13 March 2023
HM Treasury are running an open consultation seeking views on the design of a single, simplified Research and Development (R&D) tax relief scheme, existing Research and Development Expenditure Credit (RDEC) and the Small and Medium Enterprise (SME) R&D relief.
They want to hear from a wide range of sources including individuals, companies, representative and professional bodies. They are inviting comments from research and development intensive businesses and those representing them.
The eight week consultation is running from January to March 2023 and sets out proposals on how a single scheme could be designed and implemented. This would replace the two R&D tax relief schemes currently in place:
- Research and Development Expenditure Credit (RDEC)
- Small and Medium Enterprises (SME) R&D relief
Your clients and members can find out more about the R&D Tax Reliefs Review: Consultation on a single scheme on GOV.UK.
The consultation will close at 2pm on 13 March 2023. If any changes are implemented, the new scheme is expected to be in place from 1 April 2024.
Any further announcements will be made in the usual way, at a future fiscal event