ICB highlights the key issues covered.
- If you have UK football clubs as clients, including agents, players, and coaching staff, be aware that HMRC have produced new guidance setting out their view of the tax position when an agent represents both a club and player during a transfer or contract negotiation (‘dual representation’)
- Another reminder that authorised agents are able register their client to payroll expenses and benefits in kind from tax year 2025/26. This is ahead of mandatory payrolling set to come in from April 2026. As ICB has said before, please make sure you tell your client before registering them to payroll benefits!
- A reminder that basis period reform is now the default for all sole trader and partnership businesses. They must report their profits on a tax year basis, beginning with the Self-Assessment return due by 31 January 2025 (covering tax year 2023/24)
- A reminder that if a client does not want to be part of the Cash Basis when it is expanded from 2024/25 and want to use traditional accruals accounting they will need to opt out when submitting the Self-Assessment return
- A timely warning that auto-enrolment applies for seasonal workers. They are, in fact, no different from any other worker in terms of the assessment required (and postponement)
- Notification that from 01 July 2024, HMRC have stopped issuing Payment Deduction Statements (PDS) from the Construction Industry Scheme (CIS) helpline. Requests for missing / duplicate PDS should be made to the contractor in the first instance or in writing to HMRC
- If you have clients who are due an Income Tax refund from HMRC as detailed on form P800, note that from 31 May 2024, this refund should be claimed online. Automatic refunds will not be sent by HMRC
- Another reminder about the R40 form (for claiming a refund of Income Tax deducted from savings and investments) detailing how paid tax agents who submit this must use the new form, provide their Agent Reference Number (ARN) and note that the request for payment to the agent is regarded as a nomination
- A notification that HMRC may have incorrectly refunded an individual’s Class 2 National Insurance contributions when it was paid via Self-Assessment. The section details the corrective action that should be taken
For Bookkeepers
ICB always considers the Agent Update to be a valuable resource for members. Note that this is normally a monthly publication but June’s was not published because of the General Election campaign. So, July’s is a bumper issue and whilst we have pointed to some of the contents, we advise reading the entire Update.
