HMRC published the May 2024 Agent Update on 15 May 2024.

We highlight some of the issues covered: 

  • Information about the R40 form (for claiming a refund of Income Tax deducted from savings and investments), including advice that from 30‌‌‌ ‌‌April 2024, paid tax agents submitting the claim of behalf of clients will need to provide their Agent Reference Number (ARN) on the new form
  • Links to guidance on UK Investment Zones and the range of tax reliefs that are available to employers that operate within them.  This includes reliefs from Stamp Duty as well as employer Class 1 National Insurance Contributions
  • A link to HMRC’s Spotlight 64 where HMRC advise of indications that an umbrella company may be operating a tax avoidance scheme
  • A link to the ‘enhanced’ Check Your State Pension forecast service which, amongst other things, will help is deciding whether to pay Class 3 (voluntary) National Insurance Contributions which add to State Pension qualifying years
  • A further reminder about Basis Period Reform with links to a YouTube video, guidance on working out the transitional profit, the online ‘Get your Overlap Relief figure’ tool and general link to further guidance and support
  • Regarding the Construction Industry Scheme (CIS), advice that HMRC are developing a new digital form for subcontractor registration and Gross Payment Status (GPS) applications.  This form will allow the uploading of supporting evidence.  Note that you cannot apply for GPS status over the telephone from 06 April 2024
  • Information about the Self-Assessmrnt tax return income threshold change for tax year 2023/24 (£100,000 to £150,000).  This refers to income taxed via PAYE, which may not be the only reason that an individual must complete a tax return
  • Pointers again to the fact that agents can register their clients to payroll benefits from 06 April 2025.  ICB urges bookkeepers to discuss this with clients beforehand and attend the bespoke Expert webinar beforehand.  Payrolling of benefits and expenses is NOT as simple as some would have you believe
  • There are also some hints and tips on completing form 64-8.  Following these tips, written by HMRC themselves, will help ensure that this authorisation form is processed as quickly as possible

For Bookkeepers

ICB loves the monthly Agent Update and considers it a valuable resource for bookkeepers.  So, whilst we have outlined some of the contents, we always recommend reading the entire Update