HMRC have published their September 2024 Agent Update.
For bookkeepers, this contains developments and updates relating to the UK taxes HMRC collect and is broader in scope than the Employer Bulletin. We highlight some of the issues covered:
- At the end of September 2024, HMRC advise they will be updating some of the links and options available on GOV.UK as part of the online employer registration process. However, the impact will mostly affect registration by charities. The main functionality will not be affected but users may notice minor changes, especially frequent users of the registration online service
- There is the monthly 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). However, although this is the default, clients can opt out and there are some handy links to information about transition profit and Overlap Relief
- Also later in September 2024, HMRC are changing the letters they send to clients who have authorised an agent to act on their behalf via the Online Agent Services Account. The letter clarifies what authorisation means in terms of the access agent will have to their tax details. Further, and helpfully, the ‘enhanced’ letter makes it clear to the client that even though they may have an agent acting for them, the ultimate legal responsibility for tax is a personal one
- There is also a brief section that given an overview of the new Statutory Neonatal Care Pay and Leave (SNCP) that will operate from April 2025. This will apply in Great Britain only; they the section is lacking in detail needed by software developers. It is still a ‘watch this space’ area for employers!
- The Update contains a reminder that the Self-Assessment registration deadline is 05 October 2024 (for tax year 2023/24). It links to their August press release that attempts to clarify (debunk) the top five myths that people may have about the need to register, complete and file a tax return
For Bookkeepers
The Agent Update is always a valuable resource for members because it recognises that the bookkeeping role may involve more than the provision of payroll services. ICB recommends September’s edition is worth reading in its entirety.
