Weekly Tax News Roundup: Finance Bill, HMRC Compliance Guidelines, and Single Trade Window Update

The tax landscape continues to evolve, with significant updates this week, including the release of the Finance Bill 2024-25, new compliance guidelines from HMRC, and a delay in the Single Trade Window (STW) rollout. Here are the key takeaways:

1. Finance Bill 2024-25 Unveiled

The Finance Bill 2024-25 was recently introduced to Parliament, encompassing many Autumn Budget 2024 announcements and prior fiscal measures. Key inclusions are:

• Abolishing tax rules for furnished holiday lets.
• Implementing VAT changes that impact private schools.

Stay updated on the Bill’s progress through the UK Parliament's website and review in-depth Budget details on ICAEW’s Budget Hub.

2. HMRC Issues New Compliance Guidelines

HMRC has released new Guidelines for Compliance (GfC) covering areas such as:

• Pay as You Earn (PAYE) settlement agreement calculations,
• The apprenticeship levy and national insurance employment allowance,
• Patent box computations, and
• The economic crime levy.

These guidelines aim to clarify HMRC’s perspective on complex or misunderstood tax risks and to assist taxpayers in achieving compliance.

3. Single Trade Window (STW) Delayed

The STW, designed to simplify UK border processes by allowing businesses to submit import/export data in one place, has been temporarily delayed. Initially set for a 2024 rollout, the government will now pause the STW project and provide an update in late spring 2025.

At ASK Accountants, we are committed to keeping our clients informed and compliant with the latest tax updates. For tailored tax guidance or to discuss how these changes may impact your business, reach out to our expert team today.

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