To comply with the new digital platform regulations effective from 1 January 2024, platform operators must register with HMRC. Here are the key details regarding registration and reporting:

Who Needs to Register: Any platform operator facilitating the sale of goods, services, accommodation, or transportation within the scope of the new regulations must register with HMRC if they are subject to UK laws. This includes platforms that are UK tax residents, incorporated in the UK, or have their place of management in the UK .
Registration Process:

Platform operators must notify HMRC that they are subject to the reporting obligations by 31 January 2025 for the 2024 calendar year.
HMRC will provide an online reporting service, and platform operators must register to use this service before submitting reports. This registration will enable them to upload seller information in a digital format (usually XML files).

Due Diligence and Data Collection: After registration, operators are responsible for collecting and verifying information about sellers (such as name, address, and tax identification number) and transaction data for reporting. Sellers must also receive a copy of the data submitted to HMRC .
Penalties for Non-Registration: Failure to register or comply with these obligations may result in penalties. Initial fines can reach £5,000 and continuing daily fines of up to £600 may apply if operators do not fulfil their reporting duties .

Platform operators should begin preparations to ensure timely registration with HMRC and compliance with the new data reporting requirements to avoid penalties.

1 September 2024 – Due date for corporation tax due for the year ended 30 November 2022.

19 September 2024 – PAYE and NIC deductions due for month ended 5 September 2024. (If you pay your tax electronically the due date is 22 September 2024)

19 September 2024 – Filing deadline for the CIS300 monthly return for the month ended 5 September 2024.

19 September 2024 – CIS tax deducted for the month ended 5 September 2024 is payable by today.

1 October 2024 – Due date for Corporation Tax due for the year ended 31 December 2023.

19 October 2024 – PAYE and NIC deductions due for month ended 5 October 2024. (If you pay your tax electronically the due date is 22 October 2024.)

19 October 2024 – Filing deadline for the CIS300 monthly return for the month ended 5 October 2024.

19 October 2024 – CIS tax deducted for the month ended 5 October 2024 is payable by today.

31 October 2024 – Latest date you can file a paper version of your 2023-24 self-assessment tax return.

Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were first introduced back in 2003 to help keep retired people out of poverty.

The Department for Work and Pensions has launched a Pension Credit awareness drive, urging pensioners to check their eligibility for Pension Credit in order to secure this year’s Winter Fuel Payment. This follows the Chancellor’s recent announcement that the Winter Fuel Payment will be means tested in future.

Approximately 1.3 million households in England and Wales are expected to continue receiving Winter Fuel Payments. The government is eager to increase the uptake of Pension Credit to ensure that low-income pensioners who qualify for these payments continue to receive the Winter Fuel Payment. Pensioners must apply by 21 December 2024 in order to make a backdated claim for Pension Credit and be eligible for the Winter Fuel Payment.

Pensioners whose weekly income is below £218.15 for a single person or £332.95 for a couple should check to see if they are eligible. If your income is higher, you might still be eligible for Pension Credit if you have a disability, you care for someone, you have savings or you have housing costs. Not all benefits are counted as income.

Claimants entitled to the Pension Credit could be entitled to a support package worth an average of £3,900 per year. Details of how to make an application for Pension Credit can be found on GOV.UK at https://www.gov.uk/pension-credit/how-to-claim

The Chancellor of the Exchequer, Rachel Reeves commented that:

“The dire state of the public finances we inherited from the previous government means we’ve had to make some very difficult decisions.

Our commitment to supporting pensioners remains, which is why we are maintaining the triple lock.

We want pensioners to get the support they are entitled to. That’s why I urge all pensioners to check whether they are eligible for the Pension Credit.”

Employees who are working from home may be eligible to claim a tax deduction on certain work-related bills. If their employer does not cover these expenses or allowances, they can claim tax relief directly from HMRC.

You can claim tax relief if you are required to work from home, such as if your job requires you to live far from your office or if your employer does not have an office. However, tax relief is typically not available if you choose to work from home, even if your employment contract allows it or if your office is occasionally full.

Employees can claim tax relief of £6 per week (or £26 per month for those paid monthly) to cover additional costs of working from home without needing to keep specific records. The amount of tax relief you receive depends on your highest tax rate. For instance, if you pay the 20% basic rate of tax, you will receive £1.20 per week in tax relief (20% of £6). Alternatively, you can claim the exact amount of additional costs incurred, but you must provide evidence to HMRC. HMRC accepts backdated claims for up to four previous tax years.

You may also be eligible to claim tax relief for using your own vehicle, whether it’s a car, van, motorcycle, or bike. Generally, there is no tax relief for regular commuting to and from your usual workplace. However, the rules differ for temporary workplaces, where such expenses are typically allowable, or if you use your own vehicle for other business-related mileage. Additionally, you may be able to claim tax relief on equipment purchased for work, such as a laptop, chair, or mobile phone.

If you are an employee who is working from home, you may be able to claim tax relief for some of your bills that are related to your work. If your expenses or allowances are not paid by your employer, then you can claim tax relief directly from HMRC.

Changes to the High Income Child Benefit Charge (HICBC) came into effect on 6 April 2024. The income threshold at which HICBC starts to be charged increased to £60,000 (from £50,000).

The charge is calculated at 1% of the full Child Benefit award for every £200 (2023-24: £100) of income between £60,000 and £80,000. (2023-24: between £50,000 and £60,000). For taxpayers with income above £80,000 (2023-24: £60,000) the amount of the charge is the same as the amount of Child Benefit received. The HICBC therefore either reduces or removes the financial benefit of receiving Child Benefit.

For new Child Benefit claims made after 6 April 2024, any backdated payment will be treated for HICBC purposes as if the entitlement fell in the 2024-25 tax year if backdating would otherwise create a HICBC liability in the 2023-24 tax year.

Even if HICBC applies to you or your partner, it’s generally still beneficial to claim Child Benefit as doing so can safeguard certain benefits and ensure your child receives a National Insurance number. Claims can be made by using the HMRC app or online resources. New claims are automatically backdated for up to 3 months or to the child’s birth date if later.

Taxpayers can choose to continue receiving Child Benefit – and pay the tax charge – or opt to stop receiving benefits and avoid the charge.

HMRC’s Personal Tax Accounts (PTAs) serve as an online tool that enables taxpayers to view and update their information in real time. The PTA can be used for many routine requests and services and help you bypass the need to call or write to HMRC.

Every individual in the UK that pays tax has a PTA, but taxpayers must sign up in order to access and use the service. This can be achieved by using the Government Gateway. You may need to verify your identify when using the service.

The following services are currently available on your PTA:

check your Income Tax estimate and tax code
fill in, send and view a personal tax return
claim a tax refund
check your Child Benefit
check your income from work in the previous 5 years
check how much Income Tax you paid in the previous 5 years
check and manage your tax credits
check your State Pension
check if you’ll benefit from paying voluntary National Insurance contributions and if you can pay online
track tax forms that you’ve submitted online
check or update your Marriage Allowance
tell HMRC about a change of name or address
check or update benefits you get from work, for example company car details and medical insurance
find your National Insurance number
find your Unique Taxpayer Reference (UTR) number
check your Simple Assessment tax bill

The PTA is a key component of HMRC’s broader strategy to transition to a fully digital tax service.

If you have taxable income of less than £17,570 in 2024-25 you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is taxable) to the current £12,570 personal allowance. In addition, there is a Personal Savings Allowance (PSA). This allowance ensures that for basic-rate taxpayers the first £1,000 interest on savings income is tax-free (effectively allowing qualifying basic-rate taxpayers to receive up to £18,570 in tax-free interest per year). For higher-rate taxpayers the tax-free personal savings allowance is £500. Taxpayers paying the additional rate of tax on taxable income over £125,140 cannot benefit from the PSA.

It is important to note that if your total non-savings income exceeds £17,570 then the starting rate limit for savings is unavailable. There is a tapered relief available if your non-savings income is between £12,570 and £17,570 whereby every £1 of non-savings income above a taxpayer’s personal allowance reduces their starting rate for savings by £1.

Interest from savings products such as ISA’s and premium bond wins do not count towards the limit. Taxpayers with tax-free accounts and higher savings can still continue to benefit from the relevant PSA limits.

Banks and building societies no longer deduct tax from bank account interest as a matter of course. Taxpayers who need to pay tax on savings income are required to declare this as part of their annual self-assessment tax return.

Taxpayers that have overpaid tax on savings interest can submit a claim to have the tax repaid. Claims can be backdated for up to four years from the end of the current tax year. This means that claims can still be made for overpaid interest dating back as far as the 2020-21 tax year. The deadline for making claims for the 2020-21 tax year is 5 April 2025.

The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not pay tax above the basic rate threshold for Income Tax (i.e., one of the couples must currently earn less than the £12,570 personal allowance for 2024-25).

The allowance works by permitting the lower earning partner to transfer up to £1,260 of their personal tax-free allowance to their spouse or civil partner. The marriage allowance can only be used when the recipient of the transfer (the higher earning partner) does not pay more than the basic 20% rate of income tax. This would usually mean that their income is between £12,571 and £50,270 during 2024-25.

For those living in Scotland this would usually mean income currently between £12,571 and £43,662.

Using the allowance, the lower earning partner can transfer up to £1,260 of their unused personal tax-free allowance to a spouse or civil partner. This could result in a saving of up to £252 for the recipient (20% of £1,260), or £21 a month for the current tax year.

If you meet the eligibility requirements and have not yet claimed the allowance, then you can backdate your claim as far back as 6 April 2020. This could result in a total tax break of up to £1,256 if you can claim for 2020-21, 2021-22, 2022-23, 2023-24 as well as the current 2024-25 tax year. If you claim now, you can backdate your claim for four years (if eligible) as well as for the current tax year.

HMRC’s online Marriage Allowance calculator can be used by couples to find out if they are eligible for the relief. An application can then be made online at GOV.UK.

There is an online service available on HMRC to check your National Insurance Contributions (NIC) record online. The service is available at https://www.gov.uk/check-national-insurance-record

In order to use this service, you will need to have a Government Gateway account. If you do not have an account, you can apply to set one up online.

By signing in to the ‘Check your National Insurance record’ service you will also activate your personal tax account if you have not already done so. HMRC’s personal tax account can also be used to complete a variety of tasks in real time such as claiming a tax refund, updating your address and completing your self-assessment return.

Your National Insurance record online will let you see:

• What you have paid, up to the start of the current tax year (6 April 2024).
• Any National Insurance credits you have received.
• If gaps in contributions or credits mean some years do not count towards your State Pension (they are not ‘qualifying years’)
• If you can pay voluntary contributions to fill any gaps and how much this will cost

In some circumstances it may be beneficial, after reviewing your records, to make voluntary NIC contributions to fill gaps in your contributions record to increase your entitlement to benefits, including the State or New State Pension. If you would like to discuss this further, please do not hesitate to be in touch.

The trivial benefits exemption allows you to provide benefits to employees without your employee suffering a tax charge on the benefit. Likewise, there is no Class 1A National Insurance for you, the employer, to pay.

To count as ‘trivial’ for the purposes of the exemption, the benefit must meet all of the following conditions:

• the cost of providing the benefit is £50 or less.
• the benefit is not cash or a cash voucher.
• your employee is not contractually entitled to the benefit.
• the benefit is not provided in recognition of particular services.

Unless your company is a close company (generally a small company) and trivial benefits are provided to a director or other office holder, there is no limit on the number of trivial benefits that you can give to a particular employee in the tax year.

However, the cumulative provision of trivial benefits to directors or other office holders of close companies is capped at £300 for each tax year.

If you provide the benefit to a number of your employees and it is impracticable to work out the actual cost of each individual benefit provided to each individual employee, you can work out the average cost instead. As long as this does not exceed £50 the cost condition will be met.