Key Autumn 2024 Tax Updates
As we approach the final quarter of the year, there are some important tax updates from HMRC that we wish to highlight. Please take a look below!
RTI REPORTING CHANGES DELAYED
Changes Pushed to 2026: HMRC has delayed the requirement to report detailed employee hours via real-time information (RTI) until at least April 2026. This delay allows businesses time to prepare for the changes.
New RTI Requirements: Employers will need to report actual hours worked or contracted hours for hourly paid employees.
Self-Assessment Changes: Starting April 2025, self-employed taxpayers and company owners will need to report start/end dates of self-employment and dividends, with additional details required on self-assessment (SA) returns.
WORKPLACE NURSERIES
Tax Relief Available: Employers offering workplace nurseries can benefit from tax relief if they meet specific criteria.
Shared Nursery Provision: Multiple employers can collaborate to provide tax-exempt childcare if they meet the necessary partnership requirements.
CHANGES TO BEREAVEMENT FORMS
Simplified IHT Reporting: HMRC has introduced new forms for reporting inheritance tax (IHT) on chargeable events related to gifts and trusts. The updated forms reduce the burden on taxpayers by tailoring the information required.
Personal Representative Form: Form P1000 allows personal representatives to engage with HMRC after a person’s death. It is now accessible online, speeding up the process.