Weekly tax highlights ― 13 January 2024

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Direct taxes

HMRC issues new guidance on reporting changes for MTD

HMRC’s updated Making Tax Digital guidance covers how to report changes in income sources and other related adjustments.

HMRC has added new sections to its ‘Use Making Tax Digital for Income Tax’ guidance, to cover how to notify HMRC of changes in circumstances after having signed up for Making Tax Digital for Income Tax. Most changes can be reported through existing HMRC online services or by contacting the dedicated customer support team. The guidance covers scenarios where a new source of self-employment or property income needs to be included in quarterly reporting, income sources which have ceased, opting out of the MTD test phase, adjusting payments on account, and amending a return.

See Simon’s Taxes A4.174

CIOT publishes detailed comments on Finance Bill non-doms provisions

The CIOT has published comments on the Finance Bill 2025 non-doms legislation, covering in particular the FIG regime, the temporary repatriation facility and inheritance tax.

Key observations from the CIOT’s detailed comments on the Finance Bill non-doms

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