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Finance Act 2023

9 January 2023 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

The Autumn 2022 Finance Bill has been scheduled to receive Royal Assent on Tuesday 10 January 2023.

HMRC has published its updated list of yearly average and spot foreign exchange rates for the year to 31 December 2022.

HMRC has updated its guidance on Making Tax Digital for VAT.

HMRC’s Stakeholder Digest (21 December 2022) provides a round-up of recent news and updates.

HMRC has published multiple guidance notes on changes to VAT penalties and interest charges.

HMRC has published Agent Update issue 103 (December 2022) providing a round-up of recent developments and changes to legislation and allowances relating to UK tax for tax agents and advisers

We understand that following a consultation with members of the Land & Property Liaison Group, HMRC has decided to proceed with changes to the administrative process for option to tax notifications.

HMRC is increasing the late-payment rate of interest to 6%, and the repayment rate to 2.5%, from 6 January 2023. Interest on quarterly instalment payments of corporation tax is also increased from 26 December 2022.

HMRC has updated its guidance on how to complete a return if another business exports or converts components in the same accounting period.

The Chancellor has announced that the Spring Budget 2023 will be on 15 March 2023.

19 December 2022 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

John Swinney, Deputy First Minister, delivered the Scottish government’s 2023–24 Budget on 15 December 2022.

Regulations have been laid which bring the changes to VAT interest payments into force from 1 January 2023.

HMRC has updated its technical guidance on the VAT domestic reverse charge at the section ‘Scaffolding on zero-rated new build housing’.

The EU Commission has published its long awaited legislative proposals on VAT in the Digital Age (ViDA).

A consultation has been launched on proposed reform of the VAT rules on fund management to improve legal clarity and certainty. This consultation closes on 3 February 2023.

HMRC has published new guidance with information on notifying HMRC of the specific nature of the land and property supplies businesses are making using form VAT5L.

HMRC has updated its guidance to reflect that all VAT registered businesses should now be signed up for Making Tax Digital (MTD) for VAT.