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Following its original announcement in 2015, Making Tax Digital for Income Tax (“MTD”) is finally being introduced in phases from April 2026 with the Government confirming its commitment to MTD at the Autumn 2024 budget.

VAT is an area of ever increasing risk and ensuring your business’ VAT processes and procedures are compliant can be complex.

Now that the 2023/24 tax year has ended, Grant Thornton has compiled a summary of reminders for the various end-of-year employer obligations to support your business with their compliance needs. If you wish to speak with an expert or have any questions, please contact one of our employment tax specialists listed below.

A number of important reliefs from inheritance tax are soon to be restricted for those owning land outside the UK.

On 27 February 2023, an agreement in principle was reached between the UK Government and the European Union (EU), titled the “Windsor Framework”. The purpose of this agreement is to address issues arising from the Northern Ireland (NI) Protocol, which was agreed as part of the UK’s exit from the EU in 2020.

From 1 March 2021, a new domestic VAT reverse charge will be introduced for specified building and construction services. The new regime, which will have a significant impact on the sector, will require the purchaser rather than the supplier to account for VAT on certain construction services.

In July 2020, the Chancellor asked the Office of Tax Simplification (OTS) to carry out a review of Capital Gains Tax (CGT). The stated purpose was to ‘identify opportunities relating to administrative and technical issues as well as areas where the present rules can distort behaviour or do not meet their policy intent’.

6 April 2020 brought further changes to the taxation of UK property as the UK government continues its effort to level the playing field between UK and offshore investors. This latest phase of measures transitions non-resident companies, that carry on a UK property business or have other UK property income, often referred to as Non-resident Landlords (NRLs), from the UK income tax regime to the UK corporation tax regime.

New EU mandatory disclosure requirements, commonly known as “DAC6”, have been introduced to require intermediaries and taxpayers to disclose reportable cross border arrangements to the relevant national tax authority, which will then be automatically exchanged with tax authorities in the UK and EU Member States.

New rules for contractors and Off-Payroll Workers (OPW)

Read our latest article on Making Tax Digital for VAT

See the latest from Grant Thornton Northern Ireland around Making Tax Digital.

April 2017 is the start of a new tax year, arguably this year includes the most dramatic changes to payroll since Real Time Information (RTI) and auto enrolment were rolled out. The apprenticeship levy will have a considerable financial impact on employers, along with increases to minimum and living wage rates.

Across a number of countries, the way internationally mobile employees are taxed is being shaken-up. This follows the G20/OECD-led Base Erosion and Profit Shifting (BEPS) Action Plan recommendations set out earlier this year.