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Weekly tax highlights ― 11 November 2024


Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance

Weekly tax highlights ― 11 November 2024


Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance
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Direct taxes

Change to updated HMRC guidance on basis period reform

On 31 October the guidance was updated to advise that the transition profit calculator cannot be used if the business is a partnership. It has now been further updated to confirm that the calculator can be used for partnership trading profits only.

See Simon’s Taxes B8.108B.

SI 2024/1082 Platform Operators (Due Diligence and Reporting Requirements) (Amendment) Regulations 2024

These Regulations ensure that the effect of the policy is as originally intended and is aligned fully with the OECD model rules. Specifically, they ensure that information on UK sellers held by UK platform operators is reported directly to HMRC, and remove requirements to apportion certain thresholds, which led to unintended consequences in certain situations.

They come into force on 25 November 2024.

Simon’s Taxes B5.665A.

Updated HMRC guidance on let property campaign

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  • 11 Nov 2024 08:50

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