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Highlighting VAT, Stamp Duty Land Tax and simplification measures.
After many years of having been frozen, the government will increase the VAT registration threshold from £85,000 to £90,000 and the deregistration threshold from £83,000 to £88,000 from 1 April 2024. The government has stated that these new thresholds will be frozen but has not stated for how long.
A number of changes are made to the Stamp Duty Land Tax (SDLT) regime. These include the following:
The government has announced a package of measures that supports its ambition to simplify and modernise the tax system, which includes the following:
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HMRC has launched a new online interactive tool to help guide both businesses and individuals through tax compliance checks.
Almost 300,000 people filed their tax return in the first week of the new tax year, setting a new record, HMRC has revealed.