In brief: 21 March 2024

VAT

VAT Notice 742A ‘Opting to tax land and buildings’ has been updated to show that HMRC no longer sends an acknowledgement letter on receipt of an option to tax.

tinyurl.com/hmrcvatn742a

National Insurance

The government has published the National Insurance Contributions (Reduction in Rates) (No 2) Bill.

tinyurl.com/nicrinr2024

Creative sector

The Relief for Creative Industries (Additional Information Requirements and Miscellaneous Amendments) Regulations SI 2024/320 require claims for the creative sector tax reliefs to be submitted electronically. They also specify the additional information to be provided in support of any claims.

tinyurl.com/si2024320

Construction industry

The Income Tax (Construction Industry Scheme) (Amendment) Regulations SI 2024/308 remove most payments made by landlords to tenants from the scope of the construction industry scheme (CIS) and make sure minor VAT compliance failures will not result in gross payment status refusal or removal.

tinyurl.com/si2024308

Pension schemes

The Authorised Surplus Payments Charge (Variation of Rate) Order SI 2024/335 reduces the rate of the authorised surplus payments...