In brief: 19 December 2024

Overlap relief

HMRC has published a new calculator to work out the overlap relief figure for 2023-24 for self-employed people or those in a partnership. The calculator cannot be used if more than two changes have been made to the accounting date.

VAT penalties

The guidance on VAT late payment penalties has been revised to include details on the penalties applicable for VAT payments overdue by 31 days or more. An example illustrates the penalties for payments outstanding six days before the two-year assessment time limit expires.

VAT flat rate scheme

HMRC has updated VAT Notice 733 on the flat rate scheme for small businesses to include information relevant to businesses in Northern Ireland that sell goods to customers in the EU.

Anonymity lifted

In CRC v The Taxpayer and others [2024] UKUT 364 (TCC) the...