{"id":4430,"date":"2024-03-12T17:20:20","date_gmt":"2024-03-12T17:20:20","guid":{"rendered":"https:\/\/magnumaccountancy.com\/?p=4430"},"modified":"2024-03-12T17:20:20","modified_gmt":"2024-03-12T17:20:20","slug":"tax-news-in-brief-13-march-2024","status":"publish","type":"post","link":"https:\/\/magnumaccountancy.com\/tax-news-in-brief-13-march-2024","title":{"rendered":"Tax news in brief 13 March 2024"},"content":{"rendered":"
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Highlights from the broader tax news for the week ending 13 March 2024, including: the publication of legislation providing for the Spring Budget NIC cuts; changes made by secondary legislation across a range of areas, including R&D tax relief, PAYE and CIS; new HMRC guidance on ISAs; and the opportunity to claim a refund for Italian VAT paid on goods and services related to Italian business activities.<\/p>\n
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The National Insurance Contributions (Reduction in Rates) (No. 2) Bill<\/a> has been introduced to the House of Commons. The Bill provides for the cuts to class 4 and employees\u2019 class 1 national insurance contributions (NIC) announced at Spring Budget 2024. From 6 April 2024, the headline rate of class 1 NIC will be 8% and Class 4 NIC 6%. <\/p>\n The following regulations have been made:<\/p>\n The regulations at 1. and 2. come into force on 1 April 2024. The regulations at 3. and 4. come into force on 6 April 2024.<\/p>\n HMRC has published its latest Tax-free savings newsletter<\/a>, providing an update for individual savings account (ISA) managers and child trust fund (CTF) providers. The newsletter has articles on the changes announced at Autumn Statement 2023, which come into effect from 6 April 2024, and the consultation on the new UK ISA announced at Spring Budget 2024.<\/p>\n UK businesses without a VAT fixed establishment in Italy can now claim refunds for Italian VAT paid on goods and services related to their Italian business activities. Businesses can make claims directly without the need for a tax representative. The agreement with the Italian government applies retroactively from 1 January 2021. Claims submitted to the Italian tax authority (Agenzia delle Entrate) on or after this date will be eligible. Businesses should visit the Agenzia della Entrate website<\/a> for instructions on how to claim a refund.<\/p>\n<\/div>\nChanges made by secondary legislation to R&D tax relief, and more<\/h2>\n
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HMRC guidance on ISAs<\/h2>\n
Italian VAT refunds now available to UK businesses<\/h2>\n