15 March 2023 l BUDGET 15 Strengthening the regulatory framework in the tax advice market A consultation has been published about options to strengthen the regulatory framework in the tax advice market, and about requiring tax advisers to register with HMRC if they wish to interact with HMRC on a client’s behalf. The government will also explore making it quicker and easier for tax advisers to register with HMRC. HMRC debt management The government is investing a further £140 million to improve HMRC’s ability to manage tax debts. This is intended to expand HMRC’s debt management capacity to support both individual and business taxpayers out of debt faster and collect tax that is due. Crypto-Asset Reporting Framework The government is seeking views on the implementation of the Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF) – the new international tax transparency regime for the automatic exchange of information on crypto-assets. The consultation also seeks views on a potential extension of the CARF to include reporting on UK-resident taxpayers by UK service providers. Further tax administration and maintenance measures The government will bring forward a further set of tax administration and maintenance announcements on 18 April 2024 at a ‘Tax Administration and Maintenance Day’. 6 4 > THINK AHEAD Basis period change. 2024/25 is the first year in which self-employed people’s trading years are aligned with tax years (2023/24 was a transitional year). Make sure you are aware how this will affect you and how you can mitigate the impact of a possible acceleration in your tax payments.
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