We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA
Important information regarding non-individual partner self-assessment registration, time to pay and QR codes
Information required for non-individual partner self-assessment registration
HMRC updated its guidance by including a checklist before you can register a partner who is not an individual for self-assessment. The completed form SA402 should be sent to HMRC by post.
The person responsible for the partner, for example the trustee or company secretary, should sign the form.
Before you start
You’ll need:
- the new partner’s self assessment or Corporation Tax Unique Taxpayer Reference (UTR) if it has one
- the new partner’s Pension Scheme Tax Reference (PSTR) if it is a registered pension scheme
- the new partner’s Company Registration Number (CRN) if it is a limited liability partnership (LLP) or limited partnership
- the name, address and UTR of the partnership
- the date the partner joined the partnership
- your UTR if you’re completing the form as the nominated partner or trustee
- the partnership’s CRN if it is an LLP or limited partnership registered with Companies House on or after 25 October 2010.
Read more about where to send the completed forms.
Time to pay arrangements
HMRC issued a press release to remind taxpayers who are unable to pay their self assessment tax bill in full by 31 January 2025, that they can spread the cost using a Time to Pay arrangement.
You can ask for Time to Pay online, without calling HMRC, if:
- you owe £30,000 or less
- your tax returns are up to date
- do not have any other payment plans or debts with HMRC.
You can go online and set up a payment plan. If you do not meet the above conditions, it is necessary to call HMRC on its helpline on 0800 200 3822.
Online payment plans allow to spread tax due payments across a maximum of 12 months. By the end of November 2024, more than 15,000 self assessment customers have already set up a Time to Pay payment plan for the 2023 to 2024 tax year to help spread the cost, and there is still an opportunity to sign up for such an arrangement.
As this is a formal agreement with HMRC you should receive it in writing. As long as you have an agreement in place before the deadline, no penalties are payable; however, you would still incur interest on the outstanding debt with HMRC.
The current late payment and repayment interest rates applied to the main taxes and duties that HMRC currently charges and pays interest on are:
- late payment interest rate – 7.25% from 26 November 2024
- repayment interest rate – 3.75% from 26 November 2024.
Access the full list of HMRC interest rates.
Guidance for QR codes on HMRC letters
There has been surge in the number of fake or scam HMRC letters and emails in recent months. In order to clamp down on online scams through these letters and to educate taxpayers, HMRC has issued guidance on checking QR codes on their letter/leaflet for their genuineness. Access the full list of recent HMRC letters.
You can also check on genuine HMRC contact that uses more than one communication method to see if a QR code on a letter or leaflet from HMRC is genuine.