HMRC: Navigating The Changes To Claims Effortlessly
By keeping detailed records ...
Posted by Roger Eddowes on 05/12/2024 @ 8:00AM
Starting on the 14th of October 2024, HMRC introduced new evidence requirements for individuals wishing to claim employment expenses through the PAYE system ...
HMRC believes these changes will enhance trust in the system!
Taxpayers will now be required to submit a P87 form along with supporting documentation to substantiate their claims for employment expenses. This change follows a period of heightened scrutiny, during which HMRC suspended the processing of some claims.
"The new process requires claimants to provide tangible evidence supporting their eligibility for tax relief!"
This could include receipts, invoices, or other documentation that clearly verifies the expenses incurred as part of their employment. By implementing this rigorous check, HMRC aims to streamline the claims procedure while simultaneously safeguarding public funds from misuse.
Furthermore, HMRC has initiated compliance projects targeting employment expenses reported via self-assessment tax returns. These projects will involve detailed checks of claims, and requesting additional evidence from taxpayers where necessary.
It would be prudent for individuals to keep accurate and organised records of all employment expenses incurred, as the onus of proof will rest squarely on them. This new landscape necessitates a shift in how claims are processed, emphasising the importance of diligence and foresight.
"HMRC believes these changes will enhance trust in the system!"
Taxpayers are urged to embrace this change and prepare adequately. By doing so, they can ensure they are well-positioned to secure the tax relief they are entitled to, without falling victim to the pitfalls of ineligible claims.
As HMRC's new requirements for employment expenses take hold, proactive engagement will be key to ensuring you maintain your eligibility for rightful relief.
Until next time ...
ROGER EDDOWES Business Godparent
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about these HMRC changes, it could be a great idea to call me on 01908 774320 and let's see how I can help.
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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