Blog Layout
TAMD - what is it?
Dec 02, 2021
Tax Administration and Maintenance Day -TAMD was on 30th November 2021.
But what is it and what does it mean?
At the Autumn Budget the Chancellor made a commitment that there would be a separate day following the budget that would be dedicated to the administration and maintenance of the UK’s tax system. It was later announced that this Tax Administration and Maintenance Day TAMD would be on 30th November 2021.
The idea behind TAMD is to publish various documents which include new consultations as well as updates on existing consultations and announcements made at the Autumn Budget which took place on 27th October 2021. (Read our blog for an overview of the main points discussed in the Autumn budget). There will be summaries of responses to any recently closed consultations and technical information notices.
These announcements are mainly in relation to the ongoing initiatives to modernise and improve the UK tax system and its administration. It confirms how the tax system is being simplified, modernised, making it more user friendly in order for it to be easier to get peoples tax correct.
Financial Secretary to the Treasury, Lucy Frazer said:
“We want to build a tax system which supports the economic recovery, is simpler for businesses, and helps taxpayers get their tax right the first time.
Today’s announcements set out what we are doing to achieve this – providing people and businesses with an opportunity to engage in this work and help shape this reform.”
A summary of the key announcements can be found here
The full paper which demonstrates how the government’s 10 year tax administration strategy is taking shape is here
Starting in early 2025, Companies House will begin rolling out new identity verification requirements for company directors and persons with significant control (PSCs). This means that, in the future, before filing information on the Companies House register, directors will need to prove their identity. This change is designed to reduce fraud and improve transparency. The reforms are part of the Economic Crime and Corporate Transparency Act 2023, which aims to combat fraudulent activity. As part of these reforms, accountancy firms and solicitors registered for anti-money laundering (AML) supervision will be among the first required to comply, starting in early 2025. By spring 2025, accountants and other professional service providers, who are registered for AML supervision, will be able to become authorised corporate service providers (ACSPs). This means they’ll be able to help clients verify their identities and pass that information on to Companies House. By autumn 2025, these new ID verification requirements will be mandatory for new directors and PSCs when setting up a company or making new appointments. If your business already exists, you will have a 12-month transition period until autumn 2026 to ensure your directors and PSCs comply with these requirements when your next confirmation statement is due. This is a significant change, therefore it’s important to stay ahead of these requirements to avoid any disruptions to your business.
Tips to ensure your bookkeeping stays on track during the holiday period.
All the important tax deadline filing dates
GET IN TOUCH
07483 388 319
admin@booksandbusiness.co.uk
Lower Kingswood
Tadworth
Surrey
KT20 7EB
Starting in early 2025, Companies House will begin rolling out new identity verification requirements for company directors and persons with significant control (PSCs). This means that, in the future, before filing information on the Companies House register, directors will need to prove their identity. This change is designed to reduce fraud and improve transparency. The reforms are part of the Economic Crime and Corporate Transparency Act 2023, which aims to combat fraudulent activity. As part of these reforms, accountancy firms and solicitors registered for anti-money laundering (AML) supervision will be among the first required to comply, starting in early 2025. By spring 2025, accountants and other professional service providers, who are registered for AML supervision, will be able to become authorised corporate service providers (ACSPs). This means they’ll be able to help clients verify their identities and pass that information on to Companies House. By autumn 2025, these new ID verification requirements will be mandatory for new directors and PSCs when setting up a company or making new appointments. If your business already exists, you will have a 12-month transition period until autumn 2026 to ensure your directors and PSCs comply with these requirements when your next confirmation statement is due. This is a significant change, therefore it’s important to stay ahead of these requirements to avoid any disruptions to your business.
Tips to ensure your bookkeeping stays on track during the holiday period.
All the important tax deadline filing dates