Tax Blog - 13 June

13/06/2024

First of the New Regime: Where all the issues come out

For many the GST returns due in two weeks’ time will be the first return to include the new rules relating to GST and properties listed on an online platform (AirBnB, Booking.com etc). Each of these platforms seems to be taking a slightly different approach to how this is being communicated and actioned.

While you can know something is coming and hopefully have already considered the pricing aspect for any property you have listed it is not until you must act for the first time that issues or confusion can arise. We would therefore suggest getting on to these returns earlier rather than later so these can be worked through well ahead of time. Do of course also talk to your contact here if you do want any help in getting this first return done.

With the Budget bill now passed there are also a few other consequential adjustments people will need to ensure they have considered and are ready for before the changes become effective. The biggest one for anybody with payroll will be to ensure that any PAYE tables are updated to reflect the new rates from 1 August.

Polson Higgs Tax team.

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