The UK Government revises third-party data reporting to HMRC after feedback from ICAS. Changes aim to improve taxpayer accuracy through better PAYE coding and return pre-population. ICAS focused on BBSI, dividends, and investment income, stressing the need for system upgrades for accurate tax outcomes. Quarterly BBSI reporting is adopted to reduce provider burdens.

HMRC urges data suppliers to modernize for future real-time needs. Government confirms quarterly reporting for financial account information, addressing industry concerns. Financial institutions not penalized for inability to obtain NINOs from existing customers, but must make “reasonable efforts.” ICAS welcomes safeguards against debanking risk.

ICAS supports plans for reporting dividend and investment income but emphasizes the need for itemized data in coding notices. A single total could mislead taxpayers. ICAS calls for a simple online reporting route for individuals and agents. Government pledges further industry engagement before finalizing changes. ICAS seeks member feedback for ongoing policy work with HMRC.

Read more at Yahoo Finance: ICAS influences government rethink on third-party tax data reporting