The UK tax authority, His Majesty’s Revenue and Customs (HMRC), has introduced new regulations requiring taxpayers to provide additional details in their annual self-assessment tax returns.
The Income Tax (Additional Information to be included in Returns) Regulations SI 2025/84 aims to enhance tax reporting transparency and ensure accurate record-keeping.
These regulatory changes, which were formalised on 27 January 2025, will come into effect from 6 April 2025.
Under the new regulations, individuals, trustees, and partnerships will be required to declare the commencement and cessation dates of their business activities in their tax returns.
Additionally, individuals must report details of their directorships, any involvement in close companies, and their dividend income.
HMRC initiated a technical consultation in March 2024 regarding proposals to enhance the data it collects from customers, under the title “Improving the Data HMRC Collects from Its Customers.” In August 2024, an update clarified that any changes to RTI returns would not take place before April 2026 at the earliest.
HMRC emphasised that the government has taken into account feedback from businesses and made adjustments to address concerns about the administrative burden posed by the proposed regulations.
