The latest news about the UK’s tax system brought to you by ICAEW’s Tax Faculty.
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Tax news in brief
02-06-2021
Highlights from the broader tax news week ending 26 June, which includes: third reading of Finance Bill confirms corporation tax rate, HMRC reiterates position on VAT treatment of public funds received by FE institutions, HMRC confirms there are now 14 live CCO investigations, new API for corporate interest restriction returns launching in June and more guidance on FPS vs EYU.
Updated templates to make CJRS claims easier
02-06-2021
HMRC has published new templates for making claims under the Coronavirus Job Retention Scheme to simplify the process. It is now possible to submit claims using a template within the system for staff without national insurance numbers when grants cover fewer than 100 members of staff.
VAT liability on the cost of charging electric vehicles
01-06-2021
Whether a business can recover the VAT on the cost of electricity to charge cars used for business purposes is complex. ICAEW’s Tax Faculty outlines the latest guidance from HMRC and highlights where ICAEW is asking for further clarity.
Latest on Making Tax Digital for agents
01-06-2021
Edition 17 of HMRC’s MTD update for agents includes details of how the functionality of the agent services account is developing and includes screenshots of some of the available services. ICAEW’s Tax Faculty highlights what has changed.
Businesses may need to set up a new direct debit mandate for VAT
27-05-2021
HMRC is writing to more than 150,000 VAT-registered businesses where it doesn’t hold a valid email address, explaining what they need to do to continue paying their VAT by direct debit. ICAEW’s Tax Faculty explains that this relates to the transfer of VAT records to a new database.
Deadline looms for payment of deferred VAT
26-05-2021
The deadline for paying VAT deferred due to the impact of coronavirus is the end of June. ICAEW’s Tax Faculty explains the options available to businesses to avoid a 5% penalty.
Tax news in brief
26-05-2021
Highlights from the broader tax news week ending 26 May, which includes reminders on SEISS 4 grant claims and that loss carry-back claims can’t be made until mid-July, as well as a coding error for service attributable pensions, more guidance on off-payroll working and extension to interim arrangement for trustees reliant on small savings.
The tax implications of COVID support schemes
25-05-2021
As HMRC confirms delays in processing self assessment returns with incorrectly reported SEISS grants, the Tax Faculty has published guidance for all ICAEW members on the tax issues arising from the UK’s coronavirus support schemes.
Second OTS report focuses on practical improvements to CGT
25-05-2021
The latest report from the Office of Tax Simplification review into capital gains tax makes recommendations in areas such as the UK residential property return, moving home, divorce and separation. It also highlights the low level of public awareness and where improved guidance is needed.
Get to grips with changes to NMW and benefit easements
19-05-2021
Employment tax expert Kate Upcraft is sharing practical support on changes to the national minimum wage regulations, current easements to benefits-in-kind for employees and CJRS compliance in an upcoming Tax Faculty webinar.
Finance Bill 2021: government tables amendments and new clauses
19-05-2021
Ahead of the report stage scheduled for 24 May, the government has tabled several proposed amendments to the Finance Bill 2021 including to the super deduction and non-resident SDLT surcharge. It has also proposed four new clauses and a new schedule concerning VAT.
Tax news in brief
19-05-2021
Highlights from the broader tax news week ending 19 May, which includes further clarity on VAT registration for overseas suppliers that only sell zero-rated goods and on drinks as food replacements for VAT purposes. HMRC confirms that 550,000 people have claimed WFH tax relief for 2021/22 and that its VAT records move may result in erroneous MTD message.
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