ICAEW insights, technical guidance and news updates on tax measures affecting UK tax compliance and changes to contacting HMRC during the COVID-19 pandemic.
Companies and unincorporated businesses are taxable on COVID support grants and payments. ICAEW’s Tax Faculty provides a summary of available resources to help ensure tax returns are correctly completed.
Following HMRC’s announcement that it will provide a one-month penalty waiver for late-filing and late-payment penalties, ICAEW’s Tax Faculty shares guidance from HMRC on other implications of not meeting the 31 January deadline.
Highlights from the broader tax news for the week ending 8 December, including: HMRC’s service to notify dormancy; an HMRC webinar about reporting COVID-19 grants on CT600s and HMRC examples concerning plastic packaging tax.
This month’s top technical stories include details on what taxpayers should do when HMRC visits unannounced and how to pay self assessment liabilities without a UTR.
Agent Update 90 provides a summary of guidance that HMRC has issued to help the internationally mobile and their advisers cope with restrictions imposed by the pandemic.
HMRC has pledged to clear its backlog of self assessment registrations by the end of December and shared a statement on correspondence delays. ICAEW’s Tax Faculty explains.
HMRC’s annual report for 2020-21 confirms that the pandemic impacted not only its day-to-day work, tax revenues and customer service, but has potentially put delivery of the new plastic packaging tax and updating HMRC’s telephony services, at risk. The Tax Faculty outlines the key takeaways.
Highlights from the broader tax news week ending 26 October, which includes: new legislation for the health and social care levy and simplifying inheritance tax rules. A deadline reminder for final CJRS claims, more agent webinars from HMRC and confirmation that HGV drivers on temporary visas are not entitled to tax relief on accommodation.
Highlights from the broader tax news week ending 22 September, which includes: upcoming deadlines for final claims for SEISS grants and for bulk appeals of late-filing penalties, as well as additional HMRC support on reporting coronavirus support grants on CT600s.
HMRC figures released for the pre-pandemic period of 2019/20 show a £2bn increase in the estimated tax gap, largely attributable to an increase in the VAT gap. ICAEW’s Tax Faculty analyses the key data.
Ahead of its full annual report, HMRC has published performance statistics for 2020/21. ICAEW acknowledges what HMRC has achieved in its response to the pandemic while noting that concerns over performance persist which suggests that there are fundamental problems.
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.
The government has published the National Insurance Contributions Bill, which legislates reliefs for employers of veterans and those operating in Freeports, as well as for the self-employed isolating due to COVID-19. The Bill will also enable upcoming changes to the DOTAS scheme to apply to national insurance avoidance.
How can tax systems help solve the climate emergency? Is it possible to tax digitalised businesses? And what tax challenges and solutions do ageing populations pose?
Employees working from home due to the coronavirus pandemic can continue to claim tax relief on costs not reimbursed by their employer, but a new claim will need to be made for the 2021/22 tax year, HMRC has confirmed.
24 February 2021: This month’s top technical stories on ICAEW Insights include updates on self assessment penalties, IR35 changes and a major change to the government’s Kickstart Scheme.
10 February 2021. HMRC’s quarterly performance statistics for October to December 2020 show that it continues to struggle to provide an adequate level of customer service. Alongside the data HMRC has published a commentary as it did in the last quarter.
10 February 2021: Respected tax authority Rebecca Benneyworth has written two new TAXguides offering valuable insights into the key issues facing agents at the start of 2021 and exploring what business structure has the lowest tax burden.
Highlights from the broader tax news week ending 3 February, which includes: a restrained Scottish Budget in light of the coronavirus pandemic and HMRC publishes a Brexit edition of its Agent Update with guidance on postponed VAT accounting.
3 February 2021: A record-high number of taxpayers missed the self assessment tax return deadline and ICAEW has urged late filers to act well ahead of the new 28 February cut-off.