4 January 2021: HMRC has confirmed that the UK will no longer be applying DAC 6 in its entirety following conclusion of the Free Trade Agreement with the EU. Only arrangements that would have fallen within Category D of DAC 6 will now need to be reported, in line with the OECD’s mandatory disclosure rules.
Latest ICAEW Insights and accountancy news for December 2020
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30 December: HMRC has published guidance on the VAT treatment of transactions that are ongoing and goods that are in transit between Great Britain and the EU when the Brexit transition period ends on 31 December 2020.
25-Dec-2020: Michael Izza, ICAEW Chief Executive, welcomed the UK-EU post-Brexit trade deal and the certainty around our future trading relationship with the EU. He added that no-one should underestimate the scale and complexity of the changes that companies will still need to cope with from 1 January.
23 December 2020: HM Treasury confirms that repayments of business rates relief claimed in light of the potential impact of the coronavirus pandemic are tax deductible.
23 December: When the Brexit transition period comes to an end on 31 December, so will the application to the UK of the EU parent-subsidiary and interest and royalties directives. This means that certain payments to and from UK companies will become subject to withholding taxes.
23 December 2020: Clarity emerges concerning the re-rating of national insurance contributions as ministerial statement confirms that September's consumer price index will be used as the basis for limits and thresholds for 2021/22.
22 December 2020: Welsh Finance Minister Rebecca Evans has set out plans to spend £22bn in the financial year commencing 1 April 2021.
22 December 2020: Despite a record hike in the overall number of UK redundancies, specialist accountancy recruiters remain upbeat for the sector, predicting an upturn in demand over the coming 12 months and salary increases buoyed by ongoing skills shortages.
22 December 2020: The government has responded positively to Sir Tony Redmond’s review into the effectiveness of external audit and transparency of financial reporting in local authorities, with some of the recommended reforms starting in 2021.
22 December 2020: ICAEW's response to the IASB’s Exposure Draft on General Presentation and Disclosures.