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Latest ICAEW Insights and accountancy news for January 2021

All the latest news about ICAEW and the accountancy profession.

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Getting boards on board with going carbon neutral

21 January 2021: In the summer of 2020, ICAEW’s board approved a roadmap for the organisation to go carbon neutral and by autumn became the first major professional body to declare carbon neutrality. But what does it take to get a board on board with action on climate change?

Tax news in brief

Highlights from the broader tax news week ending 20 January, which includes: HMRC to amend CJRS guidance over annual pay, updates to ICAEW's support on options for self-assessment deadlines, HMRC webinar to help avoid pension scams, and potential VAT implications for Gibraltar post-Brexit.

Brexit and VAT: Registering for the non-union MOSS

20 January: UK businesses that have supplied eligible digital and telecommunication services into the EU since 1 January 2021 have three weeks to apply for the non-union VAT mini one stop shop. ICAEW’s Tax Faculty provides an overview.

Deadline approaching for CJRS claimants to request anonymity

19 January 2021: Employers under threat of violence or intimidation as a result of having their names published as a recipient of Coronavirus Job Retention Scheme grants, must apply to be removed from the list before its publication on 26 January.

Moving from corporate trust to independent charity

20 January 2021: Hannah Keartland, honorary treasurer at Social Tech Trust, outlines how an entrepreneurial mindset and collaboration with partners have been key to the organisation’s transformation as an independent charity.

Government cracks down on late payment culture

20 January 2021: Signatories to the UK government’s Prompt Payment Code must pay small businesses within 30 days as part of a raft of measures taken to tackle the ongoing issue of late payments

HMRC stands firm on SA late-filing penalties

19 January 2021: HMRC has rejected calls to reconsider automatically waiving late-filing penalties for self assessment tax returns due on 31 January, but confirmed that deadlines missed due to COVID-19 should not result in having to pay a penalty provided an appeal is made.

Spring Budget 2021 not the time for tax changes, says ICAEW

19 January: Given the impact of the coronavirus pandemic and the UK’s departure from the EU, Spring Budget 2021 should focus on delivering existing plans and COVID support packages, not announcing short term changes to the tax system, according to ICAEW’s Tax Faculty.

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