27 January 2021: The first reports under the UK’s mandatory disclosure regime, based on the EU’s DAC 6, are due on 30 January 2021. ICAEW’s Tax Faculty provides a reminder of the rules.
Latest tax news
The latest news about the UK's tax system brought to you by ICAEW's Tax Faculty.
Don't miss out on our daily summary of what's happening in the world of accountancy. If you are a member you can change your contact preferences so it is delivered daily to your mailbox.
27 January 2021: Governments, taxpayers and agents around the world are grappling with how digital technologies will transform tax systems. KPMG’s former Global Head of Tax, Jane McCormick, will delve into the key issues at this year’s Hardman Lecture. Sign up to join the event for free.
Highlights from the broader tax news week ending 27 January, which includes: Treasury confirms that eligibility criteria for fourth SEISS grant will be announced at the Spring Budget; special edition of HMRC's Employers Bulletin focuses on Brexit transition and HMRC updates its guidance on scams.
26 January 2021: HMRC will include extra payments resulting from error corrections for periods covered by the original VAT payments deferral scheme, but only if notified to HMRC’s COVID-19 helpline by 29 January 2021.
26 January 2021: After several delays HMRC’s VAT domestic reverse charge for construction services is due to come into force on 1 March 2021. ICAEW’s Tax Faculty provides a reminder of the changes.
25 January 2021: ICAEW welcomes HMRC’s decision to automatically wave penalties for self assessment tax returns filed late due to the coronavirus pandemic. The move will see no penalties issued for returns filed online up to 28 February 2021.
25 January 2021: Have you ever wished you could be Chancellor for a day? Could you sort out the budget deficit in a moment? ICAEW’s Anita Monteith has found the tools online that mean you can give it a go.
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.
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.
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.
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.
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.