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Latest tax news

The latest news about the UK's tax system brought to you by ICAEW's Tax Faculty.

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HMRC relaunches the agent dedicated line


HMRC is restoring priority access to the ADL from Monday 14 June 2021 and committed to call waiting times of less than 10 minutes. However, the ADL will not handle certain types of calls where digital alternatives are available.

Tax news in brief


Highlights from the broader tax news week ending 9 June, which includes: May CJRS claim deadline reminder; more support on tax reliefs on moving goods temporarily in and out of GB and NI; small change to SDLT exceptional circumstances guidance; and updated guidance on loss carry back claims.

OTS to look at impact of moving tax year end


The Office for Tax Simplification has confirmed it is reviewing the benefits, costs and implications of moving the UK’s tax year end from 5 April. While the review will focus on a move to 31 March, it will also consider 31 December.

R&D relief regime ripe for update, say ICAEW members


The UK’s current research and development tax relief regime is popular with companies, but there are opportunities to provide support closer to spend, to prevent funding limit breaches and to bring it up to date for a digital world, confirms ICAEW.

Refinement still needed on proposals on uncertain tax treatment


Further development and clarity are needed if HMRC proposals for large businesses to report uncertain tax positions are to succeed, according to ICAEW’s Tax Faculty. Better results might be achieved by reducing uncertainty in legislation and encouraging greater communication.

Broader consensus needed for G7 tax deal to achieve aims


Finance ministers from the G7 have agreed a principle that would see multinationals pay tax of at least 15% in each country they operate, but clear, worldwide consensus will be needed if it is to deliver a fair and sustainable recovery, according to ICAEW.

Tax news in brief


Highlights from the broader tax news week ending 2 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


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


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


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


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.

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