The latest news about the UK's tax system brought to you by ICAEW's Tax Faculty.
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24 February 2021: Small and medium-sized UK businesses needing support on customs duties and VAT will be able to apply to the SME Brexit Fund for a grant of up £2,000 to pay for professional advice or training, confirms HMRC.
Highlights from the broader tax news week ending 24 February, which includes: the opening of the online portal for the governments new payment scheme for deferred VAT, publication of the 2021/22 CWG2, OTS urges taxpayers to share their thoughts on the use of third-party data and HMRC publishes archive of pre-Brexit VAT notices.
23 February 2021: HMRC now accepts digital signatures on agent authorisation forms, claims for the marriage allowance and employment expenses. ICAEW’s Tax Faculty highlights the change and other points covered in HMRC’s latest agent update.
23 February: Writing in the Financial Times, the Tax Faculty’s Anita Monteith explored why the UK’s policymakers need to consider moving the start of the tax year and bring it in line with other countries.
23 February 2021: With the VAT domestic reverse charge for construction services coming into force in less than a week, ICAEW’s Tax Faculty is urging affected firms to make sure they are prepared.
23 February 2021: Instalment five of ‘Anti-money Laundering: The Basics’ focuses on tax advice – how an accountant can stay alert to the multiple ways tax services can be vulnerable to money laundering.
22 February 2021: The UK reported an £8.8bn fiscal deficit in January, bringing the total shortfall over ten months to £270.6bn. Public sector net debt is up by £316.4bn and now exceeds £2.11tn.
19 February: Self assessment taxpayers have an additional four weeks to pay tax or set up a payment plan without being charged a 5% late payment penalty, HMRC has confirmed.
19 February: HM Treasury has confirmed that consultations on changes to the tax system will be published on 23 March, rather than on Budget day as is traditional. An interim report into the government’s review of business rates will also be released.
The Tax Faculty is recruiting for a full-time VAT and Duties manager to lead on our work in the areas of both VAT and an expanding portfolio covering Customs Duties and international trade.
17 February: Respected tax expert Rebecca Benneyworth has joined forces with ICAEW’s Small Practitioners Community to host regular live discussions of the key issues in tax, with the support of the Tax Faculty.
17 February: With less than two months until new IR35 legislation comes in effect in the private sector, employment law expert Mark Hammerton explains end-user options for the off-payroll working rules implementation.