The latest news about the UK's tax system brought to you by ICAEW's Tax Faculty.
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HMRC reports that it has been unable to automatically process a significant number of 2020/21 self assessment tax returns because of apparent inconsistencies in the reporting of SEISS grants. ICAEW’s Tax Faculty explains how to avoid the problem.
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.
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.
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.
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.
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.
A new paper adopted by the European Commission sets out plans to promote a robust, efficient and fair business tax system in the EU, supporting post-pandemic recovery and boosting public revenues in the future.
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.
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.
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.
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.
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.