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Tax news from August 2020

Latest news on the UK tax system, brought to you by the ICAEW Tax Faculty.

EA and CJRS interaction remains unclear

27 August 2020: Further clarity is being sought from HMRC for cases where the secondary NIC an employer can offset using employment allowance (EA) includes amounts for which CJRS grants have been claimed.

Proposals for tackling CIS abuse ‘disproportionate’

27 August: HMRC’s plans to tackle abuse of the construction industry scheme (CIS) would create a burden disproportionate to the relatively small amount of revenue at stake and affect many compliant businesses, ICAEW has warned.

Access to Bloomsbury Professional titles broadened

24 August: ICAEW members working in business and non-profits, and those who are unemployed, have been given access to more than 60 tax and accountancy titles from Bloomsbury until the end of October.

HMRC extends CGT 30-day reporting functionality

20 August 2020: Capital gains on UK residential property need to be reported within 30 days of completion. HMRC has now updated its system to allow reports of second and subsequent disposals to be made online.

HMRC reminds employers of PAYE and CJRS deadlines

18 August 2020: ICAEW’s Tax Faculty provides a rundown of some of the latest updates for employers from HMRC, including a reminder that August's deadline for electronic PAYE payments is a Saturday, so organisations need to double check payments will clear in time.

HMRC commences CJRS compliance activity

18 August: HMRC has stepped up its compliance activity on Coronavirus Job Retention Scheme grants, writing to 3,000 employers who may need to repay some or all of their claim.

Engage early with HMRC on tax debts, says ICAEW

18 August: Two new publications from HMRC outline its approach to collecting tax debt and highlight the importance of early discussions with debt management when problems are anticipated.

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