Latest news on the UK tax system, brought to you by the ICAEW Tax Faculty.
28 February 2020: ICAEW’s Tax Faculty is calling on members to share their reactions to proposed changes to HMRC’s charter, which outlines what taxpayers can expect from the UK’s tax, payments and customs authority.
28 February 2020: ICAEW’s Tax Faculty has welcomed changes announced by the government to “support the smooth and successful implementation” of new off-payroll working rules, but warns that businesses are still hampered by uncertainties.
27 February 2020: from 6 April 2020, changes to the off-payroll working rules (IR35) may increase the tax charge on contracts for work with large and medium-sized businesses. Whether you are working for a big firm or supporting your clients through the process, ICAEW has resources to help you get to grips with the new rules.
25 February 2020: the Financial Secretary to the Treasury has confirmed that the Finance Bill will be published on 19 March, eight days after the 2020 Budget.
22 February 2020: ICAEW’s Tax Faculty has called on HMRC to be proportionate in its response to non-compliance to off-payroll working rules from 6 April, as draft legislation isn’t coherent.
21 February 2020: ICAEW’s Tax Faculty and Business Law committee have raised concerns over proposals to extend the Trust Regulation Service to non-UK trusts who enter into a business relationship with UK obliged entities and those that would force trusts to disclose data to third parties.
20 February 2020: corporate non-resident landlords move from the income tax regime to the corporation tax regime on 6 April 2020 and become subject to the corporate interest restriction rule. ICAEW’s Tax Faculty gives an overview of a new election available for letting agents of corporate non-resident landlords.
20 February 2020: the trigger date for late payment penalties for self assessment amounts is a day earlier in 2020 due to the leap year.
18 February 2020: HMRC is appealing against an Upper Tribunal decision that could halt VAT revenues from electronic publications, ICAEW’s Tax Faculty has confirmed.
17 February 2020: in its latest Agent Update, HMRC has confirmed changes to collection of self-assessment debt, offered opportunities for agents to test new systems and published reminders for non-resident corporate landlords becoming liable to corporation tax from April 2020.