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Tax news from July 2020

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

Trust Registration Service extension narrowed

28 July: Fewer trusts will be within the scope of the expansion of the Trust Registration Service (TRS) than originally proposed, but the 30-day deadline for new trust registrations and rules granting third-party access to data remain unchanged.

Roadmap announced for Making Tax Digital

21 July: MTD for VAT extended to all VAT-registered businesses from April 2022, with income tax quarterly reporting applying from April 2023. Corporation tax will be consulted on later this year.

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