4 August 2020: As the Eat Out to Help Out Scheme launches this week, ICAEW urges businesses to ensure they understand the interaction between the discount and the VAT being charged.
Tax news from July 2020
Latest news on the UK tax system, brought to you by the ICAEW Tax Faculty.
31 July: Taxpayers who have received CJRS or SEISS grants are urged to doublecheck their entitlement as the 90-day period to inform HMRC of any overclaimed amounts is now law.
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.
23 July: From 1 January 2021 VAT on imported goods with a value of up to £135 will be collected at the point of sale not the point of importation, HMRC has confirmed.
21 July: The government publishes a selection of draft clauses together with consultations trailed at the Spring Budget. ICAEW’s Tax Faculty provides a roundup of the key tax developments.
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.
21 July: The government has set out its 10-year strategy for a resilient, adaptable tax administration system that can offer support in the face of human and natural disasters, drive up productivity and build trust.
21 July: The Office of Tax Simplification and Treasury Select Committee, respected influencers of tax change, make similar recommendations to change the taxation of small businesses and redress the issues highlighted in recent months.
20 July: Coronavirus Job Retention Scheme (CJRS) claims for periods ending on or before 30 June 2020 must be made by 31 July 2020, ICAEW reminds members.
20 July: Under new rules capital gains tax (CGT) on disposals of UK residential property must be reported by 31 July to avoid a penalty, reminds ICAEW’s Tax Faculty.