Latest news on the UK tax system, brought to you by the ICAEW Tax Faculty.
30 June: HMRC’s latest employer bulletin contains several reminders to stop firms falling behind with standard obligations during the coronavirus pandemic, such as suffixing “2013” to the reference when paying 2019/20 Class 1A NIC.
30 June: HMRC’s updated guidance highlights areas where corporate non-resident landlords (NRLs) need to take care around the transfer or disposal of property and the use of losses, highlights ICAEW.
30 June: Employers will be able to make claims for grants under the flexible furlough scheme (CJRS V2) from 1 July 2020. ICAEW’s Tax Faculty highlights key points and updates its guidance.
30 June: The day before flexible furloughing is introduced to the CJRS, HMRC has confirmed to ICAEW how usual hours should be calculated. The answer is not the logical one, but it aligns with the published guidance.
Updated 6 July: Legislation introducing HMRC’s powers in relation to coronavirus support payments has been tabled and following representations by ICAEW, businesses will have 90 days to notify HMRC of a grant that needs repayment.
29 June: The government has tabled a further series of amendments to the Finance Bill 2020 ahead of its report stage this week. ICAEW’s Tax Faculty provides a summary of the changes and urges further amendments to the clause modifying the statutory residence test in light of COVID-19.
29 June 2020: HMRC has confirmed its position on top slicing relief on life insurance policy chargeable event gains for 2019/20, but the position for earlier years remains uncertain.
25 June: The UK government is deferring the first reporting deadlines under DAC6 for six months, in light of the impact of the coronavirus pandemic on businesses.
24 June: The impact of coronavirus is behind delayed VAT repayments for some claims from the Overseas Refund Scheme, confirms HMRC.
23 June: The collection of Class 2 national insurance contributions (NICs) will not be fixed soon after HMRC said costs and plans for IT systems were preventing a solution.
22 June: HMRC has announced changes to the Self-employment Income Support Scheme (SEISS) for new parents and reservists. ICAEW understands that the changes will benefit fewer new parents than might be expected.
22 June: HMRC has introduced a new webchat service and a dedicated email address to reduce the impact of redeploying trusts helpline staff to support coronavirus schemes.