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Tax news from April 2021

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

HMRC review reveals digital plan for the future of tax

The government’s fundamental review of the processes that underpin the UK’s tax system, makes it clear that to be fit for the future the system has to embrace and embed digital technologies at its very heart. Anita Monteith explains that change is coming.

Tax news in brief

Highlights from the broader tax news week ending 28 April, which includes HMRC publishing an example of an email phishing scam related to SEISS 4, confirmation of no customs charge for goods in Norther Ireland temporarily and the latest stamp taxes update from HMRC.

Can NIC’s history tell us its future?

National insurance has come a long way since it was first introduced 110 years ago. Has it strayed too far from its original purpose, or does it need to go further?

Mitigating against exclusion as digitalisation transforms tax

COVID-19 is likely to further spur the global trend towards tax digitalisation. David Lyford-Smith from ICAEW’s Tech Faculty considers changes that will help automate processes to make them more efficient and points to ongoing challenges, such as digital exclusion.

TRS closure ahead of additional data requirements

The Trust Registration Service will be closed from 29 April to 4 May 2021 for a technical update and when the service reopens additional data will be required to complete registrations. ICAEW’s Tax Faculty highlights the changes.

Is it one step back, two steps forward for corporation tax?

Newcastle University’s Tracey Wilson, who specialises in tax and financial reporting, reflects on the reintroduction of a tiered system of corporation tax, its complexities and effectiveness and alternative models of taxing business.

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