Latest news on the UK tax system, brought to you by the ICAEW Tax Faculty.
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.
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.
International obligations are no excuse for sweeping away established self assessment safeguards and enabling HMRC to obtain information on taxpayers from financial institutions without prior approval, argues ICAEW’s Tax Faculty.
Tax agents can discuss more than one client on calls to HMRC’s agent dedicated line, as long as the call handlers have capacity HMRC has clarified.
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?
ICAEW’s Tax Faculty reports that notices to file income tax returns are being received by non-UK companies with UK rental profits despite such profits being subject to corporation tax since 6 April 2020.
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.
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.
ICAEW members in practice have been among thousands of agents who have received late-filing penalty notices which are not for their clients. HMRC has investigated and provided an update on what went wrong.
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.