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Tax news from January 2021

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

Tax news in brief

Highlights from the broader tax news week ending 20 January, which includes: HMRC to amend CJRS guidance over annual pay, updates to ICAEW's support on options for self-assessment deadlines, HMRC webinar to help avoid pension scams, and potential VAT implications for Gibraltar post-Brexit.

Brexit and VAT: Registering for the non-union MOSS

20 January: UK businesses that have supplied eligible digital and telecommunication services into the EU since 1 January 2021 have three weeks to apply for the non-union VAT mini one stop shop. ICAEW’s Tax Faculty provides an overview.

Deadline approaching for CJRS claimants to request anonymity

19 January 2021: Employers under threat of violence or intimidation as a result of having their names published as a recipient of Coronavirus Job Retention Scheme grants, must apply to be removed from the list before its publication on 26 January.

HMRC stands firm on SA late-filing penalties

19 January 2021: HMRC has rejected calls to reconsider automatically waiving late-filing penalties for self assessment tax returns due on 31 January, but confirmed that deadlines missed due to COVID-19 should not result in having to pay a penalty provided an appeal is made.

Spring Budget 2021 not the time for tax changes, says ICAEW

19 January: Given the impact of the coronavirus pandemic and the UK’s departure from the EU, Spring Budget 2021 should focus on delivering existing plans and COVID support packages, not announcing short term changes to the tax system, according to ICAEW’s Tax Faculty.

ICAEW re-examines draft MTD for ITSA regulations

15 January: HMRC has dusted down the draft MTD for ITSA regulations, previously consulted on in 2017, and issued a further consultation. ICAEW’s Tax Faculty has identified several areas where changes are needed before the regulations are laid before parliament.

Reconsider stance on SA late-filing penalties, urges ICAEW

14 January 2021: ICAEW has called on HMRC to reconsider automatically waiving late-filing penalties for self assessment tax returns due on 31 January, in light of the significant impact of the COVID-19 pandemic on clients, tax agents and HMRC resources.

Tax news in brief

Highlights from the broader tax news week ending 13 January, which includes: ICAEW’s response to draft legislation on R&D tax relief for SMEs and £230,000 cap on participation in the agricultural flat rate scheme for VAT.

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