Latest news on the UK tax system, brought to you by the ICAEW Tax Faculty.
29 January: ICAEW’s Tax Faculty highlights updated HMRC guidance confirming that directors paid annually and claiming grants under the third version of the Coronavirus Job Retention Scheme must align salary payments with claims.
28 January: HMRC has published its first list of the employers who have claimed through the Coronavirus Job Retention Scheme (CJRS). Being named is normal and the presumption is that those listed are using the funds as intended.
28 January 2021: ICAEW’s Tax Faculty answers questions that have arisen on the one-month waiver of late-filing penalties for 2019/20 self assessment tax returns and warns of possible pitfalls.
27 January 2021: The first reports under the UK’s mandatory disclosure regime, based on the EU’s DAC 6, are due on 30 January 2021. ICAEW’s Tax Faculty provides a reminder of the rules.
27 January 2021: Governments, taxpayers and agents around the world are grappling with how digital technologies will transform tax systems. KPMG’s former Global Head of Tax, Jane McCormick, will delve into the key issues at this year’s Hardman Lecture. Sign up to join the event for free.
Highlights from the broader tax news week ending 27 January, which includes: Treasury confirms that eligibility criteria for fourth SEISS grant will be announced at the Spring Budget; special edition of HMRC's Employers Bulletin focuses on Brexit transition and HMRC updates its guidance on scams.
26 January 2021: HMRC will include extra payments resulting from error corrections for periods covered by the original VAT payments deferral scheme, but only if notified to HMRC’s COVID-19 helpline by 29 January 2021.
26 January 2021: After several delays HMRC’s VAT domestic reverse charge for construction services is due to come into force on 1 March 2021. ICAEW’s Tax Faculty provides a reminder of the changes.
25 January 2021: ICAEW welcomes HMRC’s decision to automatically wave penalties for self assessment tax returns filed late due to the coronavirus pandemic. The move will see no penalties issued for returns filed online up to 28 February 2021.
25 January 2021: Have you ever wished you could be Chancellor for a day? Could you sort out the budget deficit in a moment? ICAEW’s Anita Monteith has found the tools online that mean you can give it a go.