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Tax news from January 2021

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

More guidance for furloughed directors on annual payrolls

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.

Furlough scheme employers named

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.

Further details on the SA penalty waiver

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.

Final call for first UK DAC 6 reporting deadline

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.

What does digitalisation of tax mean for the profession?

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.

Tax news in brief

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.

HMRC to waive SA late filing penalties for one month

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.

What would you do if you were Chancellor for a day?

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.

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