Highlights from the broader tax news week ending 30 June, which includes: pensions schemes and leases to connected tenants, an extended time limit for notifying an option to tax, a reminder to tell HMRC about an EU VAT import one stop shop registration, HM Treasury's launching of the business rates revaluation consultation and HMRC's latest briefing on collecting tax debts.
Tax news from June 2021
Latest news on the UK tax system, brought to you by the ICAEW Tax Faculty.
HMRC has acknowledged its error in not allowing overpaid CGT on UK residential property to be offset against income tax. ICAEW’s Tax Faculty explains the solution that has been put in place for 2020/21 self assessment returns.
As work continues behind the scenes on the complex rollout of Making Tax Digital, ICAEW’s Tax Faculty has the latest details on where things stand with MTD for VAT and income tax.
The procedures required to appoint a nominated company to a corporate group and for that company to submit a loss carry-back allocation statement to HMRC under the extended corporation tax loss carry-back provisions have been set out in regulations. ICAEW’s Tax Faculty explains the details.
Highlights from the broader tax news week ending 23 June, which includes: remind on switch to digital P800 and PA302s, corrections to legislation covering SDLT rates for no-residents and changes to IHT401 and exporting merchandise in baggage from 1 July 2021.
HMRC has launched new online tools to help parents understand their eligibility for shared parental leave (SPL) and plan how to use it. ICAEW’s Tax Faculty explains how mums and adopters can opt in even if not sharing with a partner
HMRC has started to autocorrect 2020/21 tax returns where the SEISS grants reported do not match its records and has restarted pre-claim checks in advance of the fifth grant. ICAEW’s Tax Faculty has the latest information.
Better communication on taxpayer obligations coupled with prompts from HMRC could help to prevent offshore non-compliance and international tax debt, says ICAEW. There are also opportunities to improve existing systems and processes to make compliance easier.
HMRC has reaffirmed that it is not changing its approach to tax relief on employees’ travel expenses to temporary workplaces in light of the impact of coronavirus pandemic.
Government plans to mandate professional indemnity insurance for tax advisers could offer important consumer protection, says ICAEW, but further discussions are needed with the insurance industry to identify a viable solution which does not have a disproportionate impact on professionally qualified advisers.