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Tax news from June 2021

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

ICAEW supports aim of mandating PII for tax advisers, but more work is needed


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.

Tax news in brief


Highlights from the broader tax news week ending 16 June, which includes: G7 leaders backing global tax commitment; a word of caution on deeds of assignment; guidance on tax avoidance using unfunded pension arrangements; VAT liability of daycare services; and more support on heritage assets.

HMRC continues ‘risk-based’ approach to late filed RTI


In its latest Employer Bulletin, HMRC confirms that late filing and late payment penalties under PAYE Real Time Information (RTI) will remain ‘risk-assessed’ for 2021/22. ICAEW’s Tax Faculty outlines the update and other key reminders from the Bulletin.

Finance Act 2021 receives early Royal Assent


It had been anticipated that Finance Act 2021 would receive Royal Assent in July, but it took place on 10 June. Extended loss carry-back, super deduction and many other measures come into force.

Additional security added to HMRC online services


Multifactor authentication is already in place for most HMRC online services and will now be extended to all government gateway accounts other than those used by agents. ICAEW’s Tax Faculty explains what is changing.

SEISS grants and tax return processing


HMRC reports that it has been unable to automatically process a significant number of 2020/21 self assessment tax returns because of apparent inconsistencies in the reporting of SEISS grants. ICAEW’s Tax Faculty explains how to avoid the problem.

HMRC relaunches the agent dedicated line


HMRC is restoring priority access to the ADL from Monday 14 June 2021 and committed to call waiting times of less than 10 minutes. However, the ADL will not handle certain types of calls where digital alternatives are available.

Tax news in brief


Highlights from the broader tax news week ending 9 June, which includes: May CJRS claim deadline reminder; more support on tax reliefs on moving goods temporarily in and out of GB and NI; small change to SDLT exceptional circumstances guidance; and updated guidance on loss carry back claims.

OTS to look at impact of moving tax year end


The Office for Tax Simplification has confirmed it is reviewing the benefits, costs and implications of moving the UK’s tax year end from 5 April. While the review will focus on a move to 31 March, it will also consider 31 December.

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