Highlights from the broader tax news week ending 5 May, which includes HMRC publishing guidance on working through an umbrella company and updating guidance accompanying its CEST tool.
Tax news from May 2021
Latest news on the UK tax system, brought to you by the ICAEW Tax Faculty.
ICAEW’s Tax Faculty is urging employers and agents to attend a free webinar on 7 May outlining how to calculate grant entitlement under the final phase of the Coronavirus Job Retention Scheme, rather than risk under or overclaiming.
HMRC has struggled to maintain business-as-usual service levels during the coronavirus pandemic and cannot improve services as envisaged in its Charter without more resource, warns ICAEW.
As part of a £5bn cladding remediation package following the Grenfell Tower disaster, the government is proposing a new residential property developer tax. Likely to be introduced in 2022, the tax aims to raise at least £2bn over 10 years and would apply to developers with annual profits in excess of £25m.
Tax agents who file their clients’ VAT returns using HMRC’s online service may find that the functionality has moved from the older agent online service portal to the newer agent services account.
The HMRC service for reporting and paying capital gains tax on UK residential property has been problematic since it was introduced in April 2020. Two new problems have emerged since the start of this tax year. ICAEW’s Tax Faculty explains the impact.