Highlights from the broader tax news for the week ending 4 May 2022, including: a reminder about the new P87 employment expenses form; delayed import VAT statements; and VAT certificate of status changes.
New P87 employment expenses claim form mandated from 7 MayICAEW’s Tax Faculty reminds members that they must now use the new prescribed P87 form rather than any alternative version. HMRC will reject any claims it receives on or after 7 May 2022 which are not made on the prescribed form. Online claims can be made by taxpayers but not agents.
Delay in the publication of March 2022 import VAT statementsMany traders experienced an issue viewing their March 2022 import VAT statement on the customs declaration service (CDS) financial dashboard. The March statements are now available for viewing and download. Businesses that have already completed their VAT return using an estimated import VAT figure should review their statement and make any necessary adjustments on their next return.
New method for issuing a certificate of statusUK businesses registered for VAT that are claiming a VAT refund in another country can ask HMRC for a certificate of status to confirm they are trading in the UK. From 1 May 2022, HMRC will issue the certificate to the business by email. The new certificate of status of taxable person (VAT66) now includes a direct link to the UK VAT registration checker. This allows the refunding tax authority to verify the information provided on the certificate.
ICAEW Know-How from the Tax Faculty
This guidance is created by the Tax Faculty, recognised internationally as a leading authority and source of expertise on taxation. The Faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.