ICAEW.com works better with JavaScript enabled.

ICAEW technical round-up: December 2021

Author: ICAEW Insights

Published: 12 Dec 2021

This month’s top technical stories include an update on border controls with the EU, news of the extension of new VAT registration services and an explanation of the incoming basis period reform.

Need to know

Get ready for full customs declarations for EU imports and exports: Border controls with the EU are being phased in following the UK exiting the EU’s single market and customs union. The next change will apply from 1 January 2022, as explained by ICAEW’s Tax Faculty.

HMRC to extend new VAT registration services: HMRC is extending its new VAT registration service for companies to all traders by the end of the year and to agents in early 2022. ICAEW’s Tax Faculty explains what it knows at this stage.

Basis period reform - explaining the changes: Basis period reform has been delayed by a year and the Finance Bill reveals other small changes. ICAEW’s Tax Faculty continues to engage with HMRC to highlight the problems with the legislation.

New act to balance security and foreign investment opportunities: Lord Callanan, Minister for Business, Energy and Corporate Responsibility, has said he believes the National Security and Investment Act, due to come into force on 4 January, will successfully strike a balance between protecting national security and send out the message that the UK is more open for business than ever to overseas investors.

Tax administration and maintenance day - a Budget without a speech: Simplifying the tax system, tackling non-compliance and ensuring the tax system remains fit for the modern world. This framed the consultations, calls for evidence and next steps announced on TAM day. ICAEW’s Tax Faculty highlights the key points.

Other technical news and updates

New IFRS disclosure objectives risk being ‘too boilerplate’, says ICAEW: A proposed new approach to developing disclosure requirements in IFRS Standards and new disclosure requirements for IFRS 13 and IAS 19 may have a detrimental impact on disclosures and impair comparability, ICAEW has warned in its response to an IASB consultation.

Time to pay self-serve limit remains at £30,000: HMRC is reminding taxpayers of the option to set up a self-serve time to pay arrangement if they are unable to pay their self assessment bill. 

HMRC’s power to issue joint and several liability notices explained: HMRC can issue notices to transfer tax liabilities of companies and limited liability partnerships to directors, shadow directors and other individuals connected with managing the business. ICAEW’s Tax Faculty explains the circumstances in which these powers might be used, including for fraudulent COVID-support claims.

HMRC CT and VAT lines closing on Fridays in December: HMRC is taking the extreme measure of closing the VAT and corporation tax helplines for three Fridays in December so it can reallocate staff to clearing backlogs of correspondence. ICAEW is concerned this demonstrates the seriousness of HMRC’s resourcing problems.

NAO - BEIS lacks “reliable estimate” of fraud in COVID-19 business grants: The cost of fraud in COVID-19 business support scheme grants is estimated at £1bn but the NAO has warned that the total could be even higher amid data quality and assurance concerns.

MTD for ITSA - back to basics and myth-busting: Making Tax Digital for income tax self assessment is scheduled to start in April 2024. ICAEW’s Tax Faculty answers questions from ICAEW members.

Non-financial reporting: where are we headed?

What are the challenges that companies face when it comes to non-financial reports, where can improvements be made, and what does the future hold?

Insights special: Non-financial reporting

Recommended content

Newsletter
A megaphone
Stay up to date

You can receive email update from ICAEW insights either daily, weekly or monthly, subscribe to whichever works for you.

Sign up
Resources
Resources from across ICAEW on non-financial reporting.
Non-financial reporting

Resources and guidance on non-financial reporting, including the strategic report, director’s report and sustainability disclosures.

Read more
Daily summaries
Three yellow pins planted into a surface in a row
News in brief

Read ICAEW's daily summary of accountancy news from across the mainstream media and broader financing sector.

See more
Open AddCPD icon

Add Verified CPD Activity

Introducing AddCPD, a new way to record your CPD activities!

Log in to start using the AddCPD tool. Available only to ICAEW members.

Add this page to your CPD activity

Step 1 of 3
Download recorded
Download not recorded

Please download the related document if you wish to add this activity to your record

What time are you claiming for this activity?
Mandatory fields

Add this page to your CPD activity

Step 2 of 3
Mandatory field

Add activity to my record

Step 3 of 3
Mandatory field

Activity added

An error has occurred
Please try again

If the problem persists please contact our helpline on +44 (0)1908 248 250