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.
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