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ICAEW technical round-up: April 2022

Author: ICAEW Insights

Published: 27 Apr 2022

This month’s top technical stories include a new 64-8 agent authorisation form from HMRC, a notice that overclaimed SEISS grants are starting to be assessed and a consultation on ICAEW’s proposed CPD Policy changes.

Need to know

New 64-8 form available from 31 March: On Thursday 31 March 2022, a new version of the 64-8 agent authorisation form will be available on gov.uk. ICAEW’s Tax Faculty encourages members to switch to the new form as soon as possible.

HMRC starts to assess overclaimed SEISS grants: HMRC is writing to taxpayers whose entitlement to the fourth or fifth SEISS grant has reduced by more than £100 following an amendment to a self assessment tax return made after 2 March 2021.

HMRC withdraws GOV.UK Verify: HMRC is withdrawing Verify, the alternative sign-in method available for a limited number of HMRC online services, from 1 April 2022.

New settlement opportunity for users of remuneration trusts: HMRC has opened a new opportunity for users of certain trust-type arrangements to settle their tax affairs with HMRC, where such arrangements are used to remunerate directors, individuals, or shareholders. The settlement opportunity is open for applications until 31 July 2022.

Member helpsheets and guidance

HMRC highlights financial support: HMRC has published a list of reliefs, allowances, and other support which it administers that may help individuals with their finances.

HMRC issues VAT export refund scheme guidance: HMRC has issued guidance for a new VAT export refund scheme for second-hand motor vehicles, set to launch on 1 October 2022.

NIC for the self-employed: a clarification and reminder following the Spring Statement: Voluntary class 2 national insurance contributions are unaffected by the Spring Statement changes, but don’t forget that class 4 losses might need recording separately.

Museums and galleries missing out on claiming cash credits: A research paper by HMRC indicates poor uptake of vital tax relief for museums and galleries.

HMRC reminds businesses that hire veterans to claim national insurance relief: Employers do not have to pay national insurance contributions for veterans in their first year of civilian employment after leaving the armed forces.

New tribunal procedures relating to oral evidence given from abroad: A new Taking of Evidence Unit has been established that needs to approve the taking of oral evidence from abroad to manage any potential risk of damage to diplomatic relations between the UK and the territory in which the witness is based.

ICAEW updates

Respond to ICAEW’s proposed CPD Policy changes: Members have until 18 May to submit their feedback to ICAEW’s consultation on proposed changes to its CPD Policy in 2022 – including ethical and risk-related learning.

The Tax Faculty is recruiting a new tax manager: ICAEW’s Tax Faculty is seeking a qualified Chartered Accountant or tax specialist with excellent general technical and practical knowledge of UK taxes and the UK tax system to join its team.

Consultations

MTD VAT notice and guidance updated: HMRC has published specific guidance on exactly when businesses new to MTD VAT from April 2022 should complete the sign-up process.

OECD consults on exchanging information about crypto assets: The OECD released a public consultation document looking at two areas to improve the automatic exchange of financial account information between the tax authorities of different jurisdictions.

OECD publishes model rules for digital platform operators: A standard IT format will support platform operators, such as online marketplaces, to provide information about sellers to tax authorities across the world.

Consultation on EU-wide system for withholding tax on dividends and interest payments: The European Commission is considering three options and seeking opinions and experience on problems caused by the existing withholding tax systems, operated by individual member states.

Government consults low-income trusts and estates exemption: The £100 exemption for low-income trusts and estates is to be extended beyond the existing concession to cover all types of income. The government is consulting on the precise form and level of the exemption before including the measure in a future finance bill.

Audit Wales consultation on their future work programme: Responding to the consultation on the Auditor General for Wales’ work programme ICAEW urges Audit Wales to drive improvements in public sector financial management.

GAAR Advisory Panel seeks news members: HMRC is recruiting three new volunteers to join the General Anti-Abuse Rule Advisory Panel.

Corporate re-domiciliation: UK Government publishes summary of consultation responses: The Government confirms that it intends to introduce a regime to allow companies to move their place of incorporation into and out of the UK.

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