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ICAEW technical round-up: December 2022

Author: ICAEW Insights

Published: 14 Dec 2022

This month’s top technical stories include a list of tax returns that cannot be filed online, HMRC’s mandated format of claims for income tax relief on employment expenses, and ICAEW’s MTDtalk on 20 December.

Need to know

Exclusions from 2021/22 self assessment online filing: HMRC has released a list of tax returns that cannot be filed online due to software issues. ICAEW’s Tax Faculty summarises some of the circumstances this applies to.

HMRC mandates fields on P87 form: Having mandated the format of claims for income tax relief on employment expenses, HMRC now requires that certain fields are completed.

HMRC invites till system users to give notice of tax reduction activity: Disclosures are requested between 6 January and 28 February 2023 by businesses that are using till systems to reduce their tax bill.

Register of Overseas Entity deadline approaches: Overseas entities that own land or property in the UK are required to declare their beneficial owners by 31 January 2023.

What to expect from the two Finance Bills: ICAEW’s Tax Faculty explains when to expect legislation for various measures announced at the Autumn Statement.

HMRC finds discrepancy in company losses reported: Letters were sent to companies, agents and software providers last month, highlighting a discrepancy in some cases between the figures in companies’ computations and tax returns. Unless the taxpayer or agent requests otherwise, HMRC will use the figures in the computation as the filed position.

Obtaining client authority for income record viewer: The authorisation link for the income record viewer service is agent rather than client specific, simplifying the process for obtaining authority from multiple clients.

Member helpsheets and guidance

HMRC releases tax avoidance scheme summary: The annual summary for 2020/21 sets out the estimated amount of tax avoidance carried out in the year, the number and nature of promoters involved, and the action that HMRC is taking against it.

Basis period reform: provisional figures and overlap: HMRC update on help for businesses that cannot change their accounting date to coincide with the end of the tax year and on establishing entitlement to overlap relief.

Educating students on the development of tax policy: ICAEW’s Tax Faculty explains its outreach programme to university students.

Valuation Office Agency releases 2023 draft rating list: Businesses with premises in England and Wales should check the list to ensure revaluations carried out by the Valuation Office Agency (VOA) are accurate. This will enable them to budget for any increased rate liabilities, before they come into force in April 2023.

Events

Join ICAEW’s MTDtalk on 20 December: HMRC has withdrawn from most engagement on MTD ITSA since September, leading to speculation about a possible delay. Join ICAEW’s Tax Faculty team for discussion of the latest position.

Consultations

European Commission proposes measures to modernise EU VAT system: Key aims include making the system work better for businesses and become more resilient to fraud, by embracing and promoting digitalisation.

Focus on simplicity for visitors levy in Wales, says ICAEW: ICAEW’s Tax Faculty responds to a Welsh Government consultation on the introduction of a tax on visitors staying overnight in commercial accommodation, calling for simplicity in design and administration.

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