Eight new freeports offering significant tax incentives will start operating across England by the end of 2021. ICAEW’s Tax Faculty is hosting a free webinar for its members outlining the potential benefits and pitfalls for businesses.

HMRC has confirmed that the UK will be adopting the expanded version of the OECD reporting rules for digital platforms, meaning that websites and apps will have to report the incomes of sellers of goods as well as personal services, potentially from January 2023.

In deciding the Tinkler case the Supreme Court has ruled that despite HMRC sending an enquiry notice to the wrong address, the taxpayer could not claim the enquiry was invalid as his tax advisers acknowledged the enquiry.

Highlights from the broader tax news week ending 4 Aug, which includes: confirmation of closure of UK customs systems; updated guidance on cross-border NI and social security payments; OBR forecast requested for late October; and time limit to opt to tax land reverts to 30 days, but e-signatures remain.

In this issue, Steve Wade explains why there are difficult decisions ahead on the route to a straightforward tax system, Stephen Yates reviews a new income tax annual published by Claritax Books and Mark McLaughlin looks at the cautionary tale of Mr Khan, where a company purchase of own shares had unexpected and expensive tax consequences.

In this issue, Kate Upcraft shares her advice for the remaining few months of the Coronavirus Job Retention Scheme, Andy Tall examines the changes to the penalty regime for late VAT and ITSA returns and Jonathan Schwarz reviews Automatic Exchange of Information Handbook by John Hiddleston.

In this issue, Lindsey Wicks provides a summary of key measures outlined in Finance Bill 2021, Anita Monteith explains the importance of HMRC’s call for evidence and creating a tax system fit for the future and Richard Jones assesses the recently announced tax incentives available for freeports around the UK.

In this issue, Sophie Wales explains the application of ethics to tax work, Richard Jones considers the various March 2021 Budget announcements and ICAEW’s Head of Tax Frank Haskew and independent adviser Martin Wheatcroft talk to Sarah-Jayne Russell and reflect on recent announcements and challenges facing the Chancellor.

In this year's Hardman Lecture, former ICAEW President Paul Aplin will explore the opportunities and threats technology presents to the tax profession: what familiar tasks will disappear or change?

This webinar from the Tax Faculty will cover the latest rules in detail and explain where we are with the development of the policy and the pilot and what taxpayers and agents can do to prepare.

Are you prepared for the future of patent box relief? Find out about the changes for claims made from 1 July 2021.

In this webinar the Tax Faculty investigate the incentives, benefits, risks and pitfalls for businesses operating in Freeports.

The Tax Faculty believes that simplification of the VAT system for land and property is highly desirable and that consideration is given to removing the current VAT exemption rules for commercial property. However, now that the UK has left the EU, as land and property is only one aspect of the complications caused by the exemption regimes more generally, we think that the time has come to undertake a thorough review of the VAT exemption rules with a view to its abolition.

In responding to HMRC's call for evidence on timely payment, ICAEW argues that earlier payment of income and corporation tax should not be considered until the economy has recovered and that earlier payment should not be based on in-year estimates without HMRC first demonstrating that they can be a reliable basis for earlier payment.

In responding to HMRC's consultation on the Tax Administration Framework Review ICAEW argues that the starting point of such tax reform should be significant simplification of the underlying tax rules and that HMRC needs to be given the resources and funding to give it the capacity to take on such a major piece of work.

The government has moved swiftly to consult on draft legislation to reform basis period rules before MTD ITSA becomes mandatory. ICAEW is concerned that changes will be rushed through and disappointed that the normal consultation process is not being followed.

ICAEW welcomes HMRC’s vision of a more flexible and responsive tax system outlined in the Tax Administration Framework Review but warns that significant challenges, such as creating a single identifier for taxpayers and consolidation of tax systems, can only be met if HMRC is properly resourced.

A single identifier for individuals and smoother registration processes are pre-requisites for a better tax system, argues ICAEW. HMRC also needs funding to develop an improved process for registering, authenticating and authorising agents.

ICAEW considers HMRC’s call for evidence on timely payment to be premature, as earlier payment of income and corporation tax would reduce businesses’ flexibility to manage their cashflow.