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The latest news about the UK's tax system, policy changes and legislative updates brought to you by ICAEW's Tax Faculty.
Governments around the world have announced tax measures to support businesses and individuals in response to the COVID-19 pandemic. This page brings together guidance and news from ICAEW, as well as externally-produced resources that provide practical information on emerging tax issues.
ICAEW’s Tax Faculty works to support its members and financial professionals on the latest developments in tax policy and practice. Here you can see list of the faculty’s latest activities, publications and webinars.
TAXbites provide a brief reminder of the basics on popular topics. Each recording lasts around 10 minutes and is freely available for all to view
Highlights from the broader tax news week ending 20 January, which includes: HMRC to amend CJRS guidance over annual pay, updates to ICAEW's support on options for self-assessment deadlines, HMRC webinar to help avoid pension scams, and potential VAT implications for Gibraltar post-Brexit.
20 January: UK businesses that have supplied eligible digital and telecommunication services into the EU since 1 January 2021 have three weeks to apply for the non-union VAT mini one stop shop. ICAEW’s Tax Faculty provides an overview.
19 January 2021: Employers under threat of violence or intimidation as a result of having their names published as a recipient of Coronavirus Job Retention Scheme grants, must apply to be removed from the list before its publication on 26 January.
19 January 2021: HMRC has rejected calls to reconsider automatically waiving late-filing penalties for self assessment tax returns due on 31 January, but confirmed that deadlines missed due to COVID-19 should not result in having to pay a penalty provided an appeal is made.
In this issue, Frank Haskew shares his thoughts on what happened in 2020, Lindsey Wicks looks at the tax checks that will apply to the renewal of certain licences from 4 April 2022 in England and Wales and Mark McLaughlin highlights a potential pitfall for inheritance tax business property relief purposes.
In this issue, Bryan Crawford explains why cooperation and planning are fundamental when dealing with fixture sales, Virginie Deflassieux looks at how Brexit will affect the taxation of French holiday homes and Alice Devitt explains why communication is key to the advice delivered by TaxAid and Tax Help for Older People.
In this issue, Frank Haskew reviews tax opportunities with a focus on VAT reform, Liam Dushynsky outlines the VAT and customs considerations that the UK will face and Gregory Price and Rose Swaffield highlight the key UK tax considerations of current developments in relation to corporate debt in a COVID-19 world.
In this issue, Paul Aplin examines the future-proofing measures being taken by HMRC, Neil Warren discusses the tax challenges when selling goods on the internet, Mike Dalton explains the charges that could arise from making revisions to leases and Lindsey Wicks looks at the judgement in Payne & Ors v Revenue & Customs  EWCA Civ 889.
This guide provides answers to questions asked at the off-payroll working webinar presented by Steve Wade and Kate Upcraft on 23/11/20. It covers changes from April 2021 including the size of clients, overseas clients, employment status and status determination statements, deemed employment income, personal service companies and the contractor, and practitioner support.
This TAXguide collates a broad range of employment tax changes for 2020/21 and looks ahead to 2021/22. Kate Upcraft provides practical guidance on off-payroll working, national insurance exemptions, the employment allowance, termination payments, student loans, RTI matters, statutory parental bereavement pay (SPBP), and summarises benefits and expenses in the context of COVID-19.
Off-payroll working rules from April 2021 require private sector end users to determine employment status of contractors who use an intermediary. If there is deemed employment, the intermediary receives payment net of deductions. This builds on legislation for public sector engagers effective from 2017. Existing IR35 rules continue to apply where the end user is small. Rebecca Benneyworth provides guidance on how to account for off-payroll transactions.
Major VAT changes are being introduced by the EU on 1 July 2021, just six months after the end of the UK’s transitional deal. Neil Warren provides guidance on the key changes that will take place.
Webinars, videos and podcasts
In this webinar ICAEW Tax Faculty explain HMRC's plans to roll out Making Tax Digital to corporation tax.
In this webinar Neil Warren VAT speaker, author and consultant, provides practical VAT saving tips.
In this on-demand webinar Caroline Miskin, ICAEW Tax Faculty, navigates the significant changes to the Self-employment Income Support Scheme for the third grant.
In this webinar we unpick the finalised legislation in FA 2020, and HMRC’s latest guidance.
A response dated 14 January 2021 to the Treasury in advance of Spring Budget 2021.
A response dated 13 January 2021 to a consultation published by HMRC on 15 December 2020.
A response dated 11 January 2021 to a consultation published by the Ministry of Justice on 30 November 2020.
Tax topics for today
Taxing business properties form an important part of the tax base for many countries, but they are often complex and in an increasingly online world can be irrelevant to an organisation’s turnover. The time has come to overhaul business property tax systems and here ICAEW outlines the options.
Is hypothecation - assigning particular tax revenues to a specific public policy goal - a good thing? Read Ian Young's article presenting the facts and then decide.
Anita Monteith of ICAEW’s Tax Faculty explains how to account for trades in the sharing economy, specifically how tax and national insurance work in the gig economy