A message from faculty head, Frank Haskew
Thank you for subscribing to TAXwire in 2021. We really value your support and hope you have found the service worthwhile.
2021 was overshadowed by the continued impact of the pandemic. We started the year in another lockdown and the Government had to continue with its COVID-19 support schemes. Once again, our members have been on the front line helping to support UK businesses through this time of crisis and, here in the Tax Faculty, we continued to provide much needed help to members through our helpsheets, guidance notes and webinars.
As we moved into the summer and the crisis eased, the Government began to look to the future announcing the extension of making tax digital for income tax self assessment (MTD ITSA) and a raft of other policy announcements. MTD ITSA, which was due to start in April 2023, was deferred by a year. While this was welcome, the need for quarterly reports remains a major concern. In 2022 we will be providing a wealth of practical help and support on MTD ITSA, including more information on what software choices will be available.
HMRC also embarked on a new project to bring tax administration into the digital age. This project is likely to result in far-reaching changes to how the tax system is managed. It is clear that the Government wants to obtain taxpayer data and payments more quickly and bring the filing of tax returns and payment closer to real time. We are likely to see many developments in these areas in 2022 and we will share them with you as they arise, accompanied by our expert insights and commentary.
Among other new announcements was the proposed abolition of the basis period rules which, although in theory a simplification, is likely to add complexity and uncertainty for those businesses which do not adopt a tax year end. There are also complicated transitional relief rules and we will be providing support to members as they navigate these changes.
1 January 2022 marks the end of a transitional easement so that all imports into the UK must now be accompanied on entry by full customs declarations. We will continue to provide members with help and support in what is becoming an expanding area of our members’ work. We will also help members to understand the many benefits which the new freeports initiative will offer.
The need for professional tax advice has never been more important and the responsibility to provide good advice continues to increase. If you are interested in becoming a member, and accessing our wealth of resources, please visit icaew.com/jointf. You do not have to be an ICAEW chartered accountant to join the Tax Faculty. But if you are an ICAEW member, look out for the Tax Faculty on your ICAEW subscription renewal notice.
If you have any questions about faculty membership, please email us at taxfac@icaew.com. We hope you will join us in 2021.