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Latest tax news

The latest news about the UK's tax system brought to you by ICAEW's Tax Faculty.

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Share your experiences of digital links and MTD for VAT

11 January: The requirement for digital links within MTD for VAT software starts in April 2021, following the end of the soft-landing period. ICAEW’s Tax Faculty is urging HMRC to provide more guidance and is asking for examples of difficulties faced in implementing the requirement.

Guidance on CIS changes needed now, says ICAEW

8 January 2021: HMRC needs to publish draft regulations and guidance detailing forthcoming changes to the construction industry scheme or consider pushing back implementation until 2022, according to ICAEW.

Options for 31 January self assessment deadline

7 January 2021: As HMRC is resisting calls for an easement on self assessment late filing penalties, ICAEW’s Tax Faculty outlines the options available to taxpayers and agents who will have difficulty filing or paying.

HMRC flags self assessment scam surge

7 January 2021: As the 31 January deadline for self assessment tax returns approaches, accountants and their clients are being warned of a flood in scams purporting to be from HMRC – and warning that if it sounds too good to be true, it probably is.

Can staff be furloughed to look after their children?

5 January 2021: Following the announcement of further national lockdowns across the UK, updates to guidance on the Coronavirus Job Retention Scheme have highlighted that those with caring responsibilities are eligible for furlough.

Practical guidance on changes to VAT, employment tax and more

5 January: ICAEW’s Tax Faculty has produced six new TAXguides to support members with the key issues facing them in 2021, including: the end of VAT MOSS, new VAT ecommerce rules, employment tax changes and corporation tax deductions for intangible fixed assets.

10 things you need to know about MTD for CT

4 January 2021: As HMRC begins gathering feedback from stakeholders on the potential expansion of the Making Tax Digital regime to corporation tax, ICAEW’s Tax Faculty outline the key things that businesses and agents need to consider.

DAC 6 to be replaced by OECD rules for UK intermediaries from 2021

4 January 2021: HMRC has confirmed that the UK will no longer be applying DAC 6 in its entirety following conclusion of the Free Trade Agreement with the EU. Only arrangements that would have fallen within Category D of DAC 6 will now need to be reported, in line with the OECD’s mandatory disclosure rules.

Clarity over VAT on transactions spanning 31 December

30 December: HMRC has published guidance on the VAT treatment of transactions that are ongoing and goods that are in transit between Great Britain and the EU when the Brexit transition period ends on 31 December 2020.

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