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Tax news from January 2021

Latest news on the UK tax system, brought to you by the ICAEW Tax Faculty.

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.

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.

No relaxation of the 31 January SA filing deadline

5 January: In December, HMRC declined calls from professional bodies to relax the self assessment filing deadline but promised to keep the situation under review. Where HMRC issues penalty notices to those who file late, more time will be allowed to appeal and pandemic-related delay on the part of an agent may be accepted as a reasonable excuse.


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