Blogs - Tax News - ICAEW Communities

Making Tax Digital - VAT notice published

HMRC has published the long awaited Making Tax Digital (MTD) VAT notice (VAT notice 700/22: Making Tax Digital for VAT) which sets out who has to comply with the MTD rules, what is meant by digital record-keeping and examples of w...

13 Jul 2018

Trust registration service - some guidance now available on GOV.UK

Tax Faculty Team

The Trust Registration Service was introduced in June 2017 in response to the Fourth EU Money Laundering Directive; the system has been fraught with problems including the lack of guidance on GOV.UK. The FAQ produced by HMRC were published on pr...

12 Jul 2018

Trust registration service penalties – correspondence with HMRC

Tax Faculty Team

The Trust Registration Service (TRS) is the government’s response to the Fourth EU Money Laundering Directive and has to be completed/updated for all UK express trusts that have had a tax event in the tax year and for overseas trusts that have ...

12 Jul 2018

VAT grouping eligibility criteria changes

Tax Faculty Team

HMRC has published a policy paper stating its intention to allow non-corporate entities to join VAT groups, subject to certain conditions. This is most likely to affect prospective users of VAT grouping, such as partnerships and individuals, who cont...

12 Jul 2018

VAT and Vouchers

Tax Faculty Team

HMRC has published a summary of responses to its consultation document issued in December 2017 on VAT and vouchers. ICAEW Tax Faculty made one of only 12 written responses to the consultation in ICAEW REP 24/18. Following the consultation, draft legi...

12 Jul 2018

IR35 – accounting for PAYE and employee NI deducted at source

Tax Faculty Team

The off-payrolling rules in the public sector have resulted in a number of questions from our members regarding the accounting treatment in the personal service company (PSC). In our previous news item we explained how to account for revenue in the ...

12 Jul 2018

Tax Faculty weekly news update No. 919

Tax Faculty Team

Download a copy of this week's newsletter below: ion.icaew.com/.../919-Tax-Faculty-weekly-news-update-No-919.pdf

10 Jul 2018

TAXtalk July 2018: latest on IR35, contractor loan schemes, MTD update and rent-a-room relief

Tax Faculty Team

Note from the Tax Faculty team added 18 July 2018 - Due to technical problems, we are unable to air this month's TAXtalk. We are very sorry for any inconvenience this causes, but TAXtalk will return as usual at 12:30 on Wednesday 12 September 2018. J...

10 Jul 2018

Wyman versus the World Cup!

Tax Faculty Team

Mindful of the huge public interest in the England v Croatia World Cup Semi Final tomorrow evening, this year's Wyman Symposium will be football friendly and we will be screening the game in the Great Hall immediately after the main part of the e...

10 Jul 2018

Tax changes for residential property – new TAXguide and webinar

Tax Faculty Team

The Tax Faculty has published an updated version of TAXguide 01/17: Let property This TAXguide looks at the tax issues connected with let property from the point of view of the landlord. It concentrates on residential property and covers the ne...

10 Jul 2018

Backlog of 2017 paper returns causes incorrect SA statements

Tax Faculty Team

The Tax Faculty has learned that HMRC has still to process many 2017 paper tax returns, leading to inaccurate self assessment (SA) statements. The list of exclusions from online filing of SA tax returns for 2016/17 is considerably longer than i...

9 Jul 2018

HMRC’s latest statement on mutuality of obligation and why it misses the point

Tax Faculty Team

Deciding whether or not a contract for work is going to be caught by IR35 is tricky. Many engagers and workers will use the new HMRC online Check employment Status Tool (CEST) which was designed for just this purpose. Unfortunately, this tool does no...

9 Jul 2018

Treasury Select Committee Inquiry into VAT – ICAEW response

Tax Faculty Team

We now have permission to publish our response to the third TSC Inquiry, on VAT, following the publication of our responses to the other two Inquiries, being handled by the TSC sub-committee, into “Tax avoidance and evasion” and “Th...

6 Jul 2018

Public Accounts Committee – Third Annual Report

Tax Faculty Team

At the end of June 2018 the PAC published its third annual report. The section summarising its work with HMRC is reproduced below: “HMRC’s challenges have increased and become more urgent due to Brexit. HMRC’s challenges have increa...

6 Jul 2018

SARS - South Africa’s Revenue Service - launches a new (Taxpayer) Service Charter

Tax Faculty Team

On 1 July 2017, at the beginning of its tax filing season, Sars launched a new version of its Service Charter. The previous Service Charter was launched in 2007 but it disappeared from view in about 2012. Acting South African Revenue Services (Sars) ...

6 Jul 2018

Joint Chiefs of Global Tax Enforcement (J5)

Tax Faculty Team

HMRC has joined with tax administrations in United States, Canada, the Netherlands and Australia to establish a new alliance dedicated to tackling international tax crime and money laundering. The five have agreed to share intelligence and expertise ...

6 Jul 2018

Finance Bill 2018-19 – publication of draft clauses and other background material

Tax Faculty Team

The government has published draft clauses, explanatory notes and TIINs (Tax Information and Impact Notes) for all the new measures which have been under discussion and which will now find their way into Finance Act 2019 which will be enacted in the ...

6 Jul 2018

Settlements legislation TAXguide updated and available to Tax Faculty members

Tax Faculty Team

The effect of the settlements anti-avoidance legislation is to render ineffective certain settlements of income which result in a tax saving. Where the rules are in point, any income arising will be deemed to be that of the settlor for tax purposes. ...

4 Jul 2018

Tax Faculty weekly news update No. 918

Tax Faculty Team

Download a pdf copy of this week's newsletter below: ion.icaew.com/.../918-Tax-Faculty-weekly-news-update-No-918.pdf

3 Jul 2018

Claiming the marriage allowance

Tax Faculty Team

HMRC is having a drive to encourage people to claim the marriage allowance. Introduced in 2015, the marriage allowance enables one partner in a married couple or civil partnership to transfer part of their tax-free personal allowance to the oth...

3 Jul 2018

Beware fake HMRC websites and emails

Tax Faculty Team

In a recent press release – Record number of fake HMRC websites deactivated – HMRC announced that it has removed some 20,750 malicious websites during the past year, but warns people to stay alert to the threat from online fraudsters.&nbs...

3 Jul 2018

Tax and the UK's gig economy

Tax Faculty Team

The All Party Parliamentary Group (APPG) on responsible tax has published its report Building a fairer system: Tax and the UK's gig economy in which it makes a number of suggestions for change. Sadly, there is no eu...

2 Jul 2018

Aligning time limits for VAT refund schemes

Tax Faculty Team

HMRC has issued Revenue and Customs Brief 4 (2018) to notify a change of time limits and policy relating to the VAT refund schemes for local authorities, fire authorities, the police and similar bodies. These bodies perform statutory functions...

2 Jul 2018

Off-payroll working (IR35) in public sector regime needs fixing

Tax Faculty Team

Following the 2017 changes to the IR35 rules for those working off-payroll in the public sector, the Tax Faculty has continued to receive reports of practical problems when implementing the new rules. In addition ...

2 Jul 2018

IR35 – account for revenue gross in the PSC

Tax Faculty Team

From April 2017, rules were introduced to move the responsibility for deciding whether IR35 applies to a contract, and therefore the payment of tax, from the personal service company (PSC) to the engager when the engager is a public sector body (PSB)...

29 Jun 2018