In order to participate, you must join Tax News – click to join the group

Blog - Title

Blogs

DAC 6 regulations may affect standard cross border transactions too

Tax Faculty Team

The International Tax Enforcement (Disclosable Arrangements) Regulations 2020 No 25 are the final regulations implementing an EU directive allowing EU tax authorities to share information about cross border arrangements. These rules come into force o...
- 20 Jan 2020
Advanced notification for UK VAT registration

Tax Faculty Team

We recently wrote about a procedure for non-UK businesses to submit an advanced notification for UK VAT registration in advance of Brexit. It appears that this procedure has now been withdrawn from the latest update of VAT Notice 700/1. Paragraph 1.2...
- 20 Jan 2020
EU VAT refunds

Tax Faculty Team

We understand that the HMRC portal for reclaiming VAT incurred in other EU member states will remain open until 31 March 2021. This should enable claims to be made under the existing procedures for expenses incurred in 2019 and 2020. Further informat...
- 20 Jan 2020
HMRC publishes Stamp Taxes newsletter

Tax Faculty Team

HMRC published its latest Stamp Taxes newsletter covering stamp duty land tax (SDLT), stamp duty and stamp duty reserve tax (SDRT) on 16 January 2020. The newsletter highlights various items including: new guidance in HMRC’s manuals on the def...
- 20 Jan 2020
Tax second place in ‘top five’ professional indemnity claims

Tax Faculty Team

Bluefin professions has released its annual review of the top five professional indemnity claims for accountants. In terms of claim trends for tax, Bluefin reports a steady flow of claims relating to employee benefit trusts (EBTs) and employer financ...
- 20 Jan 2020
HMRC releases guidance for corporate non-resident landlords

Tax Faculty Team

This news item was updated on Monday 20 January 2020 at 11:11am. Non-resident landlords that are companies will start paying corporation tax rather than income tax on their profits from 6 April 2020. HMRC has released new guidance concerning this cha...
- 16 Jan 2020
HMRC recovery activity using simple assessment

Tax Faculty Team

HMRC is issuing simple assessments for around 311,000 PAYE cases that were previously held back. HMRC’s annual report included the following comment on the introduction of simple assessment: ‘We introduced Simple Assessment as a new, stra...
- 15 Jan 2020
Tax Faculty weekly news update No. 993

Tax Faculty Team

Download a pdf copy of this week's news bulletin below: ion.icaew.com/.../993-Tax-Faculty-weekly-news-update-No-993.pdf
- 14 Jan 2020
Draft Welsh Budget – implications for taxes

Tax Faculty Team

An oral statement was made to the Welsh Assembly on 7 January 2020, but this was preceded by draft Budget proposals released on 16 December 2019. The proposal is to leave the welsh rate of income tax and land transactions tax unchanged, and to make a...
- 14 Jan 2020
New off-payroll working factsheet for contractors

Tax Faculty Team

HMRC has published an off-payroll working factsheet for contractors covering the reforms to the off-payroll working (IR35) rules from April 2020. The two-page factsheet provides a good overview of the changes. It explains: which contractors are affe...
- 13 Jan 2020
CGT 30-day reporting and payment from April 2020 – testing the system

Tax Faculty Team

HMRC is developing a new system for reporting and paying capital gains tax (CGT) on UK residential property. The requirement to report and pay tax on such gains within 30 days of completion comes into force on 6 April 2020. HMRC is recruiting agents ...
- 13 Jan 2020
TAXline January 2020 – read it online

Tax Faculty Team

Tax Faculty members should by now have received their hard copy of the January issue of our monthly magazine, TAXline. Did you know you can also access TAXline on our website? Each issue is uploaded in user-friendly html format, so you can see at a g...
- 13 Jan 2020
Government reviews implementation of off-payroll working reforms, but no delay

Tax Faculty Team

We welcome the fact that the government is undertaking a review to help smooth the transition but, as we have said to government previously, we are concerned that businesses will not be able to be ready by April 2020 and have been pressing for a year...
- 9 Jan 2020
MTD service unavailable on a VAT filing day

Tax Faculty Team

On 7 January 2020, the GOV.UK website experienced a technical issue which prevented VAT return filing using the Making Tax Digital system. HMRC has given us the following message to share with affected users: 'Earlier today we experienced a technical...
- 7 Jan 2020
Tax Faculty weekly news update No. 992

Tax Faculty Team

Download a pdf copy of this week's news bulletin below: ion.icaew.com/.../992-Tax-Faculty-weekly-news-update-No-992.pdf
- 7 Jan 2020
VAT: Changes to the treatment of intra-EU chain transactions and zero-rated goods

Tax Faculty Team

HMRC has issued a guidance note to explain changes to the VAT treatment of intra-EU chain transactions and to the conditions for zero rating intra-EU supplies of goods. The new rules are set out in part 4 of the Value Added Tax (Place of Supply of Go...
- 7 Jan 2020
Budget Day 2020

Tax Faculty Team

The Chancellor, Sajid Javid, has confirmed that Budget 2020 will be on Wednesday 11 March The Tax Faculty will be making pre Budget representations as usual and further announcements as we learn more.
- 7 Jan 2020
Reverse Charge Sales Lists and MTD

Tax Faculty Team

The scope of the Making Tax Digital (MTD) for VAT project currently covers only VAT100 returns. It does not include other VAT services such as: submitting an EC Sales List (ESL) submitting a Reverse Charge Sales List (RCSL) applying for EU VAT refun...
- 7 Jan 2020
Pensions TAXguide 17/19

Tax Faculty Team

There have been many changes to the pension legislation since ‘A day’ in 2006 hailed the start of Pension Tax Simplification. TAXguide 17/19 provides a reminder of some of the changes to registered pension schemes since 2006. It is n...
- 6 Jan 2020
Agent update - self assessment special

Tax Faculty Team

HMRC has published a special self assessment edition of agent update. Note that HMRC has not included any information about exclusions from online filing in this update. On 13 December 2019 HMRC published exclusion cases version 3.0 and special cases...
- 6 Jan 2020
Off-payroll working – practical payroll and other issues

Tax Faculty Team

ICAEW Tax Faculty has asked HMRC to clarify its view on a host of practical payroll and other issues on off-payroll working/IR35. Pending receipt of HMRC’s replies, we have published the questions as ICAEW REP 127/19. The questions cover a rang...
- 6 Jan 2020
Civil partnership is now an option for heterosexual couples

Tax Faculty Team

The Civil Partnerships, Marriages and Deaths (Registration etc.) Act 2019 received Royal Assent on 26 March 2019 and came into force from 31 December 2019. Among other changes, this Act allows a heterosexual couple the right to choose to have a civil...
- 3 Jan 2020
Location of crypto assets for tax

Tax Faculty Team

On 20 December 2019, HMRC updated its guidance on crypto assets for individuals and where they are located . When the guidance was first published in January 2019, it did not address the question of the situs (location) of crypto assets which is a cr...
- 23 Dec 2019
Trust registration service and the 5th EU Money Laundering Directive update

Tax Faculty Team

The UK signed up to the 5th EU Money Laundering Directive (5MLD) which needs to be transposed into UK law by 10 January 2020. The Trust Registration Service (TRS) will need to be extended to include not just trusts with a tax consequence, but all UK ...
- 23 Dec 2019
Tax news from our team in Brussels

Tax Faculty Team

This week's roundup of tax related news covering what's happening in Europe is brought to you from ICAEW's Brussels office. MEPs pressure Commission and Council to take a joint position on digital tax. MEPs have passed a resolution that calls for a...
- 23 Dec 2019