HMRC has published Agent Update issue 90 (November 2021) providing a round-up of recent developments for tax agents and advisers, including the following:
Summary of covid-19 guidance published by HMRC – including modifications to the statutory residence test (SRT) legislation for individuals who were present in the UK for work related to the coronavirus pandemic. Taxpayers and agents may need to review the rules, including the temporary provisions which disregarded days spent in the UK for the purposes of the SRT, for 2020/21 tax returns.
Reminders for taxpayers and agents to include details of coronavirus grants in the company tax return (CT600) and the self-assessment tax return (as applicable).
Making tax digital for income tax – HMRC is suspending the four-month expiry period between a client accepting an authorisation from an agent and the agent signing the client up to MTD. HMRC intends to reinstate the four-month period when ITSA is mandated in April 2024.
UK-Swiss convention on social security coordination – which came into force provisionally on 1 November 2021 and ensures social security contributions are payable in only one country at a time.
Humber, Teesside and Thames freeport tax sites – which will become live on 19 November 2021. From this date eligible businesses in these tax sites will be able to benefit from tax reliefs.
Reminder of the change to the CGT reporting and payment window for UK residential property disposals – increased to 60 days from the date of disposal, for transactions which complete on or after 27 October 2021. HMRC notes that its IT systems are not yet reflecting the change.
HMRC research and development SME tax credit claims – reminder to businesses and agents to submit R&D claims as soon as possible to avoid a delay in receiving payments between December 2021 and January 2022 when a high volumes of claims are expected.
VAT registration service – HMRC intends to provide further guidance before the roll-out of the service to agents, which is expected to happen ‘during winder 2021 to 2022’, noting that agents will be given ‘plenty of time’ to finalise registrations that are already in process, before the switch over.
HMRC has published Agent Update issue 90 (November 2021) providing a round-up of recent developments for tax agents and advisers, including the following:
Summary of covid-19 guidance published by HMRC – including modifications to the statutory residence test (SRT) legislation for individuals who were present in the UK for work related to the coronavirus pandemic. Taxpayers and agents may need to review the rules, including the temporary provisions which disregarded days spent in the UK for the purposes of the SRT, for 2020/21 tax returns.
Reminders for taxpayers and agents to include details of coronavirus grants in the company tax return (CT600) and the self-assessment tax return (as applicable).
Making tax digital for income tax – HMRC is suspending the four-month expiry period between a client accepting an authorisation from an agent and the agent signing the client up to MTD. HMRC intends to reinstate the four-month period when ITSA is mandated in April 2024.
UK-Swiss convention on social security coordination – which came into force provisionally on 1 November 2021 and ensures social security contributions are payable in only one country at a time.
Humber, Teesside and Thames freeport tax sites – which will become live on 19 November 2021. From this date eligible businesses in these tax sites will be able to benefit from tax reliefs.
Reminder of the change to the CGT reporting and payment window for UK residential property disposals – increased to 60 days from the date of disposal, for transactions which complete on or after 27 October 2021. HMRC notes that its IT systems are not yet reflecting the change.
HMRC research and development SME tax credit claims – reminder to businesses and agents to submit R&D claims as soon as possible to avoid a delay in receiving payments between December 2021 and January 2022 when a high volumes of claims are expected.
VAT registration service – HMRC intends to provide further guidance before the roll-out of the service to agents, which is expected to happen ‘during winder 2021 to 2022’, noting that agents will be given ‘plenty of time’ to finalise registrations that are already in process, before the switch over.
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