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Agent Update: January 2022

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HMRC has published Agent Update issue 92 (January 2022) providing a roundup of recent developments for tax agents and advisers, including the following:

  • reminder to declare coronavirus grants on company tax returns – an amended return should be submitted if grants have not previously been declared;
  • self-assessment penalty waiver – details of implications for various returns, contributory benefits and timelines for enquiries into returns, noting that HMRC will not charge:
    • late filing penalties for those who file online by 28 February 2022, or
    • late payment penalties for those who pay the tax due in full or set up a payment plan by 1 April 2022;
  • full customs declarations are now needed on all imports from the EU;
  • Residential Property Developer Tax (RPDT) comes into effect from 1 April 2022. RPDT is only likely to affect companies or groups of companies undertaking residential property development with annual profits exceeding £25 million, and will be charged at 4%;
  • changes to claiming subcontractor CIS deductions – from April 2022 an additional field will be introduced on the employer payment summary (EPS). Limited companies must enter their Corporation Tax Unique Taxpayer Reference (CT UTR) or COTAX reference number in that field to claim credit for the deductions;
  • Making Tax Digital (MTD): changes to the VAT Registration Service (VRS) – agents registering their clients for VAT need to finalise any registrations using the current process before the switchover;
  • decommissioning of HMRC’s Online End of Year Expenses and Benefits service – from 6 April 2022 the interactive PDF known as HMRC’s Online End of Year Expenses and Benefits service, used to submit P11D and P11D(b), will not be available. The PAYE Online service should be used instead.
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