NEWS

Recent developments in tax.

CC/FS41: Compliance checks: Construction Industry Scheme – penalties for false registration: updated for the penalty or penalties that will be charged for supply of false information and providing false documents.VAT Notice 742A: Opting to tax land...

The Treasury has issued a formal statement to correct the Explanatory Memorandum to the Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations, SI 2021/392.Paragraph 8.1 of the original Explanatory Memorandum noted...

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.Direct taxesManual Page Comments Bank Levy Manual Updated: BKLM500000 Updated...

The OECD reports that 131 countries have signed up to the OECD/G20 Statement on a two-pillar solution to address the tax challenges arising from the digitalisation of the economy establishing a new framework for international tax reform. The OECD...

HMRC has issued a policy update for Making Tax Digital (MTD) for income tax self-assessment (ITSA), together with draft regulations which will set out the formal requirements for record retention and data submission, and will provide a number of...

HMRC has published new guidance Check if you need to change your self assessment return for SEISS which sets out when and how taxpayers may need to make a change to their tax return for SEISS payments.Taxpayers will need to check their...

The Treasury has published details of the fifth grant under the Self-employment Income Support Scheme (SEISS) along with the required Treasury Direction which gives formal effect to the scheme under the Coronavirus Act 2020. Key details include the...

HMRC has updated its guidance on how to make a de minimis claim for extended loss carry-back claims for companies. A new section ‘group claims’ has been added to explain that non-de minimis claims must be made in a return and, if made by companies...

HMRC has updated its guidance HMRC’s compliance approach for large business to add new sections on the compliance risk management framework, business risk reviews and large business consultation forums. A business risk review is a risk assessment...

As reported previously in Tax Journal, the Value Added Tax (Miscellaneous Amendments and Repeals) (EU Exit) Regulations, SI 2021/714, make various amendments to existing VAT legislation to ensure it operates as intended, following a review by HMRC of...

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