NEWS

Recent developments in tax.

The European Commission has published a report on the new EU-wide VAT e-commerce rules that will come into force on 1 July 2021. The new VAT rules will cover distance sales of goods and cross-border supplies of services, replacing the existing...

HMRC has updated its guidance on extended loss carry-back claims for companies and unincorporated businesses to add information on submission of amended company tax returns and making a de minimis claim outside of a company tax return.Where a company...

Pension schemes newsletter 129 (April 2021) covers relief at source schemes, pension scheme returns, winding up schemes, annual allowance calculator, and non-taxable payments following the death of a scheme member....

The Financial Services Act 2021 received royal assent on 29 April 2021. The Act contains measures to enable implementation of the remaining Basel III standards and a new prudential regime for investment firms, and gives the Financial Conduct...

HMRC is improving its PAYE online for agents service. Previously, agents reported issues with the quality of data and inconsistency with the screens clients would see through their business tax accounts. Larger firms also felt excluded as they could...

The OECD and the Cercle de réflexion et d’échanges des dirigeants des administrations fiscales (CREDAF) have agreed a renewed Memorandum of Understanding (MoU) to extend their collaboration in ‘promoting fair and efficient tax systems and enhancing...

The Council of the European Union formally adopted a decision on the signing of the EU-UK Trade and Cooperation Agreement (TCA) on 29 April 2021. This was the final stage in the EU’s ratification process, and the agreement will enter into force on 1...

The Customs Tariff (Establishment) (EU Exit) (Amendment) Regulations, SI 2021/520 update the definition of ‘Tariff of the United Kingdom’ in the Customs Tariff (Establishment) (EU Exit) Regulations, 2020/1430, to refer to the UK tariff version 1.3,...

The Customs Tariff (Preferential Trade Arrangements and Tariff Quotas) (EU Exit) (Amendment No 2) Regulations, SI 2021/527, give effect to preferential import duty arrangements resulting from various free trade agreements entered into between the UK...

HMRC has published updated valuation tables for the VAT road fuel scale charges which apply from 1 May 2021. Businesses can use the new scales from the start of the next prescribed accounting period beginning on or after that date. The scale charges...

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