HMRC has published Agent
Update issue 87 (August 2021) providing a round-up of recent developments
for tax agents and advisers, including the following:
– Recent Making
Tax Digital updates, including:
– publication of
an independent report on the impact of MTD for VAT;
– invitation for
agents to sign clients up to MTD for income tax from 6 April 2022 (one year
ahead of the mandated start date, to help spread the load of sign-up work); and
– revised guidance
on gov.uk – particularly around agent authorisations, including explaining the
difference between the Agent Services Account (which will become the primary
account) and the HMRC Online Services for Agents Account (which will be mainly
for legacy services).
– Basis period
reform consultation – the proposed move from ‘current year basis’ to ‘tax year
basis’ is intended to ‘simplify the tax system before the introduction of
Making Tax Digital for income tax’ although, on current plans, it would come
into effect for the 2023–24 tax year, with 2022–23 as a year of transition. The
consultation runs until 31 August 2021.
– The latest
Coronavirus Job Retention Scheme (CJRS) guidance – including a reminder for
businesses that the deadline for CJRS claims for August is Tuesday 14 September
2021.
– EU Settlement
Scheme – guidance on late applications for the scheme, employers’ right to work
checks and support for EU, EEA and Swiss employees.
– Social security
co-ordination and Covid-19 – reminder that HMRC will take individual
circumstances into account in cases where an employee’s location has changed
temporarily because of Covid-19 travel restrictions.
– Off-payroll
working rules – reminder to tax agents to make sure that their clients apply
the rules correctly, including where clients are required to decide whether the
rules apply for workers they engage.
– Trust
Registration Service (TRS) – the TRS will open for non-taxable trust
registrations from the beginning of September 2021.
– Inheritance tax
– a new tool has been published on gov.uk to provide guidance on whether IHT
needs to be paid on a deceased person’s estate.
– Agent Forum and
Issues Overview Group – agents are invited to highlight priority issues via
their professional bodies for ‘review and progression’ at the 1 September
meeting of the IOG. Current issues include the CGT 30-day reporting/payment
window and the interaction between the UK Property Reporting Service and
self-assessment.
– Customs
Declaration Service (CDS) to become the UK’s single customs platform — CDS will
replace CHIEF from 31 March 2023 for all declarations and, from this date, all
goods will need to be declared through CDS.
HMRC has published Agent
Update issue 87 (August 2021) providing a round-up of recent developments
for tax agents and advisers, including the following:
– Recent Making
Tax Digital updates, including:
– publication of
an independent report on the impact of MTD for VAT;
– invitation for
agents to sign clients up to MTD for income tax from 6 April 2022 (one year
ahead of the mandated start date, to help spread the load of sign-up work); and
– revised guidance
on gov.uk – particularly around agent authorisations, including explaining the
difference between the Agent Services Account (which will become the primary
account) and the HMRC Online Services for Agents Account (which will be mainly
for legacy services).
– Basis period
reform consultation – the proposed move from ‘current year basis’ to ‘tax year
basis’ is intended to ‘simplify the tax system before the introduction of
Making Tax Digital for income tax’ although, on current plans, it would come
into effect for the 2023–24 tax year, with 2022–23 as a year of transition. The
consultation runs until 31 August 2021.
– The latest
Coronavirus Job Retention Scheme (CJRS) guidance – including a reminder for
businesses that the deadline for CJRS claims for August is Tuesday 14 September
2021.
– EU Settlement
Scheme – guidance on late applications for the scheme, employers’ right to work
checks and support for EU, EEA and Swiss employees.
– Social security
co-ordination and Covid-19 – reminder that HMRC will take individual
circumstances into account in cases where an employee’s location has changed
temporarily because of Covid-19 travel restrictions.
– Off-payroll
working rules – reminder to tax agents to make sure that their clients apply
the rules correctly, including where clients are required to decide whether the
rules apply for workers they engage.
– Trust
Registration Service (TRS) – the TRS will open for non-taxable trust
registrations from the beginning of September 2021.
– Inheritance tax
– a new tool has been published on gov.uk to provide guidance on whether IHT
needs to be paid on a deceased person’s estate.
– Agent Forum and
Issues Overview Group – agents are invited to highlight priority issues via
their professional bodies for ‘review and progression’ at the 1 September
meeting of the IOG. Current issues include the CGT 30-day reporting/payment
window and the interaction between the UK Property Reporting Service and
self-assessment.
– Customs
Declaration Service (CDS) to become the UK’s single customs platform — CDS will
replace CHIEF from 31 March 2023 for all declarations and, from this date, all
goods will need to be declared through CDS.
