Technical News

 


HMRC’s Wealthy External Forum have issued a briefing to forum members about One to Many educational letters being sent to taxpayers dealt with by HMRC Wealthy who have claimed relief under a Double Taxation Agreement in the tax year 2018/19.

The Business Delivery Team at HMRC have provided an update on VAT registration delays.

HMRC’s VAT deferral payment scheme registration portal launched on Tuesday 23 February, other than for those on the annual accounting or payments on account schemes who will be able to join later in March.

A recording of our free webinar which took place on 22 February 2021 is available here.

HMRC have announced today that self-assessment taxpayers will not be charged the initial 5% late payment penalty if they pay their tax or set up a payment plan by 1 April 2021.

HMRC has provided us with updates in relation to its digital services.

The CIOT and ATT have worked with the wider Accountancy AML Supervisors’ Group (AASG) to produce updated AML risk guidance. This has been adopted by the CIOT and ATT as their Supervisory Risk Assessment guidance for use by members. This 2021 document is available below.

Following on from the deferral of penalties for late self-assessment returns, a number of members have expressed concern about the position for updating the Trust Registration Service (TRS).

HMRC has contacted the CIOT to see if any of its members or their clients would like to take part in a beta testing exercise. 

Committee members of STEP, ICAEW and the CIOT have prepared a consolidated note to highlight a key issue in the statutory provisions for trust protections in relation to offshore income gains. The material has been, for the most part, previously published but is brought together in this consolidated note.