Technical News

 


The CIOT are pleased to provide access to a recent webinar arranged by Harrow and North London Branch.  

On 29 May 2020, the Chancellor announced that the SEISS would be extended with eligible businesses able to claim a second and final payment in August. The payment will be worth 70% of their average monthly trading profits, paid out in a single instalment and capped at £6,570 in total. He also announced that claims for the first payment could continue until 13 July 2020.

HMRC has provided us with the following information when making claims under the Job Retention Scheme which include individuals where no National Insurance Number (NINO) is held or the employee has a temporary National Insurance Number.

Please see below an important message received from HMRC on 25 June 2020 regarding deferral of DAC6 reporting deadlines:

Ever since the collection of Class 2 National Insurance Contributions (NICs) changed from a separate, regular payment system to being part of the self-assessment tax return in July 2015, agents and their clients have experienced a number of calculation and payment issues.

HMRC have provided us with the following update on Tax Credit Renewals.

HMRC has reviewed and updated its guidance at CTM92650. This guidance covers early repayments of corporation tax quarterly instalment payments in response to receipt of a number of claims and requests from taxpayers, agents and professional bodies. 

The First-tier Tribunal published a practice statement on 15 June 2020 which sets out the Tribunal’s practice in appeals against HMRC decisions where the parties wish to engage in ADR after an appeal has been made to the Tribunal. 

Update : Action group of affected taxpayers

The CIOT understands that a group of affected taxpayers and their advisers are forming an action group with a view to taking a test case on this issue to the First-tier Tribunal. Advisers with clients affected who are interested in joining the group should contact Jennifer.Smithson [at] Macfarlanes.com

From 6 April 2020 non-residents who are required to report direct disposals of residential and non-residential UK property or land need to create a Capital Gains Tax (CGT) on UK property account to report and pay the tax within 30 days of completion of the transaction.