Technical News

 


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.

HMRC have confirmed that overall as long as they meet the criteria for the Coronavirus Job Retention Scheme (CJRS) and the Self-employment Income Support Scheme (SEISS), dentists can claim on the basis that they have income from non-NHS work. 

We have received a statement from the Chamber President, Judge Sinfield, advising that the Tax Chamber is open for business. 

The Financial Secretary to the Treasury has today announced that the reimbursement of expenses that would be for home office equipment are exempt from tax. The relevant Regulations are to be laid next week, and will have effect for the 2019-20 (from 16 March 2020 only) and 2020-21 tax years.

HMRC has provided us with some updates to the Coronavirus Job Retention Scheme, including the ability to save and return to partially completed claims, and how to avoid common mistakes that can lead to a wrong or delayed payment.