TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

This month’s UK tax tidbits

  • The UK signed up to the 5th EU Money Laundering Directive which took effect from 10 January 2020. As a result, HMRC therefore plans to extend the Trust Registration Service to include not just trusts with a tax consequence but all UK trusts.
  • HMRC has also published outline guidance on the changes to the regulations on money laundering and terrorist financing.
  • The December 2019 VAT bulletin has been published.
  • Use the updated form France-Individual to apply for relief at source or to claim repayment of UK Income Tax.
  • The latest Stamp Taxes newsletter is available.
  • Help and support for Making Tax Digital has been updated.
  • HMRC have published a tax information and impact note which covers the introduction of regulations requiring the disclosure of certain cross-border arrangements to HMRC.
  • HMRC has updated its guidance on crypto assets for individuals and where they are located.
  • A guidance note explaining the changes to the VAT treatment of intra-EU chain transactions and to the conditions for zero rating intra-EU supplies of goods has been published.
  • The guidance on how to bring goods into the UK from outside the EU, including how much tax and duty you’ll need to pay and whether you need to get a licence or certificate has been updated.
  • From 6 April 2020, the Employment Allowance: excluded persons regulations 2020 restricts access to the Employment Allowance to only those employers who have incurred a secondary Class 1 National Insurance contributions liability of less than £100,000 in the tax year immediately prior to the year of claim.
  • HMRC has updated the list (List 3) of professional bodies and learned societies, approved by HMRC for the purpose of section 344 ITEPA 2003 (allowable deductions from earnings for fees and subscriptions paid to professional bodies/learned societies).
  • The latest VAT Bulletin has been published.
  • HMRC is now issuing simple assessments for approximately 311,000 PAYE cases which were previously held back and involved more than one tax year. These began to issue in November 2019 and will run to next month, March 2020.
  • The HMRC portal for reclaiming VAT incurred in other EU member states will stay open until 31 March 2021.
  • HMRC has published the outcome to the maturing Child Trust Funds consultation.
  • HMRC’s Non-statutory Clearance Guidance has been updated.
  • The following documents relevant to VAT have recently been published/updated: Report sales to VAT-registered EU businesses using the EC Sales List, How to report your EU sales for VAT, The single market (VAT Notice 725) and Find software suppliers for VAT and the EC Sales List.
  • The guidance about penalties for registering, submitting returns, and paying the soft drinks industry levy late, and how to appeal a penalty has been updated.