½Û×ÓÊÓƵ

HMRC has published guidance on the launch of a new SME Brexit Support Fund to support small and medium sized businesses in adjusting to the new customs and VAT rules which apply when trading with the EU.

HM Revenue and Customs (HMRC) has published an issue briefing to explain the approach that it will take for new compliance activity in relation to the changes to the off-payroll working rules (IR35) from 6 April 2021. The policy paper sets out the background to the rules and the reforms, and provides details of the help and support HMRC will provide.

These Regulations set out the revised annual rates and thresholds of Child Tax Credit (CTC) and Working Tax Credit (WTC) to apply with effect from 6 April 2021, and revised weekly rates of Child Benefit and Guardian’s Allowance, to apply with effect from 12 April 2021.

These Regulations give effect to the annual re-rating of various National Insurance contributions (NICs) rates, limits and thresholds for the purposes of calculating Class 1, Class 2, Class 3 and Class 4 NICs liability (or voluntary payment) for the tax year beginning 6 April 2021.

The OECD has published the stage 1 peer review assessments for Aruba, Bahrain, Barbados, Gibraltar, Greenland, Kazakhstan, Oman, Qatar, Saint Kitts and Nevis, Thailand, Trinidad and Tobago, United Arab Emirates and Viet Nam under BEPS Action 14, which aims to improve tax dispute resolution mechanisms between countries.

15 February 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

In the ever-fast-moving world of tax announcements and developments, this news pulls together some of the key changes announced this week. Our commentary will be updated in due course to reflect these latest developments.

HMRC has updated Excise notice 143 at section 2.3 to reflect the new rules on consignments not exceeding £135 in value, following the UK’s exit from the EU, and the abolition of Low Value Consignment Relief, which relieves import VAT on consignments of goods valued at £15.

HMRC has updated its guidance on accounting for import VAT on VAT Returns.

HMRC has updated its guidance on HMRC compliance checks: help and support to add information on the compliance checks process for individuals and agents.

HMRC has published updated guidance for stakeholders. Subjects covered in this guidance include social security contributions and UK National Insurance contributions. The guidance now reflects that EU Member States have opted in to apply the detached worker provision. Individuals who intend to work temporarily in the UK should therefore apply for a certificate or document from the social security organisation in the EU Member State they are coming from. While the Brexit transition/implementation period ended at 11 pm on 31 December 2020 (IP completion day), the government continues to issue new and updated Brexit webpages and guidance documents on the associated legal and practical changes. Further guidance may be issued post-IP completion day, so stakeholders are advised to monitor these pages for updates.

The

HMRC has published its bi-monthly magazine providing the latest information on payroll-related topics for employers and agents.

HMRC has published new guidance on the national insurance contributions (NIC) relief available for employers who hire veterans on civilian employment after leaving the regular armed forces.

The European Commission has opened its consultation on its plans to reform the VAT rules for financial and insurance services, following the closure of the roadmap feedback period in November 2020. The Commission states that the current rules are criticised for being complex, difficult to apply and for not having kept pace with the developments of new services in the sector, which has led to a lack of VAT neutrality, legal uncertainty and high administrative and regulatory costs. The consultation seeks to obtain the views of stakeholders on the functioning of the current VAT rules as well as on possible changes to these rules. The answers provided will feed into the review of the relevant provisions of Council Directive 2006/112/EC (the VAT Directive) and will contribute to a possible future legislative proposal. The consultation closes on 3 May 2021.

The Welsh Revenue Authority (WRA) has published a suite of guidance in relation to the Welsh land transaction tax and landfill tax.

HMRC has updated its guidance with information on how to join the VAT deferral new payment scheme - the online service is open between 23 February and 21 June 2021.

HMRC has published new guidance for stakeholders with information on importing and exporting goods between Great Britain and the EU. While the Brexit transition/implementation period ended at 11 pm on 31 December 2020 (IP completion day), the government continues to issue new and updated Brexit webpages and guidance documents on the associated legal and practical changes. Further guidance may be issued post-IP completion day, so stakeholders are advised to monitor these pages for updates.

Treasury confirms van benefit charge and fuel benefit charges will be uprated by the CPI.

HMRC has published updated excise notices for stakeholders, covering subjects including EU trade in duty paid excise goods and Temporary Registered Consignees. While the Brexit transition/implementation period ended at 11 pm on 31 December 2020 (IP completion day), the government continues to issue new and updated Brexit webpages and guidance documents on the associated legal and practical changes. Further guidance may continue to be issued, so stakeholders are advised to monitor these pages for updates.