HMRC’s Stakeholder Digest (24 February 2022) provides a round-up of the latest news, including the following:
Uncertain tax treatment (UTT) – a reminder that businesses with UK turnover above £200m or balance sheet total above £2bn (or both) will need to notify HMRC of any uncertain tax treatments they take from 1 April 2022 (under the new rules in FA 2022 Sch 17). The Digest notes that some businesses may decide to move away from a particular tax treatment that may be considered ‘uncertain’, because of the need to notify HMRC. Final guidance on UTT is now available.
Statutory Sick Pay Rebate Scheme closure – the Statutory Sick Pay Rebate Scheme will close on 17 March 2022.
Reporting coronavirus grants and support payments in company tax returns – a further reminder that companies must include coronavirus grants and other support payments in their company tax returns.
Making Tax Digital for VAT – all VAT-registered businesses must sign up from 1 April 2022.
Self-assessment tax returns – the revised deadline for submitting the 2020–21 self-assessment tax return was 28 February (to avoid a late filing penalty). Taxpayers have until 1 April to pay their outstanding tax bill or set up a time to pay arrangement to avoid receiving a late payment penalty.
HMRC’s Stakeholder Digest (24 February 2022) provides a round-up of the latest news, including the following:
Uncertain tax treatment (UTT) – a reminder that businesses with UK turnover above £200m or balance sheet total above £2bn (or both) will need to notify HMRC of any uncertain tax treatments they take from 1 April 2022 (under the new rules in FA 2022 Sch 17). The Digest notes that some businesses may decide to move away from a particular tax treatment that may be considered ‘uncertain’, because of the need to notify HMRC. Final guidance on UTT is now available.
Statutory Sick Pay Rebate Scheme closure – the Statutory Sick Pay Rebate Scheme will close on 17 March 2022.
Reporting coronavirus grants and support payments in company tax returns – a further reminder that companies must include coronavirus grants and other support payments in their company tax returns.
Making Tax Digital for VAT – all VAT-registered businesses must sign up from 1 April 2022.
Self-assessment tax returns – the revised deadline for submitting the 2020–21 self-assessment tax return was 28 February (to avoid a late filing penalty). Taxpayers have until 1 April to pay their outstanding tax bill or set up a time to pay arrangement to avoid receiving a late payment penalty.
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