Welcome

HMRC have issued the Agent Update for February 2021. We have summarised the key content for you with links to our detailed guidance on the topics covered.

Some of the following items have been duplicated in this month's Employer Bulletin and rather than reproduce these we have linked to those updates where appropriate, see: Employer Bulletin February 2021

HMRC's policy briefing 'Supporting organisations to comply with changes to the Off-Payroll Working rules (IR35)' notes a one-year soft landing on penalties and contains some useful examples to illustrate how it expects to deal with PAYE compliance reviews. 

Hello

As you might have seen, HMRC has now published details of Income Tax and NICs rates and allowances for next year. We also have the details for calculating car and van benefits. These are free for all to view in the Tax Data section of our website.

Hello

I have been updating our Construction Industry Scheme (CIS) Reverse Charge VAT guide over the last day or two. The new regime is due to commence in April, and to help explain some of the trickier aspects of the proposed regime we have added some examples. Construction firms should now be making changes to their VAT accounting systems and training staff as necessary. There is a lot to take on board.

Hello

This week kicked off with the welcome news that HMRC is relaxing late filing penalties for Self Assessment this year and we end the week with two HMRC Brexit ‘Specials’.  What a 'funny' old month January has been.