Hello,

We have another fun-packed edition this week as it's time for HMRC's new Agent and Employer Updates, we have news of new COVID-19 grant funding and we are featuring some practical new subscriber guides for 2021-22.

HMRC has relseased details of the fourth Self-Employment Income Support Scheme (SEISS) grant and claims for that open later this month. We also have details of the new Brexit support fund. All these and more are to be found on our COVID-19 tracker. 

We have all been busy updating our new Finance Bill 2021: rolling planner & tracker 2021-21. This subscriber guide aims to do what it says in the title. It's a really useful source of CPD, bringing together all the key tax announcements from Budgets past and present, together with other tax measures effective from April 2021 that are relevant to your clients.

The taxable benefits for driving company cars and vans all change on 6 April 2021. There is still a big advantage to going all electric as a car driver with just a 1% tax charge. The taxable benefit of driving a van is very low provided that you do not use the van for camping at the weekend or for other private purposes. We often receive queries from people who are unsure whether what they are driving qualifies as a car or van. It is a shame that there is no definitive guide to this topic, although our guide below should help. 

Have you got your Anti-Tax Evasion policy in place? There is a template for you to use below.

More news and updates below. If you have any tax queries, then do please visit our sister service for Virtual Tax Partner support.

Back soon 

Nichola Ross Martin FCA CTA (Fellow)
Tax Director

www.rossmartin.co.uk

Your Virtual Tax Partner® online PRACTICAL support for accountants, tax advisers BY accountants and tax advisers.

Quick News

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

Employer Bulletin: April 2021 
HMRC have published their Employer Bulletin for April 2021. We summarise the key content for you, with links to our detailed guidance on the topics covered.

SEISS: Fourth grant details 
HMRC have updated their Self-Employment Income Support Scheme (SEISS) guidance to reflect the fourth grant which will become available later this month. 

SME Brexit Support Fund
Applications for the SME Brexit Support Fund is now open. It offers up to £2,000 to help with training or professional advice to meet customs, excise, import VAT or safety and security declaration requirements following Brexit.

HMRC updates SAO manual
Guidance for Senior Accounting Officers (SAOs) has been updated by HMRC following the First Tier Tribunal (FTT) decision in the Castlelaw case. HMRC has decided to relax reporting obligations for dormant companies and penalties for late certificate filing.

Enterprise Management Incentive (EMI): New call for evidence
HM Treasury has issued a new call for evidence about the Enterprise Management Incentive (EMI) scheme. It seeks to evaluate how effective a policy it is.  

Editor's Pick  

Finance Bill 2021: Tax Update & Rolling Planner 2021-22
NEW: What's hot or not this tax year? Our super-condensed tax planner provides instant Continuing Professional Development on topical tax matters.

Corporate Anti-Tax Evasion Policy Template 
Sections 44 to 52 of the Criminal Finances Act 2017 lay out the corporate criminal offences of facilitating tax evasion. As part of the qualifying defence to such a charge, HMRC expects all corporate entities to have an Anti-Tax Evasion policy in place.

Guides and Updates (subscribers)

Van Benefits
UPDATE: All change for flat rate, fuel and low emissions benefits for 2021-22.

Car or Van for VAT?
UDPATE: What is a car for VAT? What is a van for VAT? What VAT can be recovered on a car that is bought? Leased? What about fuel? Or mileage reimbursements? 

Company Cars
Company car tax: How do you work out car benefit? How do you work out car fuel benefit? Are there savings for low-emissions vehicles? How do you reduce car benefit? Cars and the tax tribunals and Top Tax Tips.

Gift Aid
UPDATE: HM Revenue & Customs (HMRC) pay around £1.5 billion a year to charities and other qualifying bodies through Gift Aid. What is Gift Aid? How does it work? What are the rules? 

COVID-19: Taxation of Coronavirus Support Payments
UPDATE: What's the tax treatment of grants paid during the Coronavirus pandemic.

Conditionality
NEW: What on earth is tax conditionality? The renewal of certain licences, to drive taxis and private hire vehicles or deal in scrap metal, will be conditional on applicants confirmation that they are appropriately registered for tax.

Closure notices
UPDATE: When does HMRC issue a closure notice? Can a taxpayer demand one? Are there appeal rights? 

SDLT: Non-residents' surcharge
UPDATE:  HMRC have released guidance covering the repayment of the Non-residents' surcharge should the purchase be made by individuals who cease to be non-resident.

Tax Cases

Loss claims denied as closure notices were valid
In Daarasp LLP & Betex LLP v HMRC [2021] UKUT 0087 the Upper Tribunal (UT) dismissed a claim for losses resulting from capital allowances. The conclusions in the closure notices issued by HMRC were not inconsistent with the losses being reduced to nil.   

Tax Toolkits 

Tax Tools
Be a winner with our game-changing tax diagnostics tools. Sign up now.

Tax Queries?

Virtual Tax Partner© Support
Have a tax query? Need a second option? Open a ticket and ask a question. A team of tax experts with a very wide range of expertise: covering direct and indirect tax, as well as accounting, R&D claims, reorganisations and much more. 

CPD for lunch 

Byte-sized chunks of CPD for subscribers

More at CPD Index

Missed last time's Web-update?

Nichola's SME Tax W-update 8 April 2021

  • Restart Grant Scheme opened 
  • Recovery Loan Scheme launched 
  • Notification of uncertain tax treatments by large businesses: consultation responses  
  • US calls for a global minimum rate of corporation tax
  • How are Bitcoin, cryptocurrencies or cryptoassets taxed in the UK?
  • Follower notice penalty upheld 
  • Build-a-Bear: FTT erred in law 
  • Simplification of partial exemption and the Capital Goods Scheme: Summary of responses
  • HMRC loses Cowdenbeath Taxi case after contradictory arguments 
  • 2020/21 Self Assessment Tax Return toolkit 
  • SDLT: Multiple Dwellings Relief for Annexes Tool
  • Short-life assets   
  • Woodlands: Overview
  • Tax-free savings income  ...More

 

SME Tax Monthly Summary March 2021

Links to all of March's newswires...More

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