News and events from TaxCalc
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For the export of goods or the supply of services made to EU businesses on or after 1 January 2021, you will not need to submit an EC Sales List (ESL). You will have until 21 January 2021 to submit ESLs for sales made before 1 January 2021.
Possible issue with HMRC calculations for Self-Employed National Insurance Contributions (NIC)
If your clients receive a revised assessment of tax due for 2018/19, which includes an adjustment for reducing or eliminating class 2 and/or class 4 National Insurance contributions, it may be incorrect.
If the individual in question is not set up on HMRC’s self-employed database, this could occur because the system will not expect to collect class 2/4 NIC.
HMRC Update on off-payroll (IR35) rules
Whilst a review of the IR35 implementation plans continues in the House of Lords until the end of this month, HMRC have announced changes to the draft legislation.
HMRC has confirmed that the new rules for contractors, working for medium and large-sized companies, will affect services provided after 6 April 2020 and will not be applied retrospectively regardless of payments made after this date. Where the services are performed by the contractor before 6 April 2020 it will continue to be the responsibility of the contractor and their personal service company (PSC) to decide if the work falls within IR35 and pay the right amount of tax to HMRC.
Following the introduction of MTD for VAT and the first quarterly submission deadline having just passed on the 7th August, we’ve taken a look through 4 of the common errors encountered with the HMRC MTD portal.
Like most processes any big changes can lead to a question of ‘We can’t know what we don’t know’, if you encounter an error for the first time.
A round up from the week team TaxCalc joined in with National Customer Service Week for the first-time.