News and events from TaxCalc
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The full MTD regulations have been made public for the first time today. Until now, we have only had an early draft of the regulations to work with and it is fair to say that there were some glaring holes in that draft document – particularly in relation to partnerships, basis periods and when taxpayers could enter or leave the MTD regime.
We have been waiting a long time for those draft regulations to be updated and our tax experts are now pouring over the contents to disseminate the fine detail.
HM Revenue & Customs (HMRC) has confirmed that their new points-based penalty regime will come into effect from 1 April 2022 and will apply to both Making Tax Digital (MTD) for VAT as well as MTD for Income Tax Self Assessment (ITSA). Their stated aim is to make penalties simple, fair and effective but, as the arguably illustrious ageing rocker, Meat Loaf, might say, “Two Out of Three Ain’t Bad”.
HMRC has opened a consultation on basis period reform which asks for views on how best to implement a proposal to simplify the rules under which profits of an unincorporated trading business are allocated to tax years using basis periods.
The fifth Self-Employment Income Support Scheme (SEISS) grant can be claimed by individual taxpayers who are either self-employed or who are a member of a partnership.
Claims must be made by the taxpayer and not by an agent on their behalf; although they can seek assistance from an agent in completing their claim.