TaxCalc Blog
News and events from TaxCalc
Covid support for you and your clients
To support you in helping your clients, here are the latest updates from HMRC on the Self-Employment Income Support Scheme (SEISS).
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Mandatory digital links for MTD for VAT. What to do now.
Since the introduction of MTD for VAT a ‘soft landing period’ has been in place, allowing businesses time to get their systems digitally-linked to comply with the full MTD for VAT requirements. This period enabled businesses to use ‘cut/copy and paste’ methods to move data from one system to another before filing to HMRC. From 1 April 2021, this will no longer be permitted. However, there is no need to panic. It is likely you already have everything you need to continue being compliant, or some simple adjustments could be all that’s required.
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The Science Behind Compliance
We’ve all learned the necessity of compliance. Face masks, elbow handshakes, two-metre distancing, remote working, showing up for your jab – it may all be tough and go against impulse, but we understand that we need to comply with the rules. There is a cost to our society, our economy and our mental health, but putting it bluntly this is a matter of survival. If anyone is familiar with Maslow’s Hierarchy of Needs, our basic requirements are physiological well-being, plus safety and security. Though we may not agree with every single rule, we have to act en-masse to preserve our way of life.
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Spring Budget 2021: The headlines
Following the budget annoucement on Wednesday, here are some key takeouts from Chancellor Rishi Sunak’s economic plan to help the UK's recovery from the COVID pandemic, its impact on businesses and individual taxpayers.
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Do I need to complete an EC Sales List after Brexit
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.
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Changes for Reporting R&D Claims
HMRC has introduced new CT600 supplementary pages to complete for Research and Development Expenditure Credit (RDEC) and R&D enhanced expenditure (SME scheme) claims. The supplementary pages (CT600L) will be required by HMRC for all CT600 returns filed on or after 6 April 2021.
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HMRC to Remove VAT100 XML Filing Service
Recently, HM Revenue and Customs shared news of changes to its IT infrastructure, involving the migration of VAT Customer Accounts to a new system. Following this migration, HMRC will decommission the current XML submission service from 8 April 2021.
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How TaxCalc is hand-crafting the perfect product
As TaxCalc’s Product Director, Pauline Smith oversees the continued improvement of existing products, and coordinates the launch of new ones. It’s a tough job that’s dictated by a variety of compliance guidelines, evolving customer requirements and the wider goal of a future-proof business.
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