Weekly tax highlights ― 1 November 2021

Produced by Tolley

The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • Weekly tax highlights ― 1 November 2021
  • Budget
  • Autumn Budget 2021 summary
  • Coronavirus (COVID-19)
  • HMRC guidance: coronavirus job retention scheme (CJRS) claims
  • Direct taxes
  • Extension to CGT payment window for residential property disposals
  • Recovery loan scheme extended
  • Indirect taxes
  • Amendments to the VAT distance selling rules in Northern Ireland
  • More...

Weekly tax highlights ― 1 November 2021

Budget

Autumn Budget 2021 summary

The Autumn Budget was delivered on Wednesday 27 October 2021.

For a summary of the main tax measures announced, see here.

Finance Bill 2022 will be published on 4 November 2021. Track the Finance Bill via Finance Bill Tracking Service, Finance Bill 2022.

Coronavirus (COVID-19)

HMRC guidance: coronavirus job retention scheme (CJRS) claims

HMRC has published new guidance on making late CJRS claims and using the online service to view or delete previous claims.

‘Make a late coronavirus job retention scheme claim’ sets out that HMRC may accept late claims or amendments if businesses:

  1. have taken reasonable care to try and claim on time

  2. have a reasonable excuse, and

  3. have claimed as soon as their reasonable excuse no longer applies

To make a late claim or amendment, businesses need to:

  1. check if they have a reasonable excuse

  2. make sure they have all the information they need to process the claim

Businesses can use HMRC’s helpline to check if they can claim and, if their reasonable excuse is accepted, HMRC will process their claim over the phone.

‘Check a previous coronavirus job retention scheme claim’ explains that taxpayers can return to the service to view a previous claim or delete a claim (within 72 hours of making the claim).

The CJRS ended on 30 September 2021 and 14 October 2021 was the last date to make a claim for September.

Direct taxes

Extension to CGT payment window for residential property disposals

As announced in Autumn Budget 2021, the deadline for reporting and paying capital gains tax on disposals of UK residential property is increased from 30 days to 60 days for disposals on or after 27 October 2021. Disposals before this date will still need to meet the 30-day requirement.

Welcoming the change, the ATT had previously noted that the 30-day time limit was too short to deal with all the necessary compliance work, and had suggested extending the window to 60 or 90 days.

The Office for Tax Simplification’s May

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