Weekly tax highlights ― 6 April 2021

Produced by Tolley
Weekly tax highlights ― 6 April 2021

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

  • Weekly tax highlights ― 6 April 2021
  • Brexit
  • Technical negotiations concluded on UK-EU Memorandum of Understanding (MoU)
  • Indirect
  • New points-based late submission penalties
  • Postponed accounting for import VAT
  • European Commission has published its guide to the VAT One Stop Shop
  • Consultation
  • OECD consultation on proposed changes to treaty commentary on interest deductions
  • Administration
  • More...

Brexit

Technical negotiations concluded on UK-EU Memorandum of Understanding (MoU)

HM Treasury has concluded technical discussions on the text of the MoU, which was agreed in a Joint Declaration on Financial Services Regulatory Cooperation alongside the Trade and Cooperation Agreement.

The MoU can be signed after formal steps on both the sides are undertaken. Once signed, it creates the framework for voluntary regulatory cooperation in financial services between the UK and the EU. The MoU will establish the Joint UK-EU Financial Regulatory Forum, which will serve as a platform to facilitate dialogue on financial services issues.

Indirect

New points-based late submission penalties

HMRC has updated its policy paper on the proposed new points-based penalty regime with more detailed information on penalty points incurred by VAT groups.

HMRC has updated its policy paper on the proposed new points-based penalty regime which is being introduced for VAT and income tax between April 2022 and April 2024 with more information on how the penalty points will work when:

  1. the representative member of a VAT group is replaced

  2. a new group member joins a VAT group

  3. a group member leaves a VAT group, and

  4. a new VAT group is formed

Postponed ac

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