Tax news from February 2021

Small and medium-sized UK businesses needing support on customs duties and VAT will be able to apply to the SME Brexit Fund for a grant of up £2,000 to pay for professional advice or training, confirms HMRC.

Highlights from the broader tax news week ending 24 February, which includes: the opening of the online portal for the governments new payment scheme for deferred VAT, publication of the 2021/22 CWG2, OTS urges taxpayers to share their thoughts on the use of third-party data and HMRC publishes archive of pre-Brexit VAT notices.

HMRC now accepts digital signatures on agent authorisation forms, claims for the marriage allowance and employment expenses. ICAEW’s Tax Faculty highlights the change and other points covered in HMRC’s latest agent update.

23 February: Writing in the Financial Times, the Tax Faculty’s Anita Monteith explored why the UK’s policymakers need to consider moving the start of the tax year and bring it in line with other countries.

23 February 2021: With the VAT domestic reverse charge for construction services coming into force in less than a week, ICAEW’s Tax Faculty is urging affected firms to make sure they are prepared.