Highlights from the broader tax news for the week ending 4 October 2023, including: extension of trader support service; construction industry reverse charge webinar; advance valuation ruling service; new assurance of remittances toolkit; and SAO guidance.
Support service extended for businesses trading with Northern Ireland
The trader support service (TSS), which helps businesses move goods between Great Britain and Northern Ireland, has been extended until December 2024. The TSS ensures traders do not have to use specialist software to make certain declarations for the movement of goods. It also provides guidance and training to businesses on what the Windsor Framework means for them.
HMRC webinar on construction industry reverse charge
HMRC is providing a webinar for VAT-registered businesses operating in the construction sector on how to apply the VAT reverse charge for construction services. The webinar will run at 1.45pm on Tuesday 14 November. Businesses can sign up here.
Advance valuation ruling service now available to all traders
Agents who represent traders who cannot use a business tax account can now use HMRC’s advance valuation ruling service. The service provides traders and agents with legal certainty on the valuation method for imported goods, for a period of three years. The ruling service has been operating since April 2023 but was previously only accessible through the business tax account.
Assurance of remittances toolkit
HMRC has released a new toolkit to help agents and advisers to help assess whether clients have made taxable remittances to the UK. The toolkit outlines areas of risk and also includes a checklist for users in determining whether remittances to the UK have been made.
Senior accounting officer guidance
On 22 August, HMRC amended its guidance to add the construction industry scheme (CIS) and land transaction tax (LTT) to the list of taxes falling within the senior accounting officer (SAO) provisions. On 11 September, LTT was removed from the list and on 25 September, CIS was removed.
HMRC received a number of enquiries regarding whether CIS obligations fall within the scope of the SAO regime. Its initial analysis of Sch 46, Finance Act 2009, led HMRC to conclude that, under paragraph 14(3), CIS obligations are included within the scope of the SAO rules. However, based on stakeholder feedback, HMRC has undertaken further analysis and accepts that its original conclusion regarding CIS was wrong. HMRC has therefore amended the guidance again to remove the reference to CIS. HMRC apologises for the confusion this has caused.
Sign up to TAXwire
Sign up to the Tax Faculty newsletter which provides weekly updates on developments in tax practice and policy.
Register nowFind out more about the Tax FacultyTax Faculty
This guidance is created by the Tax Faculty, recognised internationally as a leading authority and source of expertise on taxation. The Faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.