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Hello,

As we approach the Self Assessment (SA) filing deadline, we are featuring some key guides to answer your last-minute tax queries. We feature our latest Private Client Update which is packed full of essential reading and recent cases.

This year's SA filing deadline seems more frantic than usual. Has the introduction of Making Tax Digital for VAT last year pushed us all back, time-wise? HMRC, as you may be aware, are providing a soft landing on VAT penalties for those filing under the new system. This is just as well, as I understand that record numbers of VAT correction claims have been made to HMRC. Now that the horse is bolting, I am wondering why the VAT error correction process was not updated at the same time as MTD for VAT was introduced. It was certainly something that the tax bodies had suggested. 

Our prime minister did not attend the World Economic Forum in Davos this week. Presumably, this was so as not to impact future trade deal negotiations, however, there is a lot going on behind the scenes. The UK maintains that it is still planning to introduce its Digital Services Tax in April while the French, under threats of new trade tariffs from America, have decided not to introduce their version of the tax. The reason that countries are introducing their own local 'tech' tax follows the failure of the Organisation for Economic Co-operation and Development (OECD) to reach a consensus on taxing digital companies. As the OECD is due to meet at the end of the month, two things could happen: 1) The OECD agrees a way to tax tech, and so the UK climbs down, or 2) The OECD yet again fails to act and the UK goes ahead with its own tax, albeit suffering from massive external pressure from the US. Let's wait and see.

Have a good week.

Back soon

Nichola Ross Martin FCA CTA (Fellow) Tax Director

www.rossmartin.co.uk

Your Virtual Tax Partner®: online PRACTICAL support for accountants, tax advisers BY accountants and tax advisers.

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VAT Cases (freeview)

Holiday camps are a single composite supply for VAT
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Virtual Tax Partner Toolkit (freeview)

Virtual Tax Partner © Tax Toolkit© Tax Toolkit
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Missed last time's Web-update?

Nichola's SME Tax W-update 16 January 2020

Catch up on last month's Web-updates

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