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HMRC have issued their Agent Update for July 2021. We have summarised the key content for you with links to our detailed guidance on the topics covered. 

Coronavirus Job Retention Scheme (CJRS)

The Government will pay:

See COVID-19: Coronavirus Job Retention Scheme (CJRS) from 1 November 2020, and Employer Bulletin: June 2021. 

VAT deferral: scheme is now closed

See COVID-19: VAT deferred payments

Online print and post VAT1 for manual applications for VAT registration

A new print and post version of VAT1, for manual applications, was introduced in November 2020 and amended in December 2020.

Additional forms are required for some business activities where:

See Registering for VAT

Tax avoidance: don’t get caught out

HMRC’s ‘Tax avoidance — don’t get caught out’ campaign helps contractors make informed choices when people or businesses offer them tax avoidance schemes.

See Spotlight 45: Umbrella companies and Disguised remuneration loan charge

VAT reverse charge on construction and building services

The VAT reverse charge on construction and building services came in on 1 March 2021. 

See CIS: Construction Industry reverse charge

Extended loss carryback: claims information for companies

The temporary extended loss carryback rules allow companies to carry back losses for three years where they arise in accounting periods ending between 1 April 2020 and 31 March 2022.

Claims Process

See Losses: Trading and other losses

Corporate Interest Restriction Return: Application Programming Interface 

See Corporate interest restriction

Student loan types

There are four types of student loans collected through PAYE and Self Assessment.

To ensure your employees do not pay any more or less than necessary you should:

See Student Loans

Bank and building society interest

See Savings income: how interest is taxed and Personal Tax Account

Review of online Capital Gains Tax (CGT) guidance

HMRC is reviewing online guidance to make the CGT UK Property Disposal process clearer. They will provide further details of this in the next Agent Update.

See CGT: Reporting, How to report CGT? and CGT: HMRC issue FAQs on UK property reporting service

The Trust Registration Service (TRS)

See also Trust Registration Service

Agent Talking Points

See Agent Update: June 2021

Agent Services

See Agent Service Account & VAT: Top Tips

Introducing ‘pay by bank account’

Taxpayers can use a new payment method to pay HMRC straight from their bank account with no need to enter card details.

See Employer Bulletin: June 2021 for more details.

Consultations

Tax Administration Strategy: The consultations and calls for evidence listed below have now closed.

Tax Agent Toolkits

HMRC have 19 agent toolkits available for you to download and use here.

Agent Forum and engagement

See Agent Update: June 2021

Other recent publications

Spotlights

Employer Bulletins

Trust and Estates newsletters

External link

Agent Update 86 


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