Five things you need to know about tax, 2 April 2021

Apr 01, 2021

In Irish tax developments, the COVID-19 concession on late filing surcharges for late submission of CT1 returns and iXBRL accounts, and restrictions of loss relief will be withdrawn on 1 July 2021.  On the UK front, read about delays in processing self-assessment registrations. While in international tax, the new DAC7 obligation to report digital sales will apply to digital platform operators from 2023.

     Ireland

  1. A number of Tax and Duty Manuals are updated to reflectthe concession on late filing surcharges for late submission of CT1 returns, iXBRL accounts and restrictions on loss relief, and to note that the concessions will be withdrawn from 1 July 2021;
  2. Revenue has provided clarification on the circumstances where an employer can claim a VAT deduction for costs incurred on an employee pension fund;

    UK

  3. Read about HMRC delays in processing self-assessment regulations;
  4. 2019/20 unpaid self-assessment tax debt for which a Time to Pay was not agreed by 1 April will now face a 5 percent late payment penalty; and

    International

  5. Read about the new DAC7 obligation for digital platform operators to report the income earned by sellers on their platforms from 1 January 2023.

Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter.