Five things you need to know about tax, 29 January 2021

Jan 29, 2021

In Irish tax developments, the filing date for VAT Return of Trading Details is extended to Wednesday 10 March, as Revenue prepare to issue an updated form to reflect the temporary reduction in the standard rate of VAT. Revenue confirmed to Chartered Accountants Ireland that RTDs already filed do not have to be resubmitted.  In UK developments, HMRC announced the suspension of the initial £100 late filing penalty for 2019/20 income tax returns filed by 28 February. Taxpayers must still pay their liability on time. While in international tax, the Platform for Collaboration on Tax released a new toolkit, providing guidance on implementing transfer pricing documentation requirements for developing countries.

    Ireland

  1. Revenue extended the filing date of the VAT Return of Trading Details (RTD) to Wednesday 10 March 2021. Revenue confirmed to Chartered Accountants Ireland that RTDs already filed with information on 21 percent supplies reflected in the 23 percent supply box do not have to be resubmitted.  
  2. Revenue confirmed the list of current Flat-Rate Expenses is available on their website;

    UK

  3. HMRC announced the initial £100 late filing penalty will not apply to 2019/20 income tax returns filed by 28 February, however the obligation to pay on time still stands; and  
  4. Make sure you’re aware of the latest COVID support schemes deadlines;

    International

  5. The Platform for Collaboration on Tax (PCT) has released the Practical Toolkit to Support the Successful Implementation by Developing Countries of Effective Transfer Pricing Documentation Requirements.

 

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