This week’s UK tax tidbits, 17 February

Feb 17, 2020

HMRC guidance on crypto assets and changes to the employment allowance feature this week

  • HMRC has updated its guidance on crypto assets for individuals and where they are located
  • A guidance note explaining the changes to the VAT treatment of intra-EU chain transactions and to the conditions for zero rating intra-EU supplies of goods has been published
  • The guidance on how to bring goods into the UK from outside the EU, including how much tax and duty you’ll need to pay and whether you need to get a licence or certificate has been updated
  • From 6 April 2020, the Employment Allowance: excluded persons regulations 2020 restricts access to the Employment Allowance to only those employers who have incurred a secondary Class 1 National Insurance contributions liability of less than £100,000 in the tax year immediately prior to the year of claim
  • HMRC has updated the list (List 3) of professional bodies and learned societies, approved by HMRC for the purpose of section 344 ITEPA 2003 (allowable deductions from earnings for fees and subscriptions paid to professional bodies/learned societies)
  • Check the updated list of VAT appeals that HMRC has lost, or partly lost, that could have implications for other businesses
  • The latest VAT Bulletin has been published