Readers are reminded about a number of important upcoming deadlines.
HMRC’s online VAT return is now closed
We remind you that HMRC’s online VAT return system is now closed to businesses who should be using MTD for VAT. The final return which could be submitted using this process was any return due on or before 7 July 2021. Hence any returns due for submission after that date, including quarterly returns for the period ending 31 August 2021 which are due for submission by 7 October 2021, must be submitted in according with MTD for VAT using functional compatible software.
Deadline for disguised remuneration repayment scheme
Finance Act 2020 enacted the disguised remuneration repayment scheme which enables taxpayers that have loans advanced under disguised remuneration arrangements to reclaim income tax and NIC paid voluntarily as part of a previous settlement with HMRC.
The scheme only applies to loans advanced between 6 April 1999-5 April 2016. Different qualifying criteria applies to loans advanced before 9 December 2010 and any advanced on or after that date.
Taxpayers that are eligible for a repayment should have been sent an application form by HMRC by 30 September 2020. This form must be completed and returned to HMRC by 30 September 2021.
5 October registration deadline
Tuesday 5 October 2021 is the deadline to notify HMRC of a new source of income or gain for 2020/21. This is also the deadline to register certain trusts for 2020/21 via the Trust Registration service.
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