UK Tax News – August 2022

18th August 2022

Our monthly round-up of the latest tax news affecting UK businesses. 

This month we’re talking about:

  • Clarification of CGT property return rules
  • New employment status guidance
  • Digitalising Business Rates (DBR) consultation
  • Coronavirus Jobs Retention Scheme (CJRS) grants errors – guidance for employers

HMRC clarifies CGT property return rules

HMRC has confirmed that a CGT property return must be filed, even if the disposal has already been reported on a self-assessment tax return.

The only exception is if the SA return is filed within 60 days of the transaction completing – or 30 days if the transaction completed prior to the limit being increased on 6 April 2020.

This means that many transactions that should have been reported were not identified until the 2020/21 self assessment was completed.

It is not possible to file a CGT property return online after the SA return is filed, so a paper return will be required. In most cases the relevant tax will already have been paid however it’s worth double checking if you are unsure, as HMRC has confirmed it will charge penalties and interest.

New employment status guidance

The Government has issued new guidance to help individuals and businesses understand their employment status.

Employment status is important as it defines the rights and employment protections workers are entitled to, including pay, leave and working conditions.

The new guidance includes advice for micro businesses, start-ups and SMEs that have less capacity and legal expertise to understand the law and aims to reduce the risk of companies being fined for unknowingly breaking the rules.

You can view the guidance in full here.

Digitalising Business Rates (DBR) consultation

The Government has published a consultation document seeking views on policy and design options for its plan to digitalise the business rates system.

The consultation follows 2021’s Business Rates Review report, which outlined the Government’s commitment to modernising the existing system. The Digitalising Business Rates (DBR) project aims to join up the business rates and central tax systems and display business rates information alongside other tax information in a standardised format.

You can view the full consultation document and find out how to submit your responses here.

CJRS grants errors – guidance for employers

HMRC has issued a series of questions and answers in response to common errors in the calculation of CJRS grants for eligible employees. Although not exhaustive, it covers some general themes and gives an indication of HMRC’s approach to customers who have calculated grants using a different method to that set out in HMRC guidance.

You can download the full series of question and answers here.

All information correct at time of going to print/live and on the best knowledge and understanding of the author at the time. This article is for general information only and does not constitute financial advice or recommendations for individual circumstances. No responsibility is taken for any actions taken on the base of the information within this article.

Chartered Accountants in Sunderland, offering expertise on everything from Tax and Business Planning,
to Accounts and VAT.