Yesterday was Tax Administration and Maintenance Day (TAMD) 2021.
TAMD is when the government launches consultations for announcements made at the Autumn Budget and Spending Review. Or, in the government’s own words, when it ‘sets out further plans to continue building a modern, simple and effective tax system’.
So what does TAMD mean for you? It depends on your circumstances. The proposals could affect everyone from landlords and the self-employed to large businesses. In this post, we summarise the new consultations, response documents and announcements.
Income Tax Self-Assessment registration for the self-employed and landlords. HMRC is considering whether to require landlords and the self-employed to register earlier for Income Tax Self-Assessment.
Stamp Duty Land Tax: mixed property purchases and Multiple Dwellings Relief. This proposes changes to the way Stamp Duty is calculated when you buy mixed property. (This means purchases that comprise both residential and non-residential property). It also sets out options for the reform of Multiple Dwellings Relief. (This is available on the purchase of two or more dwellings).
Modernising tax debt collection from non-paying businesses. This consultation seeks views on modernising the collection of tax debts. It also wants views on the approach to business tax payers who don’t engage with HMRC.
Umbrella company market. This invites views on the role that umbrella companies play in the labour market. It particularly focuses on the way they interact with the tax and employment rights systems.
Landfill Tax Review. This consults on the key design features of the Landfill Tax. This includes the rate that applies to different materials, plus the circumstances for claiming exemptions and discounts.
- Tax Administration Framework Review. This consulted on modernising tax administration. The document contains a summary of responses to the initial consultation.
- Reforming R&D tax reliefs. This document details next steps for this review. Stakeholders’ views will be welcomed in the next phase of the review. Reforms to R&D tax reliefs should be implemented by April 2023. For more information, see our blog on R&D tax credit changes and investigations.
- Raising standards in the tax advice market. Government has decided not to make professional indemnity insurance compulsory for tax advisors.
Tax Administration and Maintenance Day 2021 Announcements
Low-income trusts and estates. Government has formalised an interim concession that can remove trustees and personal representatives from Income Tax. This applies where the only source of income is savings interest and the tax liability is under £100.
A five-year review of the Office for Tax Simplification. This contains eight recommendations to maintain and improve the effectiveness of the OTS.
You can find more information about TAMD announcements on this page. If any of the new consultations affect you, we recommend you submit a response.
About Karen Jones
Having worked for one of the world’s largest accountancy firms, Karen Jones uses her tax knowledge and skills to help clients obtain substantial reductions to their tax liabilities.
With an expanding portfolio of tax clients, Karen enjoys the variety her work brings her and particularly likes working with new businesses and people. With a growing number of tax clients, she frequently faces a variety of challenges and relishes the experience she gains as she solves them.
Karen likes the THP ethos: “I like the way the team has a professional, but friendly and down-to-earth approach – it creates a productive atmosphere that benefits everyone.”
Karen’s specialist skills:
- Personal Taxation
- Tax Efficient Planning
- Trust Administration