Duty Deferment Accounts (DDA) for delayed declarations imported into Great Britain (GB) by Intermediaries/Agents

What is a DDA? Duty Deferment is the main payment method for customs and excise duty. It can also be used to pay import VAT. Having a duty deferment account lets you defer payments for customs duty, excise duty and import VAT. It also lets you make monthly payments to HMRC through Direct Debit, instead of paying for individual consignments immediately at import, or when released from a duty suspensive procedure such as customs warehousing or excise warehousing. If payments are above £20million this will need to be paid by CHAPS. When should I apply for a duty deferment account…

Agent Update 89 has been published

Welcome to today’s blog promoting the publication of Agent Update: issue 89. In the Technical Updates and Reminders section we continue to bring you important COVID-19 updates, including the Coronavirus Job Retention Scheme and guidance on declaring Coronavirus support schemes overpayments on company tax returns. Other topics included are Health and Social Care Levy, update to HMRC’s appeals processes, VAT reverse charge and Non-Resident Capital Gains (NRCG) Transparency Election and Partnership Returns. Some of the highlights in the HMRC Agent Services section include agent Talking Points, Alternative Dispute Resolution, changes to Post Office card account payments and viewing employers liabilities…

Agent Update 88 has been published

Welcome to today’s blog promoting the publication of Agent Update: issue 88. In the Technical Updates and Reminders section we continue to bring you important COVID-19 updates, including the Coronavirus Job Retention Scheme and Duty Deferment Accounts. Other topics included are VAT reverse charge, Making Tax Digital for VAT and Tax conditionality. Some of the highlights in the HMRC Agent Services section include Agent talking Points, Agent authorisations when firms reorganise and Tax disputes. We hope you find this edition informative and don’t forget the next Agent Update is scheduled for October 2021. Did you know that you can receive…

Corporate Interest Restriction Return – Application Programming Interface (API) Launch

HMRC is changing the way that it will be receiving Corporate Interest Restriction Returns and is introducing 4 new Application Programming Interfaces (API). Corporate Interest Restriction (CIR) applies to corporate entities and aims to restrict a group’s deductions for interest expense and other financing costs for Corporation Tax purposes. In July’s Agent Update, we told you that HMRC has developed an API for submitting Interest Restriction Returns (IRR) and for reporting company appointments and revocations. We’re pleased to let you know that this is now ready and software developers have started to update their products using it. If you’d like…