In brief: 12 August 2021

Option to tax land

VAT notice 742A: Opting to tax land and buildings has been amended to reflect that the temporary extension to the time limit for notifying an option to tax ended on 31 July 2021. The notice also confirms that the temporary change to allow options to tax to be signed electronically has been made permanent.

Business by telephone

HMRC has amended statement of practice 1/2010 about business by telephone to add directions on correcting details for the self-employed income support scheme.

Transfer pricing

The Organisation for Economic Co-operation and Development has published new or revised transfer pricing country profiles for 20 jurisdictions including new sections on financial transactions and permanent establishments.

Pandemic payments

New guidance from HMRC explains when taxpayers who are self-employed or a partner in a business need to include a Covid-19 grant or support payment...