HMRC have now issued their detailed guidance on the digital record keeping and return requirements for Making Tax Digital (MTD) for VAT. VAT Notice 700/22 clarifies that spreadsheets may still be used to keep business records provided that there is bridging software that links to the Government gateway. There will however be a one year … Continued
BCC Calls For Further Delay To Digital Accounts Rollout
The government’s flagship Making Tax Digital (MTD) scheme should be delayed until 2020/21 for all taxpayers, according to the British Chambers of Commerce (BCC). VAT-registered businesses with annual turnover of more than £85,000 are due to be the first to go through the transition to digital accounts for reporting VAT only from April 2019. But … Continued
Landlords Welcome Tax Incentives for Long – Term Tenancies
The government is considering introducing tax incentives for landlords who offer longer tenancies, as part of a new consultation. The Ministry of Housing, Communities and Local Government has launched a consultation on implementing a three-year tenancy model. This is intended to support the increasing number of private tenants seeking long-term security, as more families and … Continued
Contractors Criticise ‘Flawed’ IR35 Test
A contractor group has criticised HMRC for omitting mutuality of obligation in an online tool designed to assess an individual’s employment status. Mutuality of obligation requires employers to provide ongoing work for an employee, who then has an obligation to perform that work. In a self-employed relationship, there is no continuing obligation on either side to … Continued
‘Tax Over-40s To Pay For Elderly Care costs’, Say MPS
Over-40s in England should pay a new tax to help cover the costs of providing care for the elderly, MPs have said. Two influential House of Commons’ committees called for the introduction of a social care premium, which would also see retirees made to pay if they have lucrative pensions or investments. The money generated … Continued
New VAT Rules for Building Trade in 2019
Under new rules due to come in on 1 October 2019 builders, sub- contractors and other trades associated with the construction industry will have to start using a new method of accounting for VAT. The measure is designed to combat VAT fraud in the construction sector labour supply chain which HMRC argue presents a significant … Continued
Advisory Fuel Rate For Company Cars
These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 June 2018. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 11p 7p 1600cc or less 10p (9p) 1401cc to 2000cc 14p 9p (8p) 1601 to … Continued
Calls Increase for Reform of ‘Flawed’ Apprenticeship Levy
Pressure is mounting on the government to reform the apprenticeships system, following recent apprenticeship levy statistics. The Institute of Directors (IoD) has joined the British Chambers of Commerce (BCC) in urging the government to address ongoing problems with the levy. Apprenticeship starts were down 25% for the seven months to February 2018 compared with the … Continued
Working Pensioners Pay £8.6bn in Income Tax
Working pensioners are on course to pay £8.6 billion in income tax in 2018/19, according to Aegon. The number of pensioner households containing at least one person working beyond their state pension age increased from 12% in 1997/98 to an estimated 17% in 2018/19. Aegon estimates there are around 12.8 million people living in 8.7 … Continued
Businesses From Across the UK Get Involved in New Start-up Competition
Businesses from across the UK have been quick to get involved in the first Liverpool Start-Up Competition run by the Management School at the University of Liverpool.The competition encourages undergraduate student entrepreneurs with either a commercial or social enterprise idea to submit a business pitch to a panel of judges. “The team at BWM Chartered … Continued