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Comments Off on HMRC Confirms ‘Soft Landing’ for Making Tax Digital

HMRC Confirms ‘Soft Landing’ for Making Tax Digital

HMRC Confirms ‘Soft Landing’ for Making Tax Digital

HMRC has confirmed that digital reporting requirements will be relaxed during the first year of Making Tax Digital (MTD) for VAT-registered businesses. From April 2019, businesses with annual taxable turnover of more than £85,000 will be required to maintain digital records for VAT and submit quarterly returns alongside the annual tax return. Under the requirements … Continued

Comments Off on Charity Online Annual Return Service

Charity Online Annual Return Service

Charity Online Annual Return Service

Charities can now see all of the questions that will appear in this year’s charity annual return, ahead of the online service becoming available at the end of the month. The online 2018 charity annual return service will become available at the end of August, with the Charity Commission this year introducing a tailored return … Continued

Comments Off on Making Tax Digital for VAT Guidance Issued

Making Tax Digital for VAT Guidance Issued

Making Tax Digital for VAT Guidance Issued

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

Comments Off on BCC Calls For Further Delay To Digital Accounts Rollout

BCC Calls For Further Delay To Digital Accounts Rollout

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

Comments Off on Landlords Welcome Tax Incentives for Long – Term Tenancies

Landlords Welcome Tax Incentives for Long – Term Tenancies

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

Comments Off on Contractors Criticise ‘Flawed’ IR35 Test

Contractors Criticise ‘Flawed’ IR35 Test

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

Comments Off on ‘Tax Over-40s To Pay For Elderly Care costs’, Say MPS

‘Tax Over-40s To Pay For Elderly Care costs’, Say MPS

‘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

Comments Off on New VAT Rules for Building Trade in 2019

New VAT Rules for Building Trade in 2019

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

Comments Off on Advisory Fuel Rate For Company Cars

Advisory Fuel Rate For Company Cars

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

Comments Off on Calls Increase for Reform of ‘Flawed’ Apprenticeship Levy

Calls Increase for Reform of ‘Flawed’ Apprenticeship Levy

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