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Software requirements under MTD

Under HMRC’s new Making Tax Digital (MTD) regime, which kicks in for VAT-registered businesses with a taxable turnover in excess of £85,000 from April 2019, businesses will no longer be able to keep manual records. Currently, spreadsheets are commonly used – not only to maintain records, but also to convert the information from accounting software … Read more

HMRC consult on BIK changes

Following the recent consultation covering the taxation of employee expenses (as announced in the Autumn 2017 Budget), draft Finance Bill 2018-19 contains proposals to amend some of the existing rules concerning travel and subsistence payments. BSRs and OSRs Currently, there are no income tax or NIC implications where an employer uses HMRC’s approved benchmark scale … Read more

HMRC launch MTD campaign

According to recent research undertaken by the Institute of Chartered Accountants in England and Wales (ICAEW), over 40% of businesses that will be affected by Making Tax Digital (MTD) for VAT are not yet aware of it. With only six months to go until MTD goes live for some businesses in April 2019, HMRC have … Read more

VAT on holiday accommodation

Letting of residential accommodation is generally an exempt supply for VAT purposes. However this exemption does not apply to holiday accommodation (includes furnished and non-furnished holiday lettings. The definition of ‘holiday accommodation’ for these purposes includes property that is advertised or held out as holiday accommodation and those consider suitable for holiday or leisure use. … Read more

Help-to-Save accounts go live

Many people on low incomes who wish to build up a savings pot can now register for a government-incentivised Help-to-Save account. The launch of the new account follows an eight-month trial, with over 45,000 customers who deposited over £3 million. The new scheme is easy to use, flexible and secure, will help those on low … Read more

Class 2 NICs to remain

Self-employed earners (i.e. sole traders or partners) over the age of 16 and below state retirement age are currently liable to both Class 2 and Class 4 National Insurance contributions (NICs) unless specifically excepted by provisions contained in the Social Security Contributions and Benefits Act 1992. Former Chancellor, George Osborne, made proposals to abolish Class … Read more

November questions and answers

Newsletter issue – November 2018. Q. Are there any advantages to registering voluntarily for VAT even if my taxable turnover is less than the registration threshold? A. A business can register for VAT even if its turnover (total sales) is below the threshold and it may actually save tax by doing so, particularly if its … Read more

High Income Child Benefit Charge

Newsletter issue – November 2018. The High Income Child Benefit Charge (HICBC) is a tax charge which applies where the ‘adjusted net income’ of a taxpayer or their partner is more than £50,000 in a tax year, and they or their partner receive child benefit. The charge is equal to one percent of a family’s … Read more

Tax tip of the day

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