Latest News & Insights
The law relating to VAT reporting is changing from 1 April 2019
Any UK VAT registered business with a turnover exceeding £85,000 will have to keep digital records and submit their VAT returns directly from their accounting records to HMRC using compatible software. HMRC call this change Making Tax Digital (MTD). The introduction of MTD is a great time for your business to take advantage of the…
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Budget 2018
The Chancellor Philip Hammond presented his second Autumn Budget on Monday 29 October 2018. In his speech he stated that ‘austerity is coming to an end – but discipline will remain’. He also promised a ‘double deal dividend’ if the Brexit negotiations are successful but stated that there may be a full-scale Spring Budget in…
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Budget 2018 – Personal Tax
The personal allowance The personal allowance is currently £11,850. The personal allowance for 2019/20 will be £12,500. Comment There is a reduction in the personal allowance for those with ‘adjusted net income’ over £100,000 and the threshold has remained at this figure since its introduction for the 2010/11 tax year. The reduction is £1 for every £2…
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Budget 2018 – Business Tax
Making Tax Digital for Business: VAT HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Regulations have now been issued which set out the requirements for MTD for VAT. Under the new rules, businesses with a turnover above the VAT threshold (currently…
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Budget 2018 – Employment Taxes
Off-payroll working in the private sector The changes to IR35 that came into effect in April 2017 for the public sector will be extended to the private sector from April 2020. Responsibility for operating the off-payroll rules will be transferred from the individual to the organisation, agency or third party engaging the worker. Only medium…
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Budget 2018 – Capital Taxes
Capital gains tax (CGT) rates The current rates of CGT are 10%, to the extent that any income tax basic rate band is available, and 20% thereafter. Higher rates of 18% and 28% apply for certain gains; mainly chargeable gains on residential properties with the exception of any element that qualifies for private residence relief. There…
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