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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. […]

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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 […]

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OFF-PAYROLL  RULES (IR35) TO BE EXTENDED TO PRIVATE SECTOR WORKERS? As mentioned in the Autumn Budget, the Government has opened a consultation into a possible extension of the rules that currently apply to “off-payroll” workers in the public sector to the private sector. This consultation is being undertaken at the same time as the consultation […]

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CHANGES TO TERMINATION PAYMENTS Care is always required when employees are made redundant or payments are made on the termination of employment. Not only are there employment law considerations, there are also important tax implications and this is an area where professional advice is strongly recommended to avoid unnecessary pitfalls. The tax treatment of these […]

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NO MAJOR TAX CHANGES IN CHANCELLOR’S SPRING STATEMENT As announced last year, the Chancellor’s Budget will in future take place in the Autumn each year as opposed to the Spring. There was however a Statement by the Chancellor on 13 March, but he made little mention of tax changes, instead choosing to focus on the […]

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ARE YOU SURE YOU OR YOUR WORKERS ARE SELF-EMPLOYED? Last year we reported that the House of Commons Work and Pensions Committee published a report calling on the Government to close the loopholes that allow “bogus” self-employment practices, which burden the welfare state but reduce the tax contributions needed to sustain it.   Most of the […]

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DOES YOUR ACCOUNTS SYSTEM COMPLY WITH MTD FOR VAT? Making Tax Digital (MTD) for VAT is scheduled to start in April 2019 which means that your VAT information needs to be submitted to HMRC digitally. On 18 December 2017, HMRC published draft legislation together with examples of how the business account records might link with […]

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NEW YEAR RESOLUTIONS TO SAVE TAX At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2017/18 tax […]

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“BUILDING A BRITAIN FIT FOR THE FUTURE” This was the main theme of the Chancellor Phillip Hammond’s second budget as he committed to spending more on infrastructure projects and stimulating the housing market. He had to put on a good performance to keep his job after criticism following the Spring Budget. His jokes were better […]

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CHANGES TO PENSION TAX RELIEF IN THE BUDGET? There is again speculation about further restrictions to tax relief on pensions in the Chancellor’s Autumn Budget. With the Chancellor looking to increase tax revenues without increasing tax rates, a raid on pension savings is an easy target as the cost of pension tax relief is estimated […]

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