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Making Tax Digital for VAT (MTDfV) is on the horizon. There is now less than a year to prepare for this momentous change in the way VAT registered businesses interact with HMRC. We cover this in our front page article.
ATTENTION - all businesses with turnover above the VAT threshold
Our lead article is of particular relevance to corporate clients, and covers the correct procedure to be followed when making dividend payments. Highlighting some common errors, the article offers guidance on best practice, and how best to avoid challenge from HMRC.
This quarter we provide an update on changes to the pensions auto-enrolment regime. This entered a new phase from 1 October, with new employers coming immediately into compliance obligations. Further changes are on the horizon, with increases to minimum contributions due from April 2018. This makes a good time for employers to review their ongoing responsibilities under the regime.
This quarter we provide an update on the government’s new timetable for the roll-out of the Making Tax Digital for Business (MTDfB) programme. HMRC is now allowing a longer period for most businesses to prepare for change. Initially, MTDfB will apply only to businesses whose turnover is over the VAT threshold. These new rules will apply from April 2019.
Our lead article provides a planning perspective to the proposed reduction in the Dividend Allowance from April 2018. Investors with quoted shareholdings can take some action now to reduce the impact of the reduction in this ‘tax-free’ allowance.
This quarter we consider changes to the VAT Flat Rate Scheme (FRS) which allows small businesses to pay over VAT on all their sales at a flat rate rather than output VAT on sales less input VAT on purchases.
This quarter concerns a new tax relief, Investors' Relief, which has been introduced with the aim of attracting investment in new share capital for unlisted companies. We look at the conditions which need to be met by the companies. Investors who qualify for the new relief will benefit from a reduced rate of capital gains tax on the eventual disposal of the shares.
This quarter we consider the National Audit Office report on the quality of HMRC service. It highlights some serious shortcomings particularly in their dealings with individuals' personal tax affairs which could have resulted in overpayments of tax.
This quarter we deal with the Lifetime ISA. Although it is not scheduled to be introduced until April 2017, eligible individuals need to start considering whether the ISA will be a suitable vehicle for long term savings.
Our lead article deals with the Personal Tax Account (PTA). A number of our clients have asked about PTAs and we answer some of your queries here. The PTA is an early step in the long path the government has embarked upon in its Making Tax Digital project.
This quarter we consider whether your business may be at risk for 'failure of commercial organisations to prevent bribery' and the procedures that need to be put in place to reduce your business' exposure and to prevent prosecution under the Bribery Act.
Articles in this edition include Real Time Information submissions - no more automatic penalties, My homes are my castles (but may not be tax free) and Avoiding the Settlements trap.
Articles in this edition include Shared parental leave and pay, Charities - audit or independent examination? and The new VAT treatment for prompt payment discounts.