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Capital expenditure is an important area for every business. There have been several changes to the capital allowances regime over recent months.
Capital expenditure is an important area for every business. There have been several changes to the capital allowances regime over recent months, ranging from the introduction of the new non-residential structures and buildings allowance, introduced by Autumn Budget 2018; to the temporary increase in the annual investment allowance.
Yet it can sometimes be difficult to access tax relief on a claim for capital allowances, especially for plant and machinery. In our main article, we outline the rules and look at a recent tax tribunal case, won by the taxpayer, showing some of the problems which can arise.
Making Tax Digital for VAT (MTDfV) means that VAT-registered businesses, with taxable turnover over the VAT registration threshold of £85,000, must keep digital records and submit VAT returns using compatible software. Taking effect for VAT return periods starting on or after 1 April 2019, MTDfV is a major change in the way that businesses interact with HMRC. In this issue, we include a one-page feature addressing some FAQs on MTDfV.
In our other articles, we cover:
We are sure you will find the newsletter an interesting read. Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven't covered. Your views are always important to us and we welcome your feedback.
05 Jul 2022
HMRC is extending the pilot for Making Tax Digital for Income Tax Self Assessment (MTD ITSA) to more self-employed workers and landlords.
HMRC needs to demonstrate that off-payroll working rules, commonly known as IR35, can operate effectively and fairly in the real world, according to a report by the Public Accounts Committee (PAC).
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