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Further MTD guidance published

In response to calls for additional clarity from businesses and their representatives, HMRC have published further information on Making Tax Digital (MTD) to support them with preparation in the run up to the start of the mandatory MTD VAT service from April 2019.

The guidance includes:

– A new HMRC VAT Notice entitled Making Tax Digital for VAT (Notice 700/22). The Notice explains the digital records businesses must keep, and ways to record transactions digitally in certain circumstances; and what counts as ‘functional compatible software’, and when software programs…

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Saving tax with simplified expenses

Certain sole traders and partnerships may benefit from using HMRC’s simplified expenses regime to calculate business expenses for vehicles, working from home and living on the business premises.

Currently, businesses can either calculate expenses by working out the actual costs, or use HMRC’s published flat rates.

HMRC’s checker can be used to work out which method will produce the most favourable result.

The checker asks the user to make estimates about some of their business expenses.

However, the tool:

– does not give exact figures to use in the individual’s your tax…

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HMRC update trust registration guidance

HMRC have updated guidance on registering a client trust to clarify which types of trust must be registered and the deadlines for registering.

The online guidance – Register your client’s trust – explains how tax agents with client trusts with a tax liability can register online. The guidance has recently been updated to show the types of trust that must be registered and the deadlines for doing so.

The guidance refers to an ‘express trust’, which, broadly, is an arrangement where there is a clear and expressed intention to…

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Finance Bill 2018-19

Measures to help taxi drivers to buy cleaner vehicles, remove barriers for investment in the oil and gas industry, and tackle tax avoidance using profit fragmentation are just some of the key policies that will be legislated for in the Finance Bill 2018-19, which was published in draft on 6 July 2018.

Under the Government’s new timetable, the draft legislation has been published now for consultation purposes until 31 August 2018. It will become Finance Act 2019, when it receives Royal Assent in March 2019, so the new law…

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MTD update

HMRC’s pilot of Making Tax Digital (MTD) for income tax has been extended and is now able to accept quarterly updates from individual landlords with simple tax affairs. Agents can also sign up clients to pilot.

The latest extension means that certain taxpayers will be able to opt out of the current self-assessment regime and use software to report their income tax if at least one of the following applies:

– the taxpayer is a sole trader with income from one business; or
– they rent out only UK property but…

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EU mandatory tax disclosure rules take effect

HMRC have released interim guidance for agents on the new EU Mandatory Disclosure Rules and new reporting requirements for intermediaries, which apply from June 2018.

Under the new mandatory EU tax disclosure rules, information will be exchanged between member states on a quarterly basis. Intermediaries will first have to report by 31 August 2020, on any arrangements where the first step has been taken, after the directive enters into force on 25 June 2018.

Broadly, the EU directive on administrative cooperation applies to intermediaries who design, market, organise, or…

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CGT payment date under consultation

The Association of Taxation Technicians (ATT) is warning that owners of second homes and buy-to-let (BTL) landlords may face a much shorter period in which to pay any capital gains tax (CGT) due on property sales from April 2020.

Where CGT is due, a disposal is normally reported to HMRC in a self-assessment tax return. Under self-assessment, any CGT must be paid by 31 January following the tax year of disposal.

The government has noted that (depending on the timing of the sale within a tax year) this allows residential…

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HMRC continue to face issues with TRS

HMRC’s new Trusts Register is designed to provide a single point of access for trustees and their agents to register and update their records online, replacing the paper 41G(Trust) form (which was withdrawn from April 2017) and the ad hoc process for trustees to notify changes in their circumstances. Initially, new trusts had until 5 October 2017 to register, but this deadline was subsequently extended to 5 January 2018. The registration deadline for existing trusts was also extended to 5 March 2018. Registration must be done online using…

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Banking Advice from the Barclays Premier Relationship Manager: Ashley Lawson

Mr Ashley Lawson who is the Barclays Premier Relationship Manager in this area is visiting our offices on the 28th June 2018. Ashley will be here all day and if you would like to book an appointment to see him to discuss any banking requirements you may have then please contact our offices on 01792 466428.

Barclays Premier Banking gives you access to exclusive products, preferential rates and a wide range of benefits and rewards. Combined with a dedicated personal banking service. Premier Banking brings you the best of…

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Using tax to keep employees healthy

The adverse effects of being inactive can of course have a major impact on health and wellbeing. According to a recent government report, workers can spend up to three-quarters of their day sitting down, which contributes to a range of preventable health conditions, including the two leading causes of workplace absence: back injuries and stress, depression or anxiety. In 2016/17, 1.3 million workers suffered from work-related ill-health, which equated to 25.7 million working days lost. This has been estimated to cost £522 per employee, and up to £32…

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