HMRC Brief 4/2016 entitled VAT MOSS – simplifications for businesses trading below the VAT registration threshold, outlines simplifications available to businesses trading below the UK’s VAT registration threshold (currently £l;82,000) that make supplies of digital services (telecommunications, broadcasting or electronically supplied services) to consumers in other EU member states. Some simplifications are already in place and Brief 4/2016 announces two new areas of help for the smallest businesses.
Businesses need to determine where their customer is located. There are specific rules in place for certain types of transactions (see…
The government has recently launched its campaign to promote the introduction of the new national living wage (NLW), which will take effect from 1 April 2016. From that date workers in the UK aged over 25 earning the minimum rate of £l;6.70 per hour will see a 50p increase in their minimum hourly rate, which is set to rise to £l;7.20 per hour.
The NLW will be enforced by HMRC alongside the national minimum wage (NMW), which they have enforced since its introduction in 1999.
The NMW is the minimum…
Proposals to bring in higher rates of stamp duty land tax (SDLT) on purchases of additional residential properties are expected to be finalised in time for the forthcoming Spring Budget on 16 March 2016.
SDLT is paid on the purchase of residential property in increasing portions of the property price above £l;125,000. Current rates are as follows:
– SDLT for a property with Purchase price of up to £l;125,000 is currently 0% with a proposed additional charge of 3%.
– SDLT on the next £l;125,000 of the Purchase price is currently…
Leading South Wales Chartered Certified Accountancy firm Morgan Hemp is expanding its team, with two more recruits joining the fold.
Alice Bowen and Hayley Jones, both Semi-Senior Accountants, have been recruited as part of ongoing expansion at the Swansea company.
The Swansea-based firm has seen a steady influx of new employees over the past few month, along with another one of its Senior Accounts Clerks gaining full ACCA (The Association of Chartered Certified Accountants) membership.
Morgan Hemp Director Martin Hudson said: “We are delighted that Alice and Hayley have joined us…
1 – Due date for payment of Corporation Tax for the year ended 31 March 2015
14 – Return and payment of CT61 tax due for quarter to 31 December 2015
19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/1/2016 or quarter 3 of 2014/16 for small employers
31 – Deadline for filing 2015 Self Assessment personal, partnership and trust Tax Returns – £100 first penalty for late filing even if no tax is due or tax due is paid on time
– Balancing self assessment payment due…
Q. What is our IHT position following a change of ownership?
A. In 2014, my partner and I changed the ownership status of our house from joint tenants to tenants-in-common. At that time, my share of the equity was reduced from 50% to 25% and my partner’s was, in turn, increased to 75%. Does this count as a lifetime gift for inheritance tax purposes (IHT)?
If you are married to you partner (spouse or civil partners), then the change will not count as a lifetime gift (a potentially exempt transfer…
From 6 April 2016, a new type of Individual Savings Account (ISA) will be launched – the Innovative Finance ISA. This new ISAs will be able to hold peer-to-peer (P2P) loans, which often pay significantly higher returns than cash accounts. Broadly, P2P lenders act as middlemen by matching people who wish to invest cash with those who want to borrow money. From 6 April 2016, interest and gains from P2P loans will qualify for tax advantages where these loans are made through an Innovative Finance ISA.
There are currently…
The Van Benefit and Car and Van Fuel Benefit Order 2015 (SI 2015/1979) comes into force on 31 December 2015 and takes effect for the tax year 2016-17 and subsequent tax years. The Order contains provisions for the following:
– the cash equivalent of the van benefit will rise from £3,150 to £3,170 for 2016-17;
– the van fuel benefit will increase from £594 to £598; and
– the cash equivalent of the benefit of fuel for a car is calculated by applying the ‘appropriate percentage’ (normally calculated by reference to…
In Brief 22/15 HMRC confirm changes to the VAT Regulations 1995 to ensure that UK law is aligned with EU law following the decision of the European Court of Justice (ECJ) in the case Le Credit Lyonnais (C-388/11). The changes take effect from 1 January 2016.
In Le Credit Lyonnais, the ECJ found that the VAT Directive could not be interpreted so as to allow a company to take into account the turnover of its foreign branches when calculating how much input tax it can deduct in the member…
As part of a £1.3bn investment to transform HMRC into one of the most digitally advanced tax administrations in the world, HMRC have published a report and discussion paper setting out how new procedures for interacting with HMRC and paying tax will be implemented under the Making Tax Digital banner.
It is intended that by April 2016, every individual and small business will have access to their own secure digital tax account that enables them to interact with HMRC digitally. By 2020, businesses and individual taxpayers will be able…