Archive:August 2018

Please find below all the articles from August 2018.

Further MTD guidance published

Wednesday, August 1, 2018

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…

Saving tax with simplified expenses

Wednesday, August 1, 2018

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…

HMRC update trust registration guidance

Wednesday, August 1, 2018

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…

Finance Bill 2018-19

Wednesday, August 1, 2018

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…