‘Making Tax Digital’ (MTD) is a government initiative that sets out a vision for ‘a transformed tax system and the end of the tax return’ by 2020. Under the MTD scheme, HMRC is aiming to create a single ‘digital account’ for each taxpayer in order to unify their different taxes and make it easier for them to manage their tax affairs. Taxpayers will be able to log into their digital account in order to view all payments made and offset overpayments from one tax against underpayments in others.
From 6 April 2017, contractors must use an approved method of electronic communication to verify their subcontractors. HMRC will only accept verification via teh free HMRC CIS online service, or commercial CIS software.
Read the latest issue of our Pay Less Tax Newsletter 2016 / 17 Winter Edition
The Apprenticeship Levy is being introduced from 6 April 2017 and will be payable by large employers. The Levy will be 0.5% of the employer’s pay bill but there is an annual allowance of £15,000.The allowance will be given on a pro-rata basis throughout the tax year.
In this newsletter, we examine the following changes: The Savings Starting Rate and the Personal Savings Allowance Explained NEW Investors Relief – In the Budget 2016 a new relief was introduced, Investors Relief (IR) to encourage passive investors to invest in trading businesses. Annual Tax on Enveloped Dwellings (ATED) It’s all change for long-term resident…
The ‘Investors Relief’ has been introduced to encourage passive investors to invest in trading businesses
In the Budget 2016 a new relief was introduced, Investors Relief (IR) to encourage passive investors to invest in trading businesses. The investor subscribes for qualifying shares and when these shares are disposed of the gain in value of the shares attracts a preferential 10% rate of Capital Gains Tax (CGT) up to a lifetime limit of £10 million.
HMRC have issued a series of consultation documents outlining further plans for the government’s Making Tax Digital (MTD) initiative.
The forms P11D, and where appropriate P9D, which report details of expenses and benefits provided to employees and directors for the year ended 5 April 2016, are due for submission to HMRC by 6 July 2016. Employees pay tax on benefits provided as shown on the P11D, either via a PAYE coding notice adjustment or…
The 2016 budget was a tumultuous event for Chancellor George Osbourne. Our 2016 Budget Guide is a roundup of the implications of some of the measures announced, some of the changes taking effect from 6th April and some areas where we can help you to save tax! Download our guide which includes details on: Personal Tax Allowances Personal…