Regulations have now been issued which set out the requirements for MTD for VAT. Under the new rules, businesses with a turnover above the VAT threshold (currently £85,000) must keep digital records for VAT purposes and provide their VAT return information to HMRC using MTD functional compatible software.
George Osborne announced the abolition of Class 2 NIC in the summer 2015 budget to take effect from April 2018, allowing plenty of time for the intended reform of Class 4 NIC legislation intended to pick up the contribution shortfall following abolition and ensure continued provision of pensions and benefits to the self-employed.
Read the latest issue of our Pay Less Tax Newsletter – Summer 2018 Edition
You may be a sole trader, a partnership or run your business through your personal limited company, whatever vehicle is used to run your business there will be a time when you want to take it a little easier or stop all together and at that time having a clear plan in place well in advance will help secure the right tax reliefs for the assets you dispose of.
Selling or giving away personal belongings can sometimes have tax consequences. When disposing of personal belongings, you should be aware of Capital Gains Tax (CGT) which is a tax on the increase in value of a belonging.
As we get older it is natural to want to help the younger generations with a financial gift, however here are some things to be aware of if making gifts.
The introduction of MTD is the perfect opportunity to completely transform and revolutionise the way you do business and the way you maintain your accounting records. To book a free MTD compliance review, or to find out more, contact Rob Holt or Sara Martin on 01332 242257
If you have a number of properties and the portfolio is run as a business this may well be a sound idea, however, a 3% Annual Tax on Enveloped Dwellings (ATED) will be charged in addition to the usual tax on profits in certain circumstances.
The zero rate on the first tranche of dividend income was confirmed as reducing to £2,000 from April 2018. The reduction will result in an extra £1143 for an additional rate taxpayer with a basic rate taxpayer having an extra £225 to pay.
The 2017 Autumn Budget announced the delayed abolition of Class 2 NICs until April 2019.