Business News – July 2018

Martin Jones, July 22nd, 2018

Our latest newsletter is now available for you to download and read here

This issue covers a range of current subjects which we hope that will be of interest to you:

Making Tax Digital for VAT (MTDfV) is on the horizon. There is now less than a year to prepare for this momentous change in the way VAT registered businesses interact with HMRC. We cover this in our front page article.

We report  on recent findings by the Office of Tax Simplification (OTS). This discusses some of the complexities of the tax system as they impact owner managed businesses. It also serves as a timely reminder of the opportunities to plan and expand which are currently on offer.

Elsewhere in the newsletter, we consider the government consultation on compliance with the IR35 ‘off-payroll working’ rules in the private sector. Many commentators envisage that changes in the public sector, which were introduced in April 2017, are likely to be brought in on the back of this enquiry. HMRC states that the result of the consultation is not a foregone conclusion. Our article looks at some of the implications of the current discussion.

We also draw attention to the many opportunities available to taxpayers to structure their affairs efficiently in the current tax year. These can arise, for instance, when disposing of a capital asset, reviewing pension plans or considering investments such as an Individual Savings Account.

In our other articles, we examine:

  • the stamp duty implications of property purchase across English, Welsh and Scottish borders
  • employee rights to shared parental leave and pay on the arrival of a new baby
  • new penalties for UK taxpayers who have not told HMRC about foreign income or gains which may be liable to tax in the UK
  • Enhanced Capital Allowances.

We are sure you will find the newsletter an interesting read. Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven’t covered. Your views are always important to us and we would welcome your feedback.

Please do get in contact with us at any time if you wish to discuss any of the features in the Newsletter or any other business. We look forward to hearing from you.