APPLY FOR MORE TIME FOR MTD DIGITAL LINKS

For VAT periods starting on or after 1 April 2020 (or 1 October 2020 for deferred businesses) your accounting systems must use digital links for any transfer or exchange of data between software programs, products or applications used as functional compatible software. That is the end of the current 12 month “soft landing” extension.  […]

WHEN WILL BUDGET DAY BE NOW?

It was announced on 14 October that Sajid Javed’s first budget would be on 6 November but with a general election in December when will it be now?   The current political uncertainty makes it difficult to give clear tax advice as a number of key proposals in the draft Finance Bill scheduled to take[…]

GET READY FOR THE “OFF-PAYROLL” WORKING RULES

Where large or medium-sized organisations are paying workers via personal service companies or agencies they will need to operate new procedures from 6 April 2020. The new rules will apply to partnerships, LLPs and larger charities as well as limited companies. Only those organisations that would be classed as “small” under the Companies Act criteria[…]

BUILDERS’ VAT RULES DELAYED FOR A YEAR

The government have decided to delay the start of the proposed VAT reverse charge for supplies by sub-contractors in the construction sector. The reason for the U-turn is the lack of awareness of the change that was originally due to start on 1 October 2019. Many sub-contractors, and some main contractors, were not prepared for[…]

WHEN IS A VAN NOT A VAN?

HMRC are being urged to provide clarity and consistency on the tax treatment of commercial vehicles such as VW Kombi Vans marketed as goods vehicles. The need for clarity follows the ruling in an important tax tribunal case involving “vans” provided to employees of Coca Cola. The court has upheld the HMRC view that certain[…]

VAT REVERSE CHARGE FOR BUILDING AND CONSTRUCTION SERVICES

The Government is introducing a VAT reverse charge on certain building and construction services. The legislation will come into effect on 1 October 2019. This is a very significant development which will present major challenges for many building contractors. Businesses involved in buying and selling construction services will need to understand the new rules.  […]

WHY SHOULD I TAKE FEE PROTECTION INSURANCE?

This is a question that I get asked a lot at this time of year. One reason for this is because we issue our insurance renewals, but another is because clients are unsure if they are covered by other insurance products that they take out and whether they actually need the protection that we offer.[…]

OFF-PAYROLL WORKING RULES GOING AHEAD

The draft Finance Bill clauses issued for consultation on 11 July include legislation to extend the “off-payroll” working rules to the private sector from 6 April 2020. These changes will have significant implications for workers providing their services through personal service companies and also the end user organisations that engage such workers.   End users[…]

CGT PRIVATE RESIDENCE RELIEF CHANGES

Draft legislation to be included in the next Finance Bill will make important changes to the calculation of CGT private residence relief. As announced in the Autumn 2018 Budget, there will be a reduction in the final period exemption to just nine months and stricter conditions for letting relief to apply. Currently where a property[…]